Risk & Fraud Solutions
Confirm identities, assess risk, and better understand who you are doing business with
Accurate identity verification is increasingly becoming an essential component for financial institutions, insurance agencies, retailers, and e-commerce looking to protect their organization.
By having proper identity (ID) verification technology in place, organizations can benefit from not only remaining compliant but also from increased confidence from consumers and clients that they are taking the steps to protect personal information.
Thomson Reuters Risk & Fraud Solutions help to solves this by providing end-to-end tools to help you verify identities of both individuals and businesses.
Best practices and changes in the industry
Keep pace with ever-evolving technology.
Top 3 trends in ID verification technology
As identity thieves have grown more sophisticated, ID-verification technology has evolved helping to put stronger security measures in place to mitigate fraud. New tools have emerged to help companies unequivocally answer the question “Is this customer who they say they are?” before moving forward with authorizing a transaction.
Here are the top three trends taking ID-verification technology to new heights of sophistication, and what their implementation means for those in the ID-verification sphere:
- Comprehensive integration
- Razor-sharp biometrics
- Consumer concern drives demand for change
ID Verification Technology: Leveraging APIs
The use of application programming interfaces, or APIs, has exploded over the past several years. As governments and other institutions increasingly offer digitized records, firms are tapping into that data to make the process of confirming prospects’ identities more efficient.
Here are some things to keep in mind as you embark on your API journey:
- Prepare your core systems for increased data flow
- Be cognizant of cybersecurity
- Align your processes to maximize value
- Find the right partner
Research and technology that can help your organization with its identity verification process
Better understand identity verification and find tools to help verify public records, digital, and document identities.
Featured insights on identity verification
Dig into related articles, white papers, and case studies.
Built for financial institutions, insurance agencies, retailers, and e-commerce.
What is the impact of retail fraud?
How consumers and retailers are affected by fraud.
$56BWas lost by retailers in 2020 due to identity fraud**
75%of consumers don’t believe that retailers are doing all they can to protect their personal information*
50%Of consumers believe a data breach of an online merchant poses the greatest identity theft threat.*
22%of consumers think a data breach of a brick-and-mortar point-of-sale system to be the most acute risk.*
* “Holiday Identity Theft” survey of American holiday shoppers, conducted by ORC on behalf of Generali Global Assistance.
** Javelin 2021 identity fraud study: shifting angles
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