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Risk & Fraud Solutions

Identity verification

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:

  1. Comprehensive integration
  2. Razor-sharp biometrics
  3. 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

Thomson Reuters Risk & Fraud Solutions

Solve some of your most pressing challenges throughout your entire workflow

Validate identities

Confirm the identity of person/entity presenting it to help prevent fraud during onboarding

Screen for risk

Screen individuals/entities for global sanctions to help identify PEPs, SOEs, and other potential risks

Assess risk

Verify if individuals/entities are within your risk tolerance levels to determine if you should enter into a business relationship

Monitor risk

Evaluate on-going activity of individuals/entities to be alerted of any new adverse matters

Investigate concerns

Investigate suspect hits and alerts to quickly understand and mitigate troubles that could harm your business

What is the impact of retail fraud?

How consumers and retailers are affected by fraud.

  • $56B
    Was 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

Ready to get started?

Request a consultation today to learn more about how your company can harness the power of trusted data with risk & fraud solutions — to keep your organization running smoothly

Thomson Reuters is not a consumer reporting agency and none of its services or the data contained therein constitute a “consumer report” as such term is defined in the Federal Fair Credit Reporting Act (FCRA), 15 U.S.C. sec. 1681 et seq. The data provided to you may not be used as a factor in consumer debt collection decisioning, establishing a consumer’s eligibility for credit, insurance, employment, government benefits, or housing, or for any other purpose authorized under the FCRA. By accessing one of our services, you agree not to use the service or data for any purpose authorized under the FCRA or in relation to taking an adverse action relating to a consumer application.