Identity verification is a complex undertaking that can present many challenges. Leading research and advisory firm, Gartner, notes seeking high confidence in the identity of customers during our current, changing economic dynamics is imperative. Security and risk management leaders responsible for fraud prevention must orchestrate multiple capabilities to bring identity verification use cases within organizational risk tolerance.1
Being confident in the identity of consumers is critical, as is meeting their demands for a fast, seamless experience. To detect irregular consumer behaviour, flag suspicious transactions, and protect against new account fraud, synthetic identity fraud and unauthorized accounts, you need a robust identity verification strategy.
With this in mind, how can you create a friction-right experience that balances fraud prevention with a positive customer experience? Here are three best practices to consider:
- Combine digital and personal data for more accurate identities
More precise identity data facilitates better decisioning and portfolio management, and a greater return on investment in regard to customer acquisition.
Reliable data is the foundation for any identity verification platform. We’ve found combining personal identity data with device reputation data can result in a 30% lift in matching identities — and provide greater insight into fraud risk.2
- Orchestrate solutions through a single hub
Because identity verification is complex, it requires multiple solutions: knowledge-based authentication (KBA), digital-attribute risk assessment and reputation, link and behaviour analysis.Using a single orchestration hub to coordinate these solutions and data sets enables you to better corroborate identities and separate authentic customers from potential fraudsters.
- Work with a partner that understands compliance requirements
When dealing with consumer information, compliance requirements are numerous and complex. Having a partner with expertise and feet on the ground in all geographies where your business operates will help you tailor identity verification processes to meet those requirements.
While cumbersome and outdated controls could cause you to lose valuable business, a verification process that’s too quick or simple could make customers uneasy. Continuous, proactive risk assessment across the credit lifecycle will help you monitor account behaviour in real time — enabling you to better protect consumers and your business.
Deliver a seamless, connected experience across the consumer lifecycle.
TransUnion’s IDVision® with iovation® is a comprehensive data identity suite with the capabilities you need for a robust identity verification strategy. Credit data, public records data and device reputation data are orchestrated to deliver a holistic solution that integrates with your business.
For more information on how IDVision with iovation can help your business, visit transunion.ca/idvision
To learn more about Gartner’s expert assessment on identity verification, download your complimentary copy of Predicts 2020: Identity and Access Management today.
1 Gartner: Market Guide for Identity Verification and Corroboration, Jonathan Care, Akif Khan, 30 September, 2019
2 TransUnion Analysis