The critical role of enhanced data sources in IDV
The use of data has revolutionized identity verification, reducing reliance on paper documents and manual processes. Organizations now use third-party data sources and advanced technology like AI for more accurate verification. The data explosion is driven by social media and mobile devices, improving the clarity of identity verification.
When an IDV solution relies on a wealth of authoritative public and private data sources, it can help quickly and securely verify and affirm more legitimate identities. With a diverse set of enhanced data sources, businesses are better positioned to fight fraud, locate hard-to-find consumers and create trust during a seamless onboarding experience. And all of this helps drive more revenue.
Deter more fraud with high-powered protection
Fraudsters often exploit weaknesses in identity verification systems, and as technology advances, fraudsters also adapt their methods. With 52% of businesses reporting an overall increase in fraud across mobile, online, contact center and in-person channels, it is clear that detecting and deterring fraud without negatively impacting the customer experience is a strategic consideration for effective digital identity verification.
A fraud intelligence ecosystem is designed to provide a strong defense against fraud. Enhanced data sources enable identity verification systems to adapt to new threats and expand as needed. With better data, businesses can establish a layered defense that also combines AI, expert analysts, and cross-industry network data.
Foster inclusion of thin-file consumers
The same sources used to prevent fraud can also be used to better understand authentic digital identities. This is particularly important for including hard-to-find or thin-file consumers in the digital space.
Traditional identity checks based solely on credit history often turn away many genuine customers. Verifying identities by tapping into a wide range of authoritative data sources can help bridge the gap for demographics with limited credit history, such as Gen Zers or those new to the country. These groups may not have credit access, utility payments, or other documents contributing to a traditional credit history.
IDV solutions, powered by comprehensive sources, can efficiently confirm the identities of individuals with limited credit history with minimal hassle. By seamlessly integrating data from various sources, businesses can get a complete view of an individual and add extra layers of protection against potentially risky identities while reaching a wider audience.
Onboard more trusted identities
Data availability and integrity are crucial for building trust in digital identity systems. The next challenge is identifying and best using this data for effective onboarding.
Trust is crucial for establishing a smooth onboarding process. As more organizations undergo digital transformation, trust becomes a critical factor. A growing digital economy must have a reliable way to ensure that relationships and transactions are fully trusted in order to operate effectively. Building trust in the digital realm requires a verification platform powered by diverse data.
Real Results
Clients of GBG IDology are seeing the impact of making Enhanced Source part of a comprehensive approach to identity verification. One Gaming client realized significant gains in match and pass rates for their players. This resulted in tangible revenue gains associated with players that would otherwise have missed out on onboarding. Additionally, for a set of our Financial Institution clients we have seen a blended uplift in pass rates of 14%.
Incorporating a variety of enhanced data sources into identity verification processes is vital for accuracy, fraud detection, global reach, adaptability, regulatory compliance, and user experience. Organizations must prioritize integrating diverse data sources as the digital landscape evolves to ensure robust and reliable identity verification.
Combining Enhanced Source with traditional authoritative identity data from GBG IDology gets you the best match rates, higher detection on synthetics, most current address data, and matches on complete DOB & SSN information. All while removing friction to onboard good customers and keep out the bad actors.
To learn more on how Enhanced Sources can help your business fight back against the surging cost of fraud while building better customer journeys and driving revenue, speak with an expert today.