Many consumers, at some point in their digital shopping careers, have faced off with a subpar identity verification onboarding system. Some people will wade through the necessary security tasks with superhuman patience, but most will abandon their carts, submissions, or requests and move on to a competitor’s frictionless site.
But at EVS, we believe your brand’s need for secure transactions and robust fraud prevention solutions shouldn’t stand in the way of customer acquisition and revenue growth. In this blog, we discuss the challenges of fast and secure onboarding, new threats like application fraud and new account fraud, and how EVS can help your business create a bespoke fraud prevention solution that won’t add friction to your onboarding process.
Identifying Application Fraud and New Account Fraud: Is Your Brand at Risk?
Application and new account fraud pose constant threats to industries of almost every scope and scale, and they’re often used in quick succession to pull off elaborate financial schemes. Both of these types of fraud typically rely on stolen data and fabricated identities, and both exploit and manipulate internal identity verification processes to get the job done.
As you might have guessed, the financial services industry faces the greatest risk of application and new account fraud, but the e-commerce, fintech, retail, travel, gaming, telecommunications, and cryptocurrency sectors are also under threat. Unfortunately, the frequency of these cybercrimes continues to rise.
Cybersecurity analysts report that credit card new account fraud ranked as the number one form of identity theft in 2022. Even more worrisome are the more recent 2024 U.S. Federal Trade Commission reports, which found that new accounts made up 88% of all credit card fraud and 78% of identity theft.
How To Provide an Optimal Onboarding Experience: The Challenges of Fast, Secure Verification
As technology evolves, application and new account fraud also push forward at a breakneck pace. The trouble is, these forms of cybercrime are equal parts difficult to detect and immensely dangerous. At the same time, a veritable trifecta of challenges is at play:
We’d like to believe that every digital consumer understands and has patience for lengthy verification steps, but in reality, brands that can’t assess, identify, and mitigate fraud risks in a matter of seconds are in danger of cart abandonments and floundering customer retention.
EVS Onboarding: Balance Speed and Security with Our Fraud Prevention Solutions
To combat these new forms of cyber fraud, EVS created a comprehensive suite of identity verification and fraud prevention systems that work together to provide bespoke solutions for a brand’s unique needs. While EVS offers a robust portfolio of solutions, here’s a snapshot of our top onboarding-related products.
- AssureID: Our Identity and age verification solution that works within seconds, cross-references multiple data sources, verifies consumer identity, flags high-risk individuals and fraudulent activity, and performs ID document scanning and facial recognition on a global scale.
- AssureFill: This accurate auto-fill system streamlines customer onboarding by quickly and accurately capturing government-issued ID information and validating consumer data.
- AssureCard: Digitally validate the authenticity of consumer data via driver’s license or passport imaging.
- AssureKYC: This solution is our most popular choice for onboarding and account creation KYC compliance in the U.S. Consumer-provided information is rapidly checked against multiple different data sources to identify risky customers and keep your business safe.
- AssureAML: Many brands layer this compliance and watchlist product with the EVS solutions above to prioritize their business goals and maintain regulatory standards. AssureAML screening is continuous, giving brands real-time monitoring to ensure their protection.
As one of the few providers in the identity verification industry to utilize multiple data sources, EVS can return fast, accurate results about your potential customers that don’t slow down the onboarding process and provide the fewest false positives. And, for those in high-risk industries like finance, our bespoke lineup of EVS products can also help your brand avoid unnecessary fees by maintaining federal and local regulatory compliance.
Beyond Onboarding: Extra Perks of Integrating EVS Customer Onboarding Security
All EVS identity verification and fraud prevention products are designed to integrate within our proprietary BlueAssure platform to create a scalable, bespoke solution that meets your brand’s specific needs. Not every fraud prevention professional offers this level of customization, but EVS is determined to not only protect you and your customers, but also to promote scalability that allows our systems to grow with your business’s changing needs.
Our suite of fraud prevention solutions can match brand- and industry-specific workflows and feature direct API integration for frictionless onboarding and transactions. By integrating our early-detection fraudulent applications into your brand’s existing API, EVS can help protect your business against financial loss and reputational damage.
Take Your First Step Toward Balanced Customer Onboarding With EVS
As the threat of application and new account fraud looms ominously over almost every modern business, brands can’t afford to take a wait-and-see approach to fraud prevention. The best protection for you and your customers will always be proactive risk assessment and mitigation, but not at the expense of your users’ onboarding experience.
By partnering with EVS, you can balance increased security and protection, obtain quick, accurate identity verification, reduce unwanted friction in the customer onboarding process, and prevent customer drop-off.
EVS’s identity verification solutions provide brands in every industry with the tools they need to protect their businesses while also delivering seamless customer experiences. If this level of support and security sounds beneficial to your company, contact EVS today to learn how our suite of fraud prevention strategies can strengthen your fraud prevention and enhance customer onboarding security without sacrificing the user experience.
