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Verosint streamlines identity proofing with Adaptive Proofing Workflows

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Verosint streamlines identity proofing with Adaptive Proofing Workflows
 

Fraud prevention solution provider Verosint has joined forces with digital trust firm ID Dataweb to release what it calls the industry’s first Adaptive Identity Proofing software.

The suite enables online businesses to optimize the balance of solid security controls with customer experience.

Risk signals at the point of login are detected in relation to configurable rules to grant recognized customers a low-friction transaction path. On the other hand, Suspicious users are challenged with customizable identity-proofing workflows.

Travis Favaron, VP of product at Verosint, highlights the importance of balancing trust and user experience in the face of increasing high-risk online transactions.

Commenting on the Adaptive Identity Proofing release, Favaron says requiring repeated identity verification is costly, inefficient, and leads to customer frustration and abandonment.

“Consumers expect fast, convenient access to online goods and services, but they don’t like overbearing security challenges or unnecessary delays in going about their business,” the executive explains.

The company’s latest offering utilizes risk signals to enable businesses to combat account fraud effectively while minimizing the impact on legitimate customers, making it a practical and affordable solution.

“With Adaptive Identity Proofing, they can invoke document-based or knowledge-based proofing only when the detected risk is high. This approach provides an innovative way to dynamically raise the friction high enough to stop account takeovers and fake registrations,” Favaron adds.

From a technical standpoint, the software leverages Verosint’s patent-pending SignalPrint technology to provide the capability to generate verified SignalPrints for each user that has successfully completed the identity-proofing process.

The prints are stored and then compared with new user logins, enabling the system to identify if a returning user deviates from their original, authenticated SignalPrint. This variation serves as an indication of potential risk.

Another company using digital signatures to verify customers’ identity is Verified, which recently acquired Swedish regtech start-up Pliance.

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