The Challenge of Identity Verification
Consumers are demanding more secure, personalized, and convenient ways to interact with digital services online. While businesses are rising to meet these demands, they are challenged with the complex nature of identity verification. Verification is good for business, but it must strike a balance between providing a streamlined customer experience and proper risk management; otherwise it can increase the risk of financial loss, poor customer experiences, and even reputational damage.
Many businesses are turning to third-party solutions for their identity verification needs. Capital One recently commissioned research conducted by Forrester Consulting to assess how companies, across a range of industries in the US, are exploring ways to address identity verification. The study, featuring perspectives from 256 US senior technology and business leaders, found that “74% of companies say it is very or extremely likely that firms will outsource identity verification to third parties such as financial firms in the future.”
A Capital One Solution
At Capital One, we are one of the nation’s leading digital banks serving over 70 million customer accounts. We understand that verifying identities builds trust with consumers, which is not only critical to the success of our business – it’s critical to you and your customers. That’s why we’re excited to offer Capital One Confyrm, which leverages best-in-class identity verification tactics that facilitate the kind of optimal experience that your customers expect.
Capital One Confyrm is a real-time, intelligent identity verification platform that orchestrates customizable identity services and leverages risk evaluation capabilities used within Capital One. To support your specific identity screening needs, Capital One Confyrm offers robust identity verification services that leverage verification information such as:
- Government issued ID
- Mobile network information
- Consumer information databases
- Device confidence
Identity Verification Use Case With Capital One Confyrm
Let’s say your company issues auto loans. A new applicant applies for a loan via your site or app where they are prompted to verify their identity via their Capital One credentials OR a government issued ID. It might look something like this on your site.
When the applicant uses Capital One credentials the acceptance/rejection result is provided to your company. When the applicant chooses to use a government ID, Capital One uses a blend of authoritative sources (forensic identity document authentication, mobile network operator and consumer information databases) that are transferred via secure APIs to facilitate a smooth consumer experience.
The verification results are yours, giving you the chance to customize acceptance or rejection communications based on your guidelines. If your applicant is accepted/verified, then their information can pre-populate a registration form and create a new customer record as needed.
Partner with Capital One
When selecting a third-party identity verification partner, you want a solution that:
- Orchestrates and simplifies vendor management
- Instantly identifies and retrieves real-time identity information
- Provides a comprehensive API-based solution with workflow based policies to help you deploy your customized solution
- Incorporates risk management best practices from 25 years of operating in a highly regulated industry
That’s why we’re excited to offer Capital One Confyrm, a suite of identity services that leverage best-in-class identity verification tactics – proven at scale – that facilitate the optimal customer experience that your customers expect.
In 2020 the big question becomes, “Are you leveraging identity verification to the best of your abilities?”