There are several factors that buyers of identity verification services need to consider in order to select the service that best meets their needs. Even so, a ‘one size fits all’ identity verification approach is still largely being promoted, despite not meeting evolving complexities surrounding the online economy and digital onboarding.

Whether a buyer needs a single-point solution that covers one jurisdiction or a holistic solution that covers multiple jurisdictions, product offerings, and use cases is dependent on their unique circumstances. Simply put, it is crucial that organizations hoping to successfully manage identity risk clearly identify the problems that need to be solved before choosing a solution.

To further discuss why it’s important for organizations to determine their goal before choosing an identity verification solution, and what factors contribute to the type of identity verification solution an organization needs, PaymentsJournal sat down with Zac Cohen , COO at Trulioo, and Tim Sloane, VP of Payments Innovation at Mercator Advisory Group.

PaymentsJournalThe Value of a “Goal First” Approach to Choosing an Identity Verification SolutionPaymentsJournal The Value of a “Goal First” Approach to Choosing an Identity Verification SolutionPaymentsJournaljQuery(document).ready(function ($){var settings_ap37921926 = { design_skin: "skin-wave" ,autoplay: "off",disable_volume:"default" ,loop:"off" ,cue: "on" ,embedded: "off" ,preload_method:"metadata" ,design_animateplaypause:"off" ,skinwave_dynamicwaves:"off" ,skinwave_enableSpectrum:"off" ,skinwave_enableReflect:"on",settings_backup_type:"full",playfrom:"default",soundcloud_apikey:"" ,skinwave_comments_enable:"off",settings_php_handler:window.ajaxurl,skinwave_wave_mode:"canvas",pcm_data_try_to_generate: "on","pcm_notice": "off","notice_no_media": "on",design_color_bg: "111111",design_color_highlight: "ef6b13",skinwave_wave_mode_canvas_waves_number: "3",skinwave_wave_mode_canvas_waves_padding: "1",skinwave_wave_mode_canvas_reflection_size: "0.25",skinwave_comments_playerid:"37921926",php_retriever:"https://www.paymentsjournal.com/wp-content/plugins/dzs-zoomsounds/soundcloudretriever.php" }; try{ dzsap_init(".ap_idx_88513_2",settings_ap37921926); }catch(err){ console.warn("cannot init player", err); } });

Identity Risk Solutions Need to Reflect the Risk Level and Complexity of a Problem

Broadly speaking, situations that are high-risk or continuously changing require a more holistic identity risk approach than straightforward problems. It’s also important to ensure that appropriate technology is deployed to mitigate fraud risk during onboarding, as data provided by Trulioo shows that new account fraud and account takeovers have risen 79%.

The circumstances of a particular application determine whether a single-point solution or a comprehensive holistic solution is needed. There are a breadth of options available for organizations looking to satisfy onboarding and verify individuals correctly in a digital environment.

“The number of [identity risk] tools becoming available are unbelievable, from early biometrics, device fingerprints, and other solutions that identify a user as soon as they touch a website to solutions like Trulioo’s that are in-depth, capable of looking at documents presented by an end user, and can meet regulatory requirements,” said Sloane. 

Organizations are Facing Unique Problems Regarding Identity Verification

Organizations aren’t all solving for the same problem or use case when it comes to identity verification, which is why the ‘one size fits all’ approach simply do...