Your identity is your ticket to purchasing goods, accessing financial services and collaborating online. Unfortunately, your identity is also a fraudster's ticket to freely pursue their internet-based criminal activities.
Juniper estimates that online fraudulent transactions will reach a staggering $25.6 billion by 2020.
You need to protect your online business from this increasing risk by quickly, cost-effectively and accurately identifying your customers, wherever in the world they are - and that's no easy feat when you consider that:
- 2.4 billion people lack an official identity. Many of these people do, however, have internet access, smart phones, and the need and desire to access goods and financial services online, making them potentially valuable customers.
- 75% of the world's population has no credit file, but despite this many organisations still rely on this data as part of the customer identification and onboarding process.
- Millennials and Generation Z are driving the growth of the online sector, but many have little to no credit history and lack traditional forms of ID (like driver's licenses, utility bills etc.). They're also impatient and want immediate access when transacting online.
Nearly a quarter (22%) of users aged under 34 years old abandoned a transaction because they couldn't pass a platform's identity verification requirements, compared to only 13% of over 55 year olds.
Keep out fraudsters, let legitimate customers in
Week in, week out the media reports on yet another data breach. The dark web is brimming with databases of compromised identity data including Personally Identifiable Information (PII), credit card details, account login credentials, passport numbers... the list goes on.
So, if your ID verification and fraud prevention strategies are still based on government-issued identity documents, traditional identity providers and credit reports, it's time to ask yourself why.
The good news is that each and every day we generate a vast amount of data as we browse and interact on the web, our phones and other devices. This trail of information is our digital footprint, and it's what Veridu uses to verify and authenticate identity.
Facebook users like over 4 million posts every minute. Twitter users generate nearly 350k Tweets each minute.
We gather, structure and analyse this wealth of data, applying a blend of artificial intelligence and machine learning, to instantly assess the credibility of an individual's identity. The result is a global identity solution that offers comprehensive coverage across all regions and demographics.
More customers, less fraud
With Veridu, you can pursue those lucrative, but potentially riskier opportunities, with confidence. The use of social and online accounts and activity to verify identity gives you the broader coverage you need to safely onboard more customers and accept more legitimate transactions, while keeping fraud to a minimum - anywhere in the world.
The Government Digital Service found that social media activity could increase demographic coverage of GOV.UK Verify by 9%, which increases to 38% for the 16-25 age group.
Learn more about how Veridu can help you detect and mitigate a wide range of identity-related fraud including:
- New account origination and account takeover fraud
- Card not present fraud
How it works
How it works
With the user's permission, we scrape their social and online accounts to gather relevant data.
Our trained machine learning models analyse this data and calculate the probability that it's credible.
Based on the calculated credibility probability, you immediately receive a confidence score.