Identity verification is the process of verifying that a person is who they claim to be. Unfortunately, on the internet, it’s hard to know if someone’s digital identity matches their real-world identity. Your customer could be a fraudster, a money launderer, an underage minor — or a legitimate customer just trying to transact or open an account.
Because of cybercriminals and routine data breaches, trust is in increasingly short supply. In response, the market for identity proofing has exploded, and new solution providers have rushed in to help fill the void. In this increasingly cluttered marketplace, it’s difficult to separate the pretenders from the contenders.
In this guide, we walk through the trade-offs companies often have to make between deterring fraud and increasing conversion rates. We will explore the steps businesses can take to mitigate risks and the identity proofing features that help you establish trust, detect fraud and increase assurance that someone is who they say they are.