Security News > 2021 > March > A strategic approach to identity verification helps combat financial crime

70% of financial services organizations are taking a strategic approach to identity verification to combat financial crime and stay one step ahead of fraudsters according to Trulioo.

"The increase in fraudulent activity as a result of the pandemic isn't the sole driver for the change in how financial services companies approach identity verification, but it's a situation that has endorsed a 'front-foot' approach", said Zac Cohen, COO, Trulioo.

According to the research, over the last three years, there has been a shift in the way that businesses approach identity verification.

It found that there has been a move away from "Reactive identity verification" - where identity verification is approached as a tactical and commoditized necessity to ensure compliance - to "Positive identity verification".

The research found one of the major drivers of change has been speed - 72% of financial services organizations now include speed within their measurement of identity verification performance.

"Cohen concluded, 'Consumers care deeply about protecting their digital identity and security, and they want to know that the brands they engage with are taking this seriously. But people don't accept that robust processes are an excuse for slow or cumbersome digital experiences. This is why speed has become such a key factor within identity verification and is becoming a key metric for businesses to gauge the performance of their identity verification programs."

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