As technology progresses, digital-first services such as neo-banks, financial services, and a range of similar businesses are taking over. The market has seen a huge rise in remote customer onboarding.
Complex identity checks and extra layers of customer authentication are being introduced. Identity proofing is one of those methods. It represents the process of verifying the identity of an individual, usually in the context of digital identity or online transactions. It involves gathering and analyzing information about an individual, such as their name, address, date of birth, and other personal details, to confirm that they are who they claim to be.
Identity proofing is often used in situations where security is a concern, such as in financial transactions or when accessing sensitive information.
However, simply checking certain documentation is not enough to ensure security. That's where corroboration comes in. Overall, identity proofing and corroboration are essential tools in maintaining digital security and protecting organizations and companies from financial loss and reputational damage.
Cloud-based digital footprint verification provides a new approach to identity corroboration. It’s an effective way of unlocking alternative data, thus enriching customer data and understanding their online identity footprint. Collecting and analyzing a wide range of digital data points, including presence on social media, e-comm services and other apps, and IP address information. This eliminates any hassle for organizations by picking up all those scattered signals that are created by customers online.
Identity Proofing and Corroboration can also be regarded as additional means of protecting financial institutions from potential revenue losses. This is where pre-screening identity steps into the spotlight. It introduces an assortment of signals and allows organizations to cast a wider net to catch potential fraudsters at an early stage. Depending on the accuracy of digital footprint analysis, the process of fraud is reduced significantly.
Discover different types of digital signals that can play an important role in Identity Proofing.
Download the full-version of this white paper and learn how digital footprints can help to prevent online transaction frauds.
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