Navigating the Complex Landscape of Identity Verification Solutions

In an evolving worldwide digital economy built on trust and security, it’s critical that organizations find an identity verification partner that rises to the challenge of every onboarding scenario.

But the complexities of the identity verification landscape can make it difficult to find that partner. The Trulioo “Strengthen Your Global Organization With Digital Identity Verification” report can help by highlighting the importance of a risk-based approach to onboarding and providing key questions to ask potential verification partners.

Compliance Fuels Growth

Robust identity verification is the key to compliance for regulated industries that have to meet Know Your Customer, Anti-Money Laundering and combating the financing of terrorism requirements.

Those regulations shift in different regions around the world, but the right identity verification partner can help companies overcome that challenge and comply with cross-border requirements.

The Digital Economy Revolves Around Trust and Safety

Digital trust and safety are critical in a world where identities are compromised every day.

Organizations can evaluate a potential partner’s data security, risk management measures and technical support. They can review business practices to ensure confidentiality and data integrity.

Does the potential partner use strong encryption to protect sensitive data during transmission and storage? Does it have top-level data security and privacy credentials, such as ISO 27001 certification and the SOC 2 Type 2 qualification?

The evaluation can include assessing the vendor’s ability to fight synthetic identity fraud and identity theft. That includes the ability to apply AI and machine learning to detect unusual patterns that may indicate fraudulent activities.

User Experience Remains a Top Priority

Identity verification speed and security directly influence a customer’s onboarding experience, which determines abandonment rates and an organization’s bottom line.

But the factors that contribute to onboarding speed and security vary by region, use case and risk. Verification flexibility through customized workflows can help organizations quickly adapt to different onboarding scenarios while reducing unnecessary friction for legitimate customers.

The Right Partnership Delivers Ongoing Benefits

The digital identity verification market is complex. Organizations face the challenge of asking the right questions to sift through those complexities.

That includes assessing technology, data sources and country coverage. What capabilities and expertise does a potential partner have in the markets where the organization operates? Can the technology easily integrate with the organization’s stack? Can it accommodate growth in user base, transactions and data volume?

The evaluation also goes beyond present conditions. Does a partner continuously innovate its technology? Does it apply AI and machine learning that deliver real-time analysis and anomaly detection to improve accuracy and performance?

When organizations dig deep into potential identity verification providers, they can find a long-term partner that delivers the security, compliance and user experience that support worldwide growth.