Identity serves as the gateway to authentication. Without standardized identity practices, accurately identifying users becomes challenging. Implementing advanced Identity Proofing techniques will yield more reliable customer data across all business sectors, streamline critical processes such as login, registration, and recovery, and significantly mitigate the risk of fraudulent activities.

As digital threats evolve and customer expectations increase, it is imperative that our identity verification and access management systems advance swiftly to meet these demands, reduce fraud, and maintain security.

Key Pain Points in the Industry:

Overreliance on knowledge-based questions for identity proofing.
Lack of additional validation/authentication processes for high-risk transactions.
Inability to meet business requirements on success metrics and goals.
Proposed Solutions:

Call Center: Implement device-based verification in the IVR and step up authentication for high-risk calls. This approach will reduce reliance on Knowledge-Based Authentication [KBA] and provide a faster, more efficient user experience.
Web/Online: Introduce new identity capabilities, including device verification and advanced machine learning techniques.
By addressing these pain points and implementing these solutions, we can enhance our Identity Proofing capabilities, meet business goals, and improve overall customer satisfaction.