Use Case
Identity Verification
Mitigate identify fraud and synthetic identity risk through biometric evaluation.
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Overview
Every organization faces increasing challenges to ensure every customer and employee transactions is accurate and free of fraud or identity theft.
The Problem
Traditional approaches rely upon single sources of data that can be inaccurate, incomplete out-of-date or simply fraudulent, and many times inefficient processes can create unnecessary points of friction for consumers.
The Solution
ClearForce provides unique automated identity verification, employing an innovative, layered approach that leverages real-time integration of biographical sources of record, including banking, public record and telecommunication data. Configurable input including name, address, DOB, SSN, mobile number, email address to enhance completeness, accuracy, and consistency.
Challenges
Each year, 7%-10% of US population are victims of identify fraud
Synthetic ID fraud is fasting growing fraud in US
$8B lost each year to synthetic ID fraud
Benefits
Mitigate identify fraud and synthetic identity risk
Validate ownership of smart device & validity of email address
Automated redress and dispute resolution
User Persona
Patrick
Job Role: Compliance Manager
Industry: Federal Government
Situation
Patrick’s team is responsible for securing and efficiently delivering private documents to US citizens, many of which are online, making sure they validate the identity and each citizen and authenticate each transaction.
Challenge
Identify fraud and synthetic identify risk are growing challenges for his organization based on the volume of transactions, varied input information from different documents and -of course – his budget.
Solution
Patrick selected ClearForce to enhance identify validation and authentication and reduce the fraud and compliance associated with stolen documents.
