Because nearly every component of modern life embraces digital channels, the need to obtain confidence in the identities of customers, citizens, partners and employees through remote interactions continues to grow.
According to the 2022 Gartner® Market Guide for Identity Proofing and Affirmation, which names Jumio as a Representative Vendor, identity proofing is key to establishing that trust. “Identity proofing is the combination of activities during an interaction that brings a real-world identity claim within organizational risk tolerances by providing an assurance that:
- The real-world identity exists.
- The individual claiming the identity is, in fact, the true owner of that identity and is genuinely present during the process.”
“Identity proofing traditionally focuses on use cases in which an organization is interacting with someone for the first time,” states the report. “Examples include account opening, registration, application or enrollment.”
Identity Proofing, Fraud Detection and User Authentication Require Orchestration
To do business with confidence, it’s important to address these use cases throughout the entire customer lifecycle. “The close interplay between identity proofing, fraud detection and user authentication across the user journey has become critical in establishing trust and mitigating risk online. The need to consider a broad range of risk and trust signals across events such as onboarding, login, credential recovery and high-risk activities like adding new payees and transferring funds in banking is foundational to concepts such as continuous adaptive trust.”
In the past, identity proofing consisted primarily of data-centric verification, such as cross-checking the user’s name and address against government databases. Companies like Jumio added the extra protection of checking the user’s government-issued ID to make sure it’s legitimate, plus requiring a selfie to ensure the person is physically present. It’s also important to add risk signals that are low-friction with high value in affirming the user’s identity, such as checking their device, email and phone number.
To maximize the value of these various approaches, you must be able to keep the process streamlined and frictionless for your legitimate users and only add more checks if the risk signals that are returned indicate that further verification is necessary. To achieve this risk-based approach, you need a solution with advanced orchestration that allows you to define workflows that dynamically determine the verifications required for each user journey.
The Challenge of Selecting a Vendor
Selecting an identity proofing vendor can be daunting. All too often, decision makers will select a vendor solely on a few factors like price and ease of implementation. But businesses today need to consider more stringent criteria, including:
- Minimal demographic bias
- Human agents to augment machine learning
- NFC support
- Connectivity to multiple data sources
We designed Jumio to meet all of these criteria. Our advanced orchestration makes it easy to build intelligent workflows with cascading logic that suit your exact business needs with minimal friction for your users. Furthermore, the Jumio KYX Platform provides a complete end-to-end identity proofing and anti-money laundering platform with access to hundreds of data sources. This means you don’t have to research, test, purchase, implement and maintain solutions from multiple vendors. With Jumio, you get everything you need to know and trust your customers, all from a single integration point.
To view the full report, click here.
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Report Attribution: Gartner, Market Guide for Identity Proofing and Affirmation, Akif Khan, 2 March 2022