FRSLABS is an award-winning research and development company specialising in identity verification and fraud prevention technologies. Our mission is to help consumers create and share their digital identities with businesses; and enable businesses to verify and onboard consumers with confidence.
What Problem Are You Trying to Solve?
Pretty much all services rely on consumers proving their identity to businesses – be it financial products, insurance claims or even checking into a hotel. The checks are often intrusive, require paper documents, and consumers have limited control over their identity once shared.
Our solution allows you to create your digital identity using your existing physical ID documents and store them securely in your devices. The details are totally in your device and in your control putting to rest mass leaks, hacks and privacy issues.
And when you want to share your identity, you can simply share by scanning a QR code. Furthermore, a provenance is maintained of your shared identity such that your identity can never be shared again by the service provider without your consent.
How Are You Solving That Problem?
At the point of data sharing with a service provider, our technology extracts data from ID cards, checks for compromised IDs, checks for liveness of your photo, matches your live face with the face in your ID document and does a comprehensive fraud and compliance check in the background. This allows the service provider to onboard consumers without friction, without papers, but with total confidence.
While similar technologies exist in the market, there are three key differences: one is that the user can simply scan a QR code and be done with (an entire application and ID can be completed in a second); service providers can create an identity verification flow for any industry or any use case using our no-code dashboard; finally, our unique provenance and consent tech lets users be in total control of their identity.
How Has the Pandemic Impacted Your Company?
Our business relies on consumers signing up for new services from Clients using our technology for identity verification and fraud prevention. While it slowed down at the peak of the pandemic, we gained traction with our non-face to face identify verification technology including video kyc for highly regulated entities such as Banks and Insurance. We foresee non-face to face video verification to be the norm for future customer onboarding and we remain positive that our privacy focused technology will be welcome by businesses and consumers.
Where Do You See Your Company Going In 5 Years?
Our vision is to make it insanely easy, secure and free for consumers to share their identities with anyone safely. And make it simple, compliant and fraud-free for businesses to verify the identities and onboard them with confidence. Our goal is that every individual, regardless of social and economic status, should be able to create and share their digital identity online and have total control over their shared identity.
In five years, we would like every online user to instantly fill up application forms, fill check out pages or share ID documents securely with a single QR scan. Imagine making an insurance claim online: You open the claims website and scan a QR code and go back to your life. All of the checks happen magically behind the scenes without intruding on your time or privacy. This is the vision we have for the future.
What Is the Next Big Challenge In Information Security?
With more and more services moving online, the potential for fraud, identity theft and large-scale hacks are just around the corner. It is not a question of if but when and businesses have to constantly invest in the most expensive software and security controls to prevent such incidents. While there is GDPR, ISO 27701 and several best practices, such controls will likely add significant friction for consumers in the very name of consumer protection and security. The challenge is to balance the impending threats with a trusted flow for consumers to get life done. Companies who get this right will have a greater chance to succeed.
How Do People Get Involved/Buy into Your Vision?
If you are a fintech, gaming, sharing economy, dating or regulated business and would like to remotely verify the identities of Indian citizens, or make life easy for consumers to sign up to your services through our digital KYC wallet Kyzo, video KYC and associated verification services, you can write to us at [email protected] to get a personal demo and free 30 days access to our technology. While our focus is India and the developing world, our clients are spread out globally. We are immersed with our customer onboarding and fraud prevention products but if you have an idea to potentially make a dent on the planet, we would love to hear from you.
