The Green Sheet Online Edition
May 5, 2024 • 24:05:01
Speed onboarding, thwart fraud with advanced ID
Prove Identity Inc., a global digital identity solution provider, created Prove Pre-Fill, stating it is an innovative technology designed to accelerate the onboarding process and minimize abandonment rates. The company added that the solution employs Prove's "PRO" methodology, which stands for:
- Possession: Confirms the customer has the phone in their possession during a transaction.
- Reputation: Scans for anomalous behavior and other suspicious activity.
- Ownership: Links the phone number with the correct individual.
Tim Brown, global identity officer at Prove, mentioned that Prove Pre-Fill can help B2B companies deliver fast, easy and secure verification. The solution, he noted, is designed to enhance and streamline the overall integrity of business onboarding and verification.
"Prove Pre-Fill addresses the internet's inherent lack of identity infrastructure, using innovative mobile-phone technology to facilitate frictionless, secure identity verification and authentication," he said.
Advanced, multilayered technology
Brown also stated that Prove offers a holistic approach to digital identity that has helped companies address "leaky funnels" where customers are lost during the onboarding process, enabling partners to win back over $1.84 billion in net new revenue.
By auto-filling forms with verified consumer data, Prove Pre-Fill can reduce onboarding time by 79 percent and abandonment rates by 35 percent, he pointed out, citing the following attributes of the platform:
- Digital identity tokens: Privacy-enhancing tokens can only be accessed after customers authenticate via encrypted SIM cards.
- PRO methodology: Confirms customer possession, reputation and ownership.
- KYC checks: Provides precise, data-driven approaches to KYC compliance at no additional cost to companies while maintaining a frictionless customer experience.
- Device agnostic: Works across mobile and digital channels and a broad array of devices and applications for a true omnichannel experience.
- Trust score: Assesses current behavioral risk, while preserving an individual's identity and their historical reputation.
- Fraud prevention: Weeds out bad actors and thwarts common fraud methods, including synthetic identity and true-name fraud.
In addition, Prove Pre-Fill won an Aite-Novarica Fraud & AML Impact Innovation Award in 2021 and was shortlisted in 2023 for the Banking Tech Awards in the technology-of-the-future category.
Revenue-driven partnerships
Prove representatives noted that ISOs can integrate Prove digital onboarding and identity verification solutions into existing offerings to provide customers with a comprehensive solution that accelerates and improves the customer experience while helping to dramatically reduce fraud.
The company noted that agents and sales channel partners benefit from Prove's platform by offering their clients a reliable and secure way to verify identities and prevent fraudulent activities, and the platform leverages advanced technologies such as biometric authentication, document verification and identity verification data to accurately verify identities and detect fraudulent activities in real-time.
Prove mentioned that its solutions help businesses reduce fraud-related losses by minimizing manual review processes and improving the customer experience, adding that the Prove platform is scalable and customizable, which allows businesses to tailor the solution to their specific needs and compliance requirements.
Prove also noted that it provides comprehensive support and training services to ISOs, merchant level salespeople and other sales channel partners to ensure seamless integration. The company invites payments industry professionals to partner with Prove Identity Inc. to strengthen their security posture, increase trust with customers and stay ahead of evolving fraud threats in the digital landscape. 
Website: https://prove.com Contact: https://prove.com/contact
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