Why smarter identity verification starts with smarter data
Laura Strother
Head of Product
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.
“In today’s digital economy, verifying an identity isn’t just about security, it’s about doing so in a way that enables growth and trust in a purely digital way.”
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.
Prevent digital fraud with Multi-Source data verification
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, preventing fraud is a top priority. Additionally, 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. Multi-Source data enables identity verification systems to adapt to new threats and expand as needed.
Get a demo to learn how identity verification powered by multiple data sources can help your business.
Drive higher approval rates with alternative data intelligence
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. By combining traditional data with alternative data sources, we can empower you to verify approximately 300M adults in the US, unlocking access to a much broader population.
“Multi-Source data verification empowers businesses to unlock growth with higher pass rates and zero added friction.”
Verifying identities through a wider range of data sources helps bridge the gap for underserved demographics, including Gen Z, immigrants, and prospective customers in highly regulated industries such as gaming and financial services, who may have limited or fragmented credit histories. These groups may not have credit access, utility payments or other documents contributing to a traditional credit history. We can fill data gaps with alternative sources helps convert more applicants into approved customers and access 100M+ alternative financial services users.
IDV solutions, powered by comprehensive sources, can efficiently confirm the identities of individuals with limited credit history with minimal hassle. We offer expanded identity data coverage, increasing approval rates by up to 11% and reaching 62M+ thin file consumers while maintaining accuracy.
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.
Increase conversions without slowing down onboarding
Data availability and integrity are crucial for building trust in digital identity systems. The next challenge is identifying and using the best data for effective onboarding.
As more organizations undergo digital transformation, trust becomes a critical factor for establishing a smooth onboarding process. A growing digital economy must have a reliable way to ensure that relationships and transactions are thoroughly vetted to operate effectively. With the ability to reach more Gen Z consumers entering the economy we can onboard more customers in real time.
Incorporating multiple 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.
Why Multi-Source identity verification boosts pass rates and ROI
Identity verification that relies on multiple data sources delivers measurable business impact. Combining a multi-source approach with traditional authoritative identity data can provide you with the best match rates, higher detection of synthetics, most current address data and matches on complete DOB & SSN information. This creates a frictionless process for onboarding good customers while keeping out the bad actors.
Speak with an identity expert to learn how a multi-source approach can unlock more approvals for your business.
Frequently Asked Questions
Multi-Source data verification checks against a wide range of traditional and alternative data sources to verify hard-to-match consumer identities in real-time. This layered strategy increases verification accuracy, reduces risk and fraud, and improves onboarding pass rates.
No. The process is seamless and invisible to the end user. Customers simply submit their information as usual, and the system checks it against multiple sources behind the scenes.
Any business that needs to verify identities can benefit. It’s particularly effective for reaching thin-file or hard-to-verify individuals, such as Gen Z, immigrants or underbanked populations.
Yes. Our Multi-Source solution is designed to help businesses meet evolving KYC and AML requirements while maintaining a smooth onboarding experience.