Better digital identity verification influences three in four consumers towards adopting online service
Nearly half of all U.S. consumers have abandoned an on-line account sign-up in the past 12 months due to the process being perceived as too difficult or untrustworthy, according to new research from IDology. Better identity verification can make 77 percent of respondents more likely to use a company’s services, according to IDology’s Third Annual Consumer Digital Identity Study.
A year ago, 37 percent reported abandoning a sign-up process. The number of consumers who have enabled two-factor authentication has risen to 35 percent, from 26 percent last year and only 19 percent in 2018.
Nearly two-thirds of Americans do not feel companies do enough to protect their personal identity information. Those losing trust during the identity verification process are more likely to use a guest checkout option and less likely to keep a credit or debit card on file for future use, as they avoid the steps that make transactions “sticky” for the vendor.
While remote onboarding and digital interactions are up during the pandemic, IDology also found that 56 million Americans have had a new accounts opened without their authorization in the past year.
TransferGo selects SumSub and Veriff for biometric identity verification
Money transferring company TransferGo has partnered with Sumsub and Veriff to support robust end-to-end ID verification to provide the ease and trustworthiness consumers expect when registering for or using the service.
SumSub is providing its customizable ID verification platform, while Veriff allows TransferGo customers to use any one of more than 8,000 government-issued documents and NFC scanning technology for scanning with Android and iOS devices. The partnerships are intended to provide a seamless customer experience and increased service reliability as it meets KYC and AML requirements.
Veriff announced earlier this month it had raised $15.5 million in funding for its biometric selfie and ID document check technology.
“Having a fast and seamless identity verification process is essential in driving sign-ups and improving customer trust,” comments Veriff Founder Kaarel Kotkas. “Our NFC technology will mean TransferGo can reduce the time and manpower needed to verify a customer’s ID and ultimately support a frictionless service for many more customers. We’re delighted to add TransferGo to our customer roster and look forward to our partnership.”
SumSub provides facial recognition for selfie authentication against ID documents for several fintech customers to meet regulatory requirements, including cryptocurrency exchange Blackmoon.
“Our expertise in ID verification means we remove the heavy lifting needed to be compliant with KYC and AML procedures. Our friendly UX and totally customisable platform are also perfectly suited to a fast-growing company like TransferGo whose focus is always on customer innovation. We’re thrilled that we’ve been able to improve the service reliability for ID verification for TransferGo’s customers and we look forward to building a successful partnership together,” says Vyacheslav Zhouldev, founder and CTO of SumSub.
TransferGo selected Onfido to provide remote customer onboarding in 2018.
Eftpos connectID reaches pilot with Australia Post
Australia Post and debit card network eftpos have partnered to pilot the connectID powered by eftpos digital identity and payments solution. connectID allows organizations acting as identity providers, like Australia Post, to use eftpos as a broker for identity verification to enable online transactions with merchants or government departments.
“We are collaboratively working with businesses, online merchants, banks and other identity providers with a view to building identity into our national payments infrastructure for all Australians and Australian businesses before the end of the year,” says eftpos CEO Stephen Benton.
According to Benton, eftpos has been working with nearly 20 business across the country on the connectID proof of concept since early this year, and it is now ready to graduate to its next stage. The solution can be used to verify payment information, or other information such as proof of age or address details.
connectID is designed to be interoperable, and work within the Federal Government’s Trusted Digital Identity Framework (TDIF), the TrustID framework for businesses, and emerging international standards.
TransUnion upgrades document verification
TransUnion has enhanced its document verification solution with phishing-prevention features to protect against identity fraud.
An international survey by the company found that phishing is the top fraud threat in most countries, and is widely used in scams related to COVID-19. Nearly a third of consumers around the world have been targeted by digital fraud related to COVID-19.
Document verification is part of TransUnion’s flagship identity verification, consumer authentication and fraud prevention solution suite, IDVision with iovation.
“With successful phishing attacks that have increased during the pandemic, data breaches and social media sharing, consumers should assume their data is on the dark web,” says Bala Kumar, vice president of product management, Global Fraud and Identity Solutions at TransUnion. “Despite these threats, consumers expect that organizations will protect their identities, and enable secure but still convenient digital experiences. TransUnion’s Document Verification solution provides comprehensive consumer friendly identity verification by triangulating the validity of the document, danger of the device used to capture the document and risk associated with the identity on the document.