Verify Customer Identities
Banking and Financial Services:
Verify Customer Identity
Verify Customer Identity
Anti-Money Laundering (AML) and Know Your Customer (KYC) rules and regulations place a large burden on banks and other financial institutions. IdentityDetect®, as part of your overall AML/KYC initiatives, can verify customer identiies which helps substantially reduce the number of false positives and streamline the onboarding process. Additionally, IdentityDetect can help prevent fraudulent transactions by validating a customer’s identity when non-standard transactions are attempted.
How IdentityDetect Can Make A Difference
False-Positive Transactions are Costly and Time-Consuming
Financial institutions are required to follow AML regulations and best practices while implementing procedures and technology to better know the customer. Knowing the customer enables the institution to identify fraudulent activity early on or before it occurs. Unfortunately, about 80% of the “triggered alarms” are costly, time-wasting false positives. IdentityDetect allows the organization to quickly verify the authenticity of the customer in real-time when the alarm is triggered, either allowing the transaction to be completed or flagging the transaction for additional investigation.
Onboarding Process is Too Long
Due to AML regulations and a desire to reduce risk, financial institutions invest a significant amount of money and time bringing a new customer on board. Is there a way to shorten the onboarding time by removing unnecessary steps in the current process while increasing the certainty the new customer doesn’t subject the institution to greater risk?
Yes, there is. Using IdentityDetect, financial institutions can quickly and easily verify customer identity through a “challenge/response” process. IdentityDetect only takes three minutes. Customers respond to a set of simple yes/no questions, or simply re-affirm accurate information via a brief form, resulting in reduced risk, significant savings, and a more secure process.
Validating Identity for Non-Standard Transactions
When customer transactions fall outside of a normal pattern, such as a withdrawal request from a different country or an unusually large transfer, you need to verify that the person making the request is authorized to make the transaction. Using IdentityDetect, you can quickly verify the requester is actually the owner of the account, and then either allow or deny the transaction.
How IdentityDetect is Different
Rather than focusing on the veracity of the presented documentation or the prior history of the identity being presented, IdentityDetect determines if the person who claims to be John Doe really is John Doe. Identification documents can be faked. Imposters can present valid documents. But when an individual is being deceptive about his or her identity, IdentityDetect will find out.
Example: IdentityDetect in Action
John Jacobson applies to open a new bank account. He has government-issued identification, such as a passport or driver license. He’s of legal age. He has a local address and verifiable income. He has money ready to deposit.
Chances are, John is not a risk. Most people aren’t. But, there are some other scenarios that compliance offices and systems must worry about.
Perhaps John has false documents that look legitimate. His real name is Bob Johnson. If the bank opens the account, Bob is enabled to further cement a false identity.
Or, perhaps the documents are legitimate, but Bob has disguised himself to look like John.
How can you be sure?
IdentityDetect evaluations uncover inconsistencies in false identities. Those who are who they say they are have no difficulties with the evaluations. Those who are presenting false identities struggle. IdentityDetect will tell you who is real and who is fake.
Does IdentityDetect Replace the Automated Processes?
IdentityDetect is a critical piece in reducing the number of false positives, but it’s designed to be used as a part of the overall solution for AML/KYC compliance.
IdentityDetect is Customizable to Meet Your Needs
IdentityDetect runs as a service and is easily integrated into existing onboarding and transaction processes. With a REST API, integrating the system is straightforward. As needed, IdentityDetect evaluations may be customized to meet your specific requirements.
Converus (“with truth”) provides scientifically validated credibility assessment technologies that help protect countries, corporations and communities from corruption, crime and threats.