Financial institutions face constant pressure to comply with regulatory mandates designed to prevent identity fraud and money laundering while still delivering excellent customer service, watching bottom-line results, and meeting business objectives. In today’s complex business environment, this seems like an almost impossible task. However, those regulatory mandates also create many opportunities to increase efficiencies and save money. By integrating identity verification into the overall risk management strategy, financial institutions can expect to see substantial benefits to their bottom lines, customer service levels, and employee productivity.
What is identity verification?
Identity verification is defined as “the process of using claimed or observed attributes of an individual to infer who the individual is.”(1)
For today’s financial institution, identity verification is a critical aspect of establishing a new relationship. True identity verification means reviewing the truthfulness of what a prospective customer discloses by screening the data against multiple sources, then analyzing the facts … Read More