IDology has updated its ExpectID identity verification platform to give organizations more control over their verification procedures. The new Decision Builder will let the organization select the specific attributes that it wants to evaluate, allowing them to filter customers based on the unique needs of their particular business.
The Decision Builder also provides user analytics, and gives organizations more insight into the behavior of their customers. Organizations can then use that information to modify their identity verification processes and respond to emerging threats. The result is a platform that is able to prevent fraud while simplifying identity verification for legitimate users.
“Successfully onboarding new customers and building long-term loyalty in today’s rapidly shifting fraud landscape require businesses to act quickly,” said IDology COO Christina Luttrell. “On the back end, they must understand how identity verification attributes are performing so they can make adjustments to attributes that pinpoint fraud on an extremely granular scale while streamlining the verification process for real customers.”
“COVID-19 has disrupted behavior and caused data trend upheaval, complicating legacy interpretations,” added Aite Group Research Director Julie Conroy. “Data visibility and curating identity verification systems based on the fluid business environment are essential to reduce false positives, minimize friction and adjust to evolving fraud schemes.”
IDology quantified some of that disruption in a survey of American adults that was conducted between March and July of 2020. The survey found that 84 million Americans used the internet to sign up for a service that they used to get in person, and that 105 million people are now using their smartphones during that onboarding process.
However, that activity has coincided with higher rates of fraud, with 32 million people experiencing some form of new account fraud over the course of a four-month period. Eighty-four million people also faced at least one phishing attack in the months after the start of the pandemic.
A previous IDology survey found that most Americans believe that companies should bear the responsibility for data security. The company’s more recent phishing numbers corroborate similar reports from BioCatch, NuData Security, and the Electronic Frontier Foundation, all of which warned about an increase in COVID-related social engineering scams.