Our extensive identity and onboarding checks include comprehensive bank account verification, identity verification (including across email and social), as well as document proofing, liveness checks and screening (AML, PEP and sanctions). We also offer enhanced due diligence, source of wealth checks, and UBO identification support.
RISK INTELLIGENCE – ACCOUNT VERIFICATION
Customer Life Cycle Risk Management
Implement a holistic fraud prevention strategy to manage and mitigate potential fraud across the customer life cycle.
Preventing fraud across the customer life cycle
The ongoing digitalisation of the global financial system continues to present industry stakeholders with new opportunities – including speed, 24/7 availability and enhanced customer experiences.
At the same time, however, sophisticated criminal networks – often global in scale – are leveraging the same advances in technology to commit fraud and other forms of financial crime.
Tactics such as identity theft, account takeovers and impersonation fraud are on the rise, and the numbers speak for themselves:
In 2022, 65% of organisations were impacted by payment fraud attempts.
- Over the same period, account takeovers on digital accounts impacted one-third of U.S. consumers.
Against this backdrop, organisations need to be highly vigilant when implementing measures to identify and mitigate potential fraud, not just at the initial, account opening stage of a customer relationship, but throughout the customer life cycle: from account opening and onboarding to payments and across change events.
Use Case
What is holistic fraud prevention?
As fraud continues to evolve, holistic fraud prevention strategies have become a necessity. Failure to implement proactive measures can quickly lead to potentially significant financial and regulatory consequences, as well as customer attrition and reputational damage.
A holistic fraud prevention strategy includes taking steps to identify potential fraud:
- At the initial identity verification and onboarding stage: This includes steps such as validating the customer’s true identity; verifying bank account details, and conducting AML screening.
- During change management events: For example, when a customer changes their details or appears on a watchlist, this should trigger re-verification.
- Across payments and disbursements: Steps should include verifying that money is being disbursed to the right bank account, that the payment has been initiated by the right customer, and screening recipient banks.
Our solutions
Optimise your supplier management and reduce risk
Our suite of complementary solutions deliver the tools you need to identify and mitigate potential risk in your supplier and vendor networks.
Identifying potential risk at the onboarding stage is not enough – proactive monitoring of change events is essential. We offer hands-on help with ongoing monitoring of World-Check listed content; re-verifying identity, based on specific triggers and change events; and multi factor authentication for added peace of mind.
The payments space offers financial criminals ongoing opportunities to commit fraud. Leverage our solutions to complete identity and liveness checks; verify bank account ownership; access value-added insights; screen payments; and implement multi factor authentication via OTP.
Features & Benefits
Trust us to support holistic fraud prevention
Boost your speed and efficiency – our capabilities are powered by an end-to-end, single API solution.
With two methods of bank account verification – a consortium bank database solution and an open banking solution – we offer leading coverage of US deposit bank account records, with the ability to triangulate alongside identity verification data.
Rapid authentication keeps the pace of business swift and delivers frictionless customer experiences.
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