Hidden threats are emerging within the online banking industry, how is your bank tackling them?

In recent years, worldwide lockdowns forced people to do their banking online. As internet banking grows increasingly common in our daily lives, a hidden threat emerges, with fraudsters creating innovative ways to target your bank.

Customers are increasingly looking to make safe online banking transactions while streamlining new account registration, online banking, money transfers, and other services. The challenge that banks are facing with adopting digital transactions is being able to authenticate consumers’ and businesses’ identities, on the fly. Banks are attempting to detect fraud by finding solutions to minimize friction and allow them to make faster choices. Sometimes having to onboard several different identity providers to complete one job.
As customers flock to online banking, the threat of fraudsters bypassing security features has escalated. By not having the right identity solution provider, your chances of identity theft, data breach and online fraud increases.

Banks are starting to prioritize onboarding identity verification solutions that help combat the threat of financial loss due to fraudulent registration, abandoned applications, and the fallout from a loss of reputation. They require access to a global platform with risk-relevant data from reliable sources and registries.
To be able to authenticate the person is who they say they are, banks need to adopt a solutions provider that can seamlessly perform the following solutions:
  • Age verification
  • Address verification
  • Biometric validation
  • Device IP
  • Email verification
  • Phone verification
  • Collective intelligence
  • Biometric identity step-up
  • Employment verification
  • Income verification
  • Passive fraud detection
  • Location behaviour
  • Explicit fraud detection
  • Criminal records check
  • Data cybersecurity
  • AML identity check
  • Criminal records check
  • Credit bureau
  • Identity validation
  • Compliance check
  • Sanctions and screening check
  • Politically exposed person check

Enter IDVerifact

IDVerifact will help your bank to:
  • Partner with world-leading digital identity solution providers
  • Provide your bank the ability to assign composite APIs to specific projects and cost centres
  • Normalize and standardize all data in advance for easy consumption
  • Sort solutions into common categories that you can recognize and reuse
  • Provide you with a visual, no-code, studio to design and publish composite digital identity APIs on the fly

The IDVerifact platform enables business users to choose the data and functionality required to handle specific use cases across many lines of business with a single integration. To receive a single composite data payload that meets the needs of each individual use case, simply combine any combination of our growing list of services. Onboarding multiple identity providers costs a lot of money and takes a lot of time. 

IDVerifact offers something instrumental to your enterprise. Our platform delivers the most comprehensive and continually evolving suite of digital identity solutions, allowing your enterprise to simplify and secure digital transactions with its customers. If you need to expand your business use case, we offer AML, KYB, Fraud Detection, and Biometrics solutions on top of the KYC Identity Check.

Interested in learning more?