Just as the financial landscape has been transformed by the Internet, so has fraud. Financial institutions now struggle with identifying the “faceless customer,” or the consumer behind the screen.
Digital payment transfer enables lightning speed transactions, but with the added risk of mistaken or fraudulent identity of senders and receivers.
If a business can’t see the customer or verify them through traditional means, how can it know it is doing business with the right person and not a fraudster?
Most identity verification products rely on credit bureau data, which excludes consumers who don’t have sufficient credit, as well as those who don’t have access to traditional financial services.