Approaches to Verifying Identities Online
Are you looking for an automated identity verification system to help you meet compliance requirements, combat fraud and ease customer onboarding? Look no further. We’ve got what you’re looking for right here. Trulioo’s GlobalGateway platform provides businesses with real-time electronic identity verification (eIDV), ID document verification and AML watchlist screening through a single API integration.
Trulioo’s mission is to build a trust layer into the Internet so that businesses and consumers may trust each other online as easily as we do in real life. In doing so, we’re enabling online and mobile transactions in a manner that promotes privacy and advances financial inclusion. Trusted digital identity is the glue for a whole new world of interactions that promises significant benefits while mitigating the risks.
- Significance of Market
Total global revenue from cross-border transactions is expected to reach $2 trillion by 2018
- Depth of Problem
The largest banks in the US have incurred over $160 billion in fines due to regulatory compliance issues in the past decade
- GlobalGateway Coverage
200 trusted and independent sources covering over 4 billion people in more than 60 countries
Approaches to ID Verification
We will discuss four general approaches to identity verification. The first is to do nothing, which is not really an approach. It opens you up to fraud and, in many cases, penalties for non-compliance.
The second approach is manual verification, the traditional checking of ID. It is slow, offers a poor customer experience, produces a lot of (human) errors, is expensive, and loses opportunities. While doable, it’s not built for the modern-era and does not scale or provide easy access to new markets.
The third approach is for organizations with an abundance of resources, budget, programming talent, and time. These organizations can create in-house solutions: find the data sources, negotiate a contract, integrate multiple APIs, run quality assurance, evaluate betas, launch, perform downstream maintenance, and optimize performance. This process must be repeated for every data source vendors per country/market that the organization operates in. Obviously this is doable, but it’s a time-consuming, expensive, and cumbersome project.
The fourth approach is to leverage a global identity verification company that has already performed the necessary due diligence and operational tasks listed in the third approach to the highest standards, and wrapped it up with a nice bow on top for businesses to access through a single API integration. With all the necessary elements in place, any organization can quickly implement an effective ID verification system to protect their business from online fraud and meet cross-border compliance requirements.
As the system makes use of automation, the costs are much lower than any manual process, reducing paperwork, and saving numerous hours of labor. Checks for compliance are taken care of, fraud prevention measures are in place and customer onboarding is quicker and smoother. Consider that an estimated 20% of failed enrollments are soft declines (due to slow, complicated processes) and the potential revenue gain is significant.
We know organizations want to focus on their customers, their product, and their growth. Is ID verification one of your core skillsets? If not, consider implementing GlobalGateway into your fraud prevention or compliance workflow. Watch the presentation by Trulioo’s Strategic Accounts Manager to learn more about GlobalGateway’s capabilities. Contact us to request a personal demo and put any ID verification issues behind you.