Tag: identity verification

The COVID-19 pandemic and resulting rush to transition to a remote lifestyle made it clear that many businesses need a refreshed digital authentication and fraud prevention strategy that includes an investment in technology and provides consumer assurance. This is particularly important when it comes to identity, as many of the standard in-person verification methods and tools are currently unavailable. The meaning of identity is growing and shifting Technology trends are intersecting with social trends to create heightened awareness, and a whole new public conversation has emerged around customer trust and privacy. Attitudes and ideas are changing—even to the point of what we mean by “identity.” An identity is no longer just a name, date of birth, and SSN. Now, there are digital manifestations everywhere you look: screen names, email addresses, mobile phone numbers, device identifiers, and the other “exhaust” we leave behind as we travel the internet. This leads to concerns about what an identity is, who owns it, and who manages and protects it. Businesses have to be able to prove to their ability to protect their customers’ identities through investment in technology and a robust fraud strategy. Consumer attitudes are changing Several years ago, consumers were excited by all the new digital capabilities and the speed, ease, and convenience they provided. Last year, Experian found that consumers still wanted those things, with 70% willing to provide more information to businesses if there was a perceived benefit. However, they also wanted more security in the balance. In Experian’s most recent Global Identity and Fraud Report, we found that 74% of consumers say that security is the most important factor when deciding to engage with a business. Consumers are particularly more tolerant of friction during the enrollment process—as a means of building trust. But, when they return to the app or website, they want to be recognized. This means achieving a balance by using layered technologies, some of which are active and visible to the consumer, and some of which are invisibly working in the background to confirm the identity of returning consumers. Consumer attitudes vs. regulatory pressure The drivers behind the business changes are twofold: shifting consumer attitudes and regulatory changes. While regulations are becoming stricter on a national and global level, they’re not keeping pace with technology and social change. The digital world is evolving at a rapid pace, opening up more new ways for companies to collect information about consumers and use it to identify and verify, and also to target goods and services. With all of this data available, it’s important for businesses to use the tools in the market to help protect identity information. Next steps in technology The bottom line is, businesses can’t wait for regulations to dictate how best to protect information. Instead, they should be looking to technologies like physical and behavioral biometrics to help provide identity authentication and protection – layering those solutions with information from the user and from third parties to give a holistic consumer view. Businesses should adopt a platform approach for identity and fraud in order to be able to adapt quickly, whether to incorporate new kinds of technology or to prevent emerging types of fraud. By investing in technology now, even in the midst of the COVID-19 pandemic, businesses can build the flexibility needed to respond to future crises and help offset future fraud losses. In turn, those fraud-loss savings can then be used to help grow the business in the future. Learn more about Experian’s commitment to helping businesses maximize their investment in technology to safeguard against fraud. Learn more

Whenever someone checks in for a flight, airport security needs to establish their identity. Prior to boarding the plane, passengers are required to show a government-issued ID. Agents check IDs for validity and compare the ID picture to the face of the person standing in front of them. This identity proofing is about making sure that would-be flyers really are who they claim to be. But what about online identity proofing? That’s much more challenging. Online banks certainly want to make sure they know a person’s identity before giving them access to their account. But for other online services, it’s fine to remain anonymous. The amount of risk involved in the engagement directly ties to the amount of verification and assurance needed for the individual. Government agencies care very much about identity. They won’t — and shouldn’t — issue a tax refund, provide a driver’s license or allow someone to sign up for Social Security benefits before they’re certain that the claimant’s identity is verified. Since we increasingly expect the same online user experience from government service providers as from online banks, hotel websites and retailers, this poses a challenge. How do government agencies establish a sufficient level of assurance for an online identity without sending their customers to a government office for face-to-face identity verification? To answer this challenge, the National Institute of Standards and Technology (NIST) has developed Digital Identity Guidelines. In its latest publication, SP 800-63-3, NIST helps government agencies implement their digital services while still mitigating the identity risks that come with online service provision. The ability to safely sign up, transact and interact with a government agency online has many benefits. Applying for something like unemployment insurance online is faster, cheaper and more convenient than using paper and waiting in line at a government field office. And for government agencies themselves, providing online services means that they can improve customer satisfaction levels while reducing their costs and subsequent bureaucracy. CrossCore®, was recently recognized by the independent Kantara Initiative for its conformance with NIST’s Digital Identity Guidelines for Identity Assurance (IAL2). Our document verification solution combines authoritative sources, machine learning and facial recognition technology to identify people accurately using photo-based government identification like a driver’s license or passport. The best part? Users can verify their identity in about 60 seconds, at whatever location they prefer, using their personal smartphone.

Happy holidays! It’s the holiday season and a festive time of year. Colorful lights, comfort food and holiday songs – all of these things contribute to the celebratory atmosphere which causes many people to let their guards down and many businesses to focus more on service than on risk. Unfortunately, fraudsters and other criminals can make one of the busiest shopping times of the year, a miserable one for their victims. The nature of the stolen data has the potential to create long-term headaches for the organization and tens of millions of individuals. Unlike a retailer or financial breach, where stolen payment cards can be deactivated and new ones issued, the theft of permanent identity information is, well, not easily corrected. You can’t simply reissue Social Security numbers, birth dates, names and addresses. For individuals, we need to internalize this fact: our data has likely been breached, and we need to become vigilant and defend ourselves. Sign-up for a credit monitoring service to be alerted if your data or ID is being used in ways that indicate fraud. Include your children, as well. A child’s identity is far more valuable to a fraudster as they know it can be several years before their stolen identity is detected. The good news is, in addition to the credit bureau, many banks and auto clubs now offer this as a service to their customers. For organizations, the focus should be on two fronts: data protection and fraud prevention. Not just to prevent financial theft, but to preserve trust — trust between organizations and consumers, as well as widespread consumer trust.  Organizations must strive to evolve data protection controls and fraud prevention skills to minimize the damage caused by stolen identity data. There are dozens of tools in the industry for identifying that a consumer is who they say they are – and these products are an important part of any anti-fraud strategy.  These options may tell you that the combination of elements is the consumer, but do you know that it is the REAL consumer presenting them? The smart solution is to use a broad data set for not only identity verification, but also to check linkage and velocity of use.  For example: Is the name linking to other addresses being presented in the past week? Is the phone number showing up to other addresses and names over the past 30 days? Has the SSN matched to other names over the past 90 days? Since yesterday the address matches to four phone numbers and two names – is this a problem? And it must be done in ways that reinforce the trust between consumers and organizations, enhance the customer experience, and frustrate criminals.  Click here to learn more about Experian’s products and services that can help. As we go walking in the winter wonderland, remember, the holiday season is a time for cheer… and vigilance!

The evolution of identity verification Knowing who you are doing business with isn’t just a sound business practice to protect your bottom line. In many cases, it also is a legal requirement. Identity verification techniques have been evolving over the past few years to meet business priorities beyond fraud prevention, including customer experience, operational costs and regulatory compliance. We recently wrote about the challenges of customer authentication on mobile devices to meeting new business priorities. Fraud prevention tools have responded to these shifting priorities. While extremely fast and very accurate at detecting fraud, they also: Are less invasive to customers Provide a strong return on investment Ensure consistency in compliance and audit Listen to what Matt Ehrlich, Experian fraud and identity director of product management, has to say about how verification techniques have changed: Download our fraud prevention perspective paper to gain more insight on how you can prepare your business.