Identity Fraud Prevention
What is Identity Fraud Prevention?
When onboarding a new customer, financial institutions need to be certain, not only that the customer is a legitimate person, but, crucially, that the person applying for the account or loan and the details they have provided match. The process of determining if a customer is who they are claiming to be is a central part of any fraud prevention program.
The first part of identity fraud prevention is to verify that the name, address, date of birth and social security number provided are genuine and that they belong to the same person that has supplied them. For added security and identity fraud prevention, facial recognition and liveness detection will confirm the photo on the ID and the person that provided it are one in the same.
Once you have determined the ID is legitimate, the individual will need to be checked against Sanction and PEP lists and their cell number and email address screened to ensure they are not likely to be linked to any fraudulent activity.
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SmartSearch offers a full identity fraud prevention service for your business, ensuring you never onboard a new customer who is claiming to be someone else. Our comprehensive identity verification platform can verify your individual and corporate customers entirely online and ensure they are who they say they are.
We have taken the latest facial recognition and liveness detection technology and made it available to all our clients so you can reduce risk, ensure the person you are dealing with is genuine and their photo ID documents are legitimate, all in one workflow.
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