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. With a diverse set of data sources, businesses are better positioned to fight fraud, locate hard-to-find consumers and create trust which helps build a seamless onboarding experience.
Verify thin-file consumers with expanded data coverage
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.
Build trust and streamline onboarding with multi-source data
Data availability and integrity are crucial for building trust in digital identity systems. The next challenge is identifying the best use for this 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. Building trust in the digital realm requires a verification platform powered by diverse data.
“Multi-source data verification empowers businesses to unlock growth with higher pass rates and zero added friction.”
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.
Boost pass rates and ROI with no wasted costs
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.
A multi-source data verification solution ensures no wasted costs by intelligently waterfalling unmatched identities to another data source, without adding friction to the customer experience. Instead of paying for repeated verification attempts or juggling multiple vendors, businesses benefit from a single API integration that maximizes data coverage and match accuracy. This streamlined approach reduces operational overhead, simplifies tech stacks and optimizes ROI by verifying more genuine customers the first time around
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.
Frequently Asked Questions
What is multi-source data verification?
Multi-source data verification is an identity verification approach that uses a wide range of authoritative data sources. This layered strategy increases accuracy, reduces fraud, and improves onboarding success rates.
Will it impact the customer experience?
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.
What types of businesses benefit most from this approach?
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.
Is it compliant with KYC and other regulations?
Yes. Our multi-source solution is designed to help businesses meet evolving KYC and AML requirements while maintaining a smooth onboarding experience.
