What is Identity Proofing?
Identity proofing is the process an organization uses to collect and verify information about a person for the purpose of an account opening or issuing credentials to that person.
The top reasons for incorporating online identity verification processes are for regulatory compliance, enhancing fraud prevention and improving business efficiencies.
Identity Proofing Challenges
Today's identity proofing processes rely on database searches using information entered into online applications to initiate a new insurance policy, open a bank account or register with an e-commerce site. However, with significant amounts of personal data available on the dark web and the growing threat of social engineering, traditional fraud prevention techniques fall short and credentials end up in the wrong hands. In fact, according to Javelin, there were more than 1.5 million new account fraud victims that accounted for losses of $2.8 billion. This number increased by 40 percent in 2016 and shows no signs of abating.
Stopping Fraud at the Source
BioCatch behavioral biometrics offers a new dimension to fighting fraud through online identity verification. The system distinguishes between a real user and an impostor by recognizing normal user behavior versus fraudster behaviors, even when no profile exists. Understanding how criminals behave online, the BioCatch Identity Proofing Module looks at three elements to generate a risk score:
Application Fluency: Most fraudsters use compromised or synthetic identities to repeatedly attack a site. These actions show a fluency with the site and the process used to open a new account.
Navigational Fluency: Fraudsters often use advanced computer skills that are rarely seen among real users. Common examples include keyboard shortcuts and function keys.
Low Data Familiarity: Fraudsters exhibit several behavioral traits when they enter in unfamiliar data.
Benefits of Online Identity Verification Using Behavioral Biometrics
The BioCatch solution to identity proofing offers organizations several benefits. In detecting fraud, behavioral biometrics is frictionless, effective and prescient.