5 Trends in Identity Verification to Watch for in 2019
1.KBA is moving out
Identity verification that relies on the possession of data is no longer a sufficient solution. KBA and SSN verification are proving to be a weak and unsafe security method and the most recent data leak involving US Postal Service further validates this. The digital world needs a better way to validate your real-world identity and what better with which to do that than with the one thing you are never without: your phone.
A phone number-to-identity link allows a business to authenticate the user signing up is the owner of the identity, not a fraudster using leaked data.
2. User experience is everything
From your website’s color scheme to a dedicated customer support team, the experience a prospective customer has with your brand is critical to their lifetime value. In 2019, companies are going to have to put an even sharper focus on the experience they are creating, while artfully balancing security.
By structuring a signup flow with gradual information collection, you minimize the friction required without forcing all customers to through a single, complicated process. This decreases the number of fields you collect from your users on sign up and increases the security of onboarding users.
3. Small businesses will become an even bigger target
As mature businesses are tightening up their security, fraudsters are likely to shift their focus to smaller targets. Those targets are startups or high growth companies that have limited engineering resources to implement historically difficult, secure user onboarding programs.
Don’t let that be you in 2019. Cognito is asimple API that takes much less time than your historical ID verification solution to integrate and maintain. If you need to adapt to certain trends in fraud you’re seeing on your platform, you can do so within minutes, not days. Plus, you will have a support team ready to assist (we are all about experience, too).
4. Automation will continue to be gold
The need to automate is not a new concept in the business world. Any element we can automate, we are all for it, like kids in a candy store. In 2019, continue to fuel your sugar cravings by automating parts of your customer compliance.
Cognito’s automated watchlist scans can ensure that your customers, whether that is thousands or millions, never change status. If they do, you will know it automatically through our extensive global databases. Automated daily, monthly or quarterly scans are available and ready for you.
5. Age verification will be in the headlines
Age verification is becoming a hot news topic as of late with companies like Tinder going under fire for allowing underage people to use their service. While the laws are still unclear in the US across many industries, proactive companies are finding ways to stay ahead of these negative headlines by using a frictionless age verification solution. If you are selling age-restricted content or goods, we are ready to help keep you out of the negative headlines in 2019and ensure that your customers are old enough to do business with you.