The business challenge
Whether a fraudster designs a completely fictitious synthetic identity or impersonates the identity of a real person, the impact of these actions can have huge consequences and can resonate around the various parties directly or indirectly involved.
Checking and proving an individual's identity is a challenge for both the public and private sector, especially as consumer fears continue to grow around identity theft and data security. Identity authentication is becoming increasingly important to us in order to improve business processes, as well as combat fraud, money laundering and other financial crime.
In response to the problems of identity fraud and the associated money laundering and terrorist financing that is often linked to it, regulators around the world have taken steps to tighten up their local Anti Money Laundering (AML) regimes. The more enlightened regulators have taken a risk-based approach to enforcing their AML controls, allowing organisations to adopt controls that are proportionate to the risk involved. These regulators readily recognise the value of electronic data, as well as the benefits of integrating new technology to existing processes.
The answer
Experian has embarked on a programme to deliver identity authentication services, utilising electronic data and advanced automated systems that allow identity credentials to be checked in real time.
Around the world, organisations operating across many countries and regions are increasingly demanding more robust authentication procedures and access to the relevant data to support such services. These services are designed to help organisations be compliant with the regulators and also to address the issue of identity risk.
Experian’s Global Authentication services include: Document ID Check, Universal ID Check and Voice Check
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