ZOLOZ Stands Alone: The Sole Asia-Pacific Vendor to Make Gartner’s Prestigious Magic Quadrant for Identity Verification

News from Sutu.com on October 31 (Reported by: Li Nan) Recently, Gartner, a global information technology research and consulting company, released the “Magic Quadrant for Identity Verification” report (hereinafter referred to as the “Report”). 11 institutions worldwide were selected, and Ant Number ZOLOZ, a subsidiary of Cotech, became the only selected manufacturer in the Asia-Pacific region.

This is Gartner’s first Magic Quadrant™ for Identity Verification report (Magic Quadrant™ for Identity Verification) focusing on the field of identity verification. According to the “Report”, “Selected vendors must meet one of the following conditions: … Identity verification revenue in fiscal year 2023 will be at least 3,000 million, a year-on-year increase of more than 30% compared to fiscal 2022.”

It is understood that ZOLOZ started in 2019 and gradually provided personal and corporate identity verification, anti-money laundering (AML) and transaction fraud risk management services to more than 1.2 billion users in 25 countries and regions, mainly in the Asia-Pacific market, including Philippines, Hong Kong, Indonesia, etc. In 2020, ZOLOZ was the first company in Asia-Pacific to obtain the highest level Level 2 certification from iBeta International Biosecurity Certification Organization, and its identity verification technical capabilities were “officially stamped”. After being polished by hundreds of millions of users, the average facial recognition accuracy rate of the product exceeds 99%.

Indonesia’s “Employment Card” special project team (Kartu Prakerja) uses ZOLOZ trusted identity authentication technology to help 17 million local people achieve online vocational training and ensure that US$2.13 billion in scholarships are accurately distributed to students’ electronic accounts. This set of safe and convenient technical services has stimulated the development of local mobile payment and has been praised by the Indonesian government.

The growing authentication market helps provide security, compliance and trust in onboarding and other use cases. “Gartner mentioned in the “Report”. In the past, identity verification was mainly used to meet regulatory authorities’ KYC verification requirements for users. Today, this technical service has covered fraud detection, market trust and security, employee onboarding, account recovery, etc. scene.

With the rapid development of artificial intelligence technology, identity forgery and fraud incidents occur frequently, making fraud increasingly difficult to identify and prevent. Recently, the Hong Kong police busted a cross-border fraud den located in an industrial building in Hung Hom. Scammers used Deepfake technology to disguise themselves as women with favorable conditions to create a “pig-killing plate” emotional scam, involving more than 360 million Hong Kong dollars.

The reporter noticed that identity verification vendors such as Sumsub, Jumio, and ZOLOZ have launched Deepfake detection technology solutions to comprehensively respond to the threat of “AI face-changing”. Taking the anti-deepfake product ZOLOZ Deeper as an example, identifying complex attacks such as injection and activation has become the core capability of the product.