From healthcare service providers to government organizations, financial services to ecommerce, identity verification is more important than ever for sensitive industries. Identity crimes are on the rise, with the 2021 State of Fraud Report noting a 70% increase in fraudulent account registrations. Cybercriminals are also attacking existing customer logins, as well as leveraging fraud farms and mobile devices to mimic real consumer behavior. As KYC (Know Your Customer) and AML (Anti Money Laundering) regulations continue to multiply to preserve security, more businesses are also realizing that they can save millions of dollars in fraud by using extended technologies for identity verification.
Benefits and Drawbacks of Identity Verification Platforms and APIs
Identity verification technology enables businesses of any size to mine a vast array of consumer data to help mitigate identity fraud and financial scams. Not only is it efficient and convenient, it’s also necessary in today’s digital-driven world. Risk managers have long known that incorporating identity verification in the account opening process is vital to preventing fraud and revenue loss but finding the right identity verification partner is crucial. To avoid account activation delays, cybercriminal attacks or outright fraud, EVS offers two outstanding solutions for identity verification: the IdentiFlo online identity verification platform and APIs. Let’s take a closer look at each solution to examine the multiple benefits of each solution, along with any potential drawbacks.
IdentiFlo Online Platform
Identity verification platforms are web user-interfaces that allow your business to make changes, run individual or batch transaction records and do batch uploads, even without the additional support of API. The IdentiFlo platform is an online identity verification portal that can support your company in creating an identity verification solution that is tailored to your policy—not the other way around. Using the IdentiFlo online portal, you can layer modular EVS products to create the combination of identity verification solutions that best fit your needs. IdentiFlo offers the industry’s most customizable compliance controls, which means a simple point-and-click can help you set detailed thresholds, define your risk tolerances and set up fraud alerts, all within the online portal. The one drawback to utilizing the IdentiFlo online portal without an API extension is scalability: because all verifications on an identity verification platform is done manually, this solution is often not very feasible for any business looking to scale.
EVS customers frequently use the IdentiFlo online portal to:
- Make real-time changes that are instantly reflected both online and in the API
- Review fraud alerts, generate reports and audit policies
- Upload custom watch lists
- Perform batch transactions
- Perform single transactions within the platform
APIs are automated identity verification solutions that can handle larger quantities of data and work programmatically through a mobile app or website to perform identity checks and transactions. Integrating API technology from EVS into your account opening process offers multiple protections, both to your business and your clients. APIs for ID verification are efficient, comprehensive and accurate solutions that allow you to collect quality customer data during account registration, integrate data from multiple reliable identity verification providers and systems, and speed up the entire account finalization process for your customers. And, because APIs run automatically, they are ideal for businesses of any size, especially businesses that are looking to scale their ID verification as it grows.
In a single, quick transaction, EVS accesses multiple, reliable data sources to verify your customer’s identity and information to return more accurate results than competitors with no downtime. And any optimizations you make in real-time through the IdentiFlo online portal are reflected immediately through the API.
EVS customers use our API to:
- Perform single transactions to verify age and identity in real-time during the account opening or e-commerce purchase process
- Streamline consumer onboarding by using a photo of the front and back of a government-issued ID to authenticate data and auto-fill consumer forms
- Incorporate EVS’ technology as a part of SAAS (Software as a Service) product to market to enhance product offerings
It takes time, labor and advanced AI technology for businesses to develop their own in-house identity verification systems. The timeline and budget to skillfully create a workable system, troubleshoot and remove bugs, and launch such a complex system can overwhelm even the most seasoned software development team. EVS has taken the guesswork and stress out of the equation and developed identity verification tools that can integrate directly with your products, services and processes.
Not only can these tools help enhance and streamline your company’s customer acquisition, but they can also mitigate large financial risk, drive revenue and enable your company to scale. With EVS’ intuitive IdentiFlo online platform and a frictionless API, you can seamlessly perform identity verification transactions within your native products, applications and services. You never have to choose between convenience, customer experience or compliance—you can have all three at your fingertips.