By Danica Kleint on September 30, 2019
For decades the SSN has been a standard component of identity verification. However, in today’s digital landscape, it is becoming more and more clear that an SSN alone is no longer a viable solution for businesses looking to increase safety and decrease fraud.
Why using SSNs for identity verification is not for the 21st century
1. Asking for SSNs during onboarding causes unnecessary friction for your users.
2. Most users do not feel comfortable providing their SSN online.
3. Millions of SSNs are in the hands of fraudsters, decreasing the efficacy of IDV.
4. SSNs will never provide true authentication, proof that the person providing the data is actually the person being verified.
A better solution for the 21st century
Cognito has taken the power away from the 9-digit Social Security Number, a number that was never intended to be a secret passcode to your identity, and given that power to your phone number. By asking for as little as a name and phone number, Cognito can stitch together an identity record from powerful regulated data sources, instantaneously confirming if someone is who they say they are.
Additionally, by using the phone number, a number that 95% of Americans have and feel safe using, we are able to add in a layer of security that the SSN was never able to provide: authentication. We’ve raised the bar on fraud prevention and no longer can someone buy your identity and pretend to be you. This phone to identity link allows Cognito to authenticate exactly who is signing up for your service.
A solution without sacrifice
As a business you are constantly ensuring that your products and services stay ahead of the competition and changing trends. That same mindset is also true for you company’s security. Today, everything is about instant gratification, low friction experiences and simplicity, but historically when it came to onboarding and sign-up flows, simplicity meant choosing less security for less friction.
With Cognito Identity, we are providing you a better way to onboard your customers. An identity verification solution with increased security, reduced friction, reduced fraud, and lower sign up abandonment.
Want to learn more? Contact us here and we’ll walk you through the details.
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