Ondato: Combating Fraud in Digital Space by Making Identity Verification Simpler, Better and Faster

0
303

It’s no secret that supervisory requirements are getting more complicated each year. The dilemma has reached the point where it becomes nearly impossible for small and big businesses to keep track of their supervisory requirements. Seeing all those challenges a couple of years ago, Ondato realized that the market lacks more accessible solutions for compliance management – products that would make KYC management easier and eliminate the risks for non-compliance. That’s when the idea of Ondato was born.
Ondato is a compliance management company that makes it easier for businesses to follow Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. It has a vast range of regulatory compliance tools, identity verification, case management, and screening solutions that help verify identities online and combat fraud in the digital space.
In 2019, Ondato launched a service for KYC, AML, and verification procedures, offering to take care of all things related to compliance while its customers – financial institutions and businesses operating online – could concentrate on their businesses.
Ondato started to grow really fast: over a span of just a few years, it raised $2 million in seed funding, expanded its services portfolio, gathered a brilliant team of 150 employees, moved its headquarters to London, UK, opened a research center in Lithuania and a branch in Poland. Currently, Ondato is a prominent market leader in the Baltic states, expanding globallt and hs clients from 34 countries. An elite team of Ondato is led by its CEOLiudas Kanapienis.
Providing All Compliance Solutions in Single Platform
Ondato offers an easy-to-use, secure and cost-effective alternative that helps businesses verify their clients’ compliance with international AML and KYC rules. Today, Ondato has over 15 KYC services, including photo and live video identity verification, business verification, data monitoring, screening, due diligence, and case management.
Ondato works with integrated solutions based on advanced recognition technologies to ensure that its clients’ operations are transparent and 100% immune to fraud.
All solutions in Ondato’s portfolio are built on Microsoft infrastructure, using certified technologies meeting the highest standards. Its fraud detection system is trained on 13500 different document types globally, and its mechanisms are improving every day. It uses deep learning engines in pixel distortion analysis and copy-replace detection for document spoofing prevention, analyzing the META details of identification media.
Unlike most of its competitors, Ondato provides full customization to every product in its portfolio. If its clients need a tailored identity verification or KYC management solution to fit their particular needs –  it makes it a reality. It is also a proud pioneer in providing the whole package of compliance solutions for KYC procedures, all within one platform.
Making Network Security a Priority
Liudas mentions that cyber fraud is on the rise now. According to “Javelin Strategy and Research”, financial markets had seen a 15% rise in frauds, reaching almost $17 billion in 2019 even before the covid-19 crisis. Without showing any signs of stopping, cyber attackers keep exploring vulnerabilities opened up by a pandemic.
The pandemic accelerated the arrival of a new wave of fraudsters – less experienced but determined attackers who not only aim at corporations but target smaller businesses. Thus, secure client verification became a problem for every company, no matter big or small. If one wants to have an online presence – one got to stay vigilant. And as more companies are deciding to move into the digital space, fraudsters will keep coming up with new methods of cyberattacks. Cyberfraud is not going anywhere anytime soon, and every company should make network security a priority.
Ensuring Effective Monitoring and Responsive Compliance
Overall, Liudas sees compliance evolving and gaining importance as a significant part of any business. Looking ahead, we need to see beyond regulators setting the rules. Liudas believes that the expectations of investors and customers will play an increasingly important role in how business strategies are planned. Already, there is a trend in the making of putting clients and investors first in many industries, with compliance being no exception. As the tendency grows, Liudas presumes compliance will become a more considerable responsibility in both corporations and smaller enterprises. He also believes that compliance will change over time following the AI and data analytics trends deployed for more effective monitoring and more responsive compliance. Ondato is already working with unique methods centered around data analytics that will help detect and mitigate emerging compliance risks.
Eliminating Possibility of Data Leaks
Ondato considers that talking to employees about the importance of security is key. Luckily, it has some high-class cybersecurity experts on its team to share expertise and teach others about Cyber Hygiene. It is actually quite surprising how many big-scale data breaches can be a product of one innocent action (like opening a phishing e-mail in your inbox).
That is especially relevant during lockdowns. Employees who start to work remotely should be aware of what actions they need when they use the company’s systems online, and how to eliminate the possibility of data leaks.
Implementing Relevant IT Tools for Security and Data Protection
According to Liudas, a thriving cybersecurity business is not really about technology. Technology is important, but starting out in that business, it is crucial to remember other factors that make up a successful company. In his advice to emerging entrepreneurs aspiring to venture into the Cybersecurity industry, he suggests that they should first pay attention to the location by looking for large business communities and the cities with potential clients for one’s profile. Apart from innovative solutions and technology, he advises them to look for implementing relevant IT tools in terms of security and data protection.
Becoming Most Advanced Destination for Compliance and Identity Verification
Today, Ondato aims to become the most advanced compliance service center out there, providing every business with tailored solutions to meet their needs. It wants companies to do what they do best – create products and offer services – not struggle with compliance challenges.
Talking about things Ondato has planned for the next five years, Liudas mentions that some ambitious projects are coming. To mention just a few, it aims to tap new markets, launch new services and become an ultimate global one-stop-shop destination for compliance and identity verification.