Consumers consider their smartphones and tablets an integral part of their brand conversations. Research shows that consumers increasingly prefer digital channels to open credit card accounts, checking/savings accounts, retirement accounts and more—giving them the instant gratification they have become accustomed to in our increasingly connected world.
Brands across all industries realize that providing a frictionless consumer experience is key. But with sophisticated account fraud on the rise, that high level of assurance becomes difficult without rigorous identification burdens. In addition, the proliferation of large-scale data breaches has made the Personally Identifiable Information (PII) of millions of consumers accessible to fraudsters on the dark web.
How do you balance preventing fraud and minimizing friction?
The modern consumer expects simplicity and speed. And you want to protect both them and your business from fraud. With the evolution of new regulations, guidance, and exam procedures to ensure safety, security, and privacy standards, having an advanced solution that helps you stay in compliance becomes even more valuable.
Let us introduce you to that solution.
Neustar Instant Verification and Authentication
Instant Verification and Authentication uses intensive machine learning and extensive consumer data to verify and authenticate a consumer’s identity in mere seconds by having them take a picture of a government-issued ID with their own device. The highly sophisticated solution then scans that information and instantly compares it against hundreds of data sources to deliver a frictionless consumer experience, while also combating counterfeit IDs and spoofed identities. Not only will consumers appreciate the solution’s speed and simplicity, they’ll feel safer engaging with brands via the device of their choice: smartphone, tablet, or laptop.
After the consumer takes a picture of the front and back of their government-issued ID (e.g., driver’s license), Neustar prefills the application form with details from the license and verifies both the applicant’s identity and phone device for potential fraud, such as number porting or SIM swap. This means that in 25 seconds or less, a consumer can be approved for a bank account, credit card, or other product/service via a smartphone.
Instant Verification and Authentication is compliant with NIST Identity guidelines and other regulatory requirements. Neustar helps you decrease customer friction, while providing a safer, more secure digital experience for your customers.
- Applicants scan their ID from the device and optionally provide a photo for facial recognition
- Patented machine learning algorithms detect if the ID is counterfeit, while the Mobile Carrier (MNO) is checked for the telephone number of the device
- Details from the license are used to prefill the application form to simplify form entry
- The applicant PII and MNO phone number is checked against the OneID system to verify the identity and check the device for anomalous activity such as number porting or SIM swaps
- Assuming everything checks out, the applicant and their identity is verified and authenticated in seconds