The best way to build a secure fraud prevention plan is to
use layered, multiple verification and authentication methods. This can be done
through several different solutions, like IdentiFlo
Management Platform and our IdentiFraud
solutions. EVS has multiple tools, pulling from complex and varied databases,
that combined can give you a level of fraud protection unmatched in the
industry.
Drivers license verification is the perfect complement to your
compliance and fraud prevention plan, but alone it only offers part of the
protections you and your clients deserve. Verifying a license only guarantees
the license is legitimate, but not the identity of the person behind the
screen. Likewise, authenticating with KBA doesnt ensure the license is
present. So how can you know your customer has a valid license and is whom they
claim to be? Through these solutions, drivers license and social security
verification are simple and quick to process. The use of dynamic KBA also
allows you to set certain parameters within the authentication process.
How to Verify an Identity
By combining drivers
license verification, consumer data-match profiling, KBA, and much more the
identity verification and authentication process it made simpler and quicker
than ever before. Use IdentiFraud to make sure the drivers license number and
address match. Verifying the legitimacy of the license through the DMV is a
good fraud prevention foundation. Once the drivers license is verified, the
identity can be verified through other sources like credit bureaus, the Social
Security Administration, and the postal service while scrubbing against OFAC
and other fraud watch lists. Finally, authentication is checked with KBA
questions to ensure your customer is your customer.
These three steps will give you the peace of mind that your
new account, transaction or customer is legitimate. Whether your needs are to
KYC, AML compliance, or simply a foolproof fraud prevention mechanism, EVS will
help build your concrete authentication plan.
[Contributed by EVS Marketing]
