Article 4 min

Buyer’s guide to digital identity verification

digital identity verification buyers guide
digital identity verification buyers guide

The economic shift to digital channels is undeniable; consumers and businesses are increasingly purchasing goods, ordering services and otherwise interacting and transacting on their mobile devices and online. Digital identity is at the crux of all these connections, ensuring that there’s a layer of trust to safeguard these flourishing business opportunities.

To protect against bad actors and nefarious activities, businesses need to assess and mitigate various types of risks associated with digital identities. For regulated businesses, identity verification is a critical step for Know Your Customer (KYC) compliance and helps mitigate risk by providing fraud prevention measures. Maybe more importantly, it enables confidence on both sides of the transaction that they are doing business with real people and there’s real accountability.

With multiple jurisdictions, legal requirements for identity verification are complex. Fraudsters are becoming ever-more sophisticated in their attacks. Different cultures have different outlooks, systems and approaches to identity, and accessing identity data is never consistent or uniform. Numerous vendors offer significantly contrasting models, products, services, pricing, support and technology, which makes comparisons complex.

The question for organizations is how do you effectively implement digital identity solutions? How do you evaluate digital identity verification solutions to meet the demands of a borderless world?

Understanding digital identity — and how it can work for your organization

To help make sense of the growing world of digital identity verification solutions, download the Buyer’s guide to digital identity verification. The guide is designed to help business leaders understand different verification methods and determine the right solution for their needs. Topics include:

The business case for identity verification: Compliance, risk and fraud mitigation, and increasing trust and safety

Ensuring that your business knows who your customers are every time is fundamental to compliance with Anti-Money Laundering (AML) and KYC laws. Identity processes can flag potential fraudsters before any damage is done. Additionally, properly vetting participants in online services, including verifying their identities, increases peace of mind and security for everyone in the marketplace.

The value of the risk-based approach

Identity verification solutions have matured because sacrificing convenience for security — or security for convenience — no longer works for users or businesses. Abandonment rates rise when customers feel that opening an account or onboarding takes too long. Learn how businesses can progressively build trust with customers based on the nature of the relationship and the context of the exchange, without adding too much friction to the onboarding process.

Varying risk levels

Identity risk is different between countries and industries, but it is also different within an individual business along the entire customer journey. How does an organization take into account different use cases, businesses and markets?

The many facets of identity

What are some physical and digital attributes that identify an individual or business?

Identity verification methods: Detailing the capabilities and functions of numerous verification methods

Providers now offer numerous verification methods. Each one is unique, addressing different identity data, ID documents and/or regulations while balancing risk reduction and user experience to varying degrees.

An identity verification checklist: What to look for when evaluating an identity verification solution

Understanding the different types of identity verification will help properly compare and evaluate the functional components and considerations of each identity verification solution and provider. What are some specific features and criteria to consider when evaluating an identity verification provider?

Fostering trust, privacy and safety through identity verification

In a world where identities are compromised daily, nothing is more critical than fostering a climate of trust, privacy and safety online. Businesses are not alone in this fight; a global identity verification market has matured to help businesses weed out the bad actors and bring in only the good customers.

Guide to digital identity verification

Identity verification is a complex topic with challenging technical, legal, risk management and user experience issues. Navigating the layers of requirements, especially on a global level, is often difficult and perplexing.

The Buyer’s guide to digital identity verification offers insight into the processes, the marketplace, solutions and key buying considerations. Whichever vendor you do select, understanding the dynamics of the industry will help ensure that that your organization moves forward with a solution that meets your needs now and into the future.