On September 29, a panel of digital identity experts sat down to analyze the emerging use cases, common concerns, and evolving best practices of document-based identity verification. In case you missed it, we’ve captured some of the key takeaways and surprising conclusions from their discussion and live audience Q&A.
Power Trio of Document Verification Analysts and Experts
Our guest, document verification expert and Forrester Principal Analyst and VP Andras Cser, was there to provide an in-depth analysis of how document verification technology has evolved—and what is still missing from most approaches as they look to address new challenges.
While Andras brought his in-depth knowledge of the industry, Socure technology expert and solutions consultant Joel Sacmar, along with Socure VP of Product Erick Soto, brought their hands-on experience to the discussion. In addition to their technical expertise, Erick and Joel both have extensive experience working directly with clients to solve fraud gaps and enhance auto-decisioning through ID document verification solutions.
These industry authorities answered audience questions and dove deep into the evolving best practices and predictions for the document verification landscape. Below are three of their key points regarding the next stage of identity document verification and what businesses can do today to accept more customers and reduce fraud in real time.*
Takeaway #1: A Selfie is Not as Easy as it Seems
“People inherently are not very technically inclined. The image capture solution has to guide users through steps: how to hold documents, how to reduce glare, all those things. Then, they can still have problems with recognition, even in the best circumstances.” - Andras
Even with billions of people carrying small mobile computers right in their pockets, something that seems as simple as a selfie can be a hurdle with the wrong document verification technology. Andras went on to explain how friction-filled document verification can present a huge burden at onboarding—causing drop-off, false positives, and false negatives.
Takeaway #2: Evolving from Photo to Fingerprint
“With device identity based verification, you can create a device identity or fingerprint that you can correlate with the identity. If you’re seeing someone who is trying to verify hundreds of documents from the same device or computer, for example, that is definitely a high-risk person . . . those are definitely an important set of requirements.” - Andras
Andras discussed the definition and importance of multi-layered risk protection for true “triangulation” of all available elements of a digital identity. With both fraud and anti-fraud technology advancing at unprecedented rates, Andras emphasized how incorporating a comprehensive foundation for risk mitigation is required to move beyond just a photo/document match, and is a key step to creating high-assurance digital trust.
Takeaway #3: Moving Beyond the Binary
“Document verification needs to be more than a binary check. Businesses can no longer rely on how document verification has been done traditionally. Fraudsters have become more sophisticated over time.” - Erick
Building on Andras’s analysis of the need for a digital fingerprint across devices, Erick explained how layered protection can also incorporate device risk signals, physical address risk, email risk, IP address risk, and other intelligent correlations to extract the most accurate and multi-dimensional identity assessment. With a focus on machine learning, Erick’s clear explanation of the technological complexities of establishing predictive document verification is not to be missed.
Want to See the Whole Panel Discussion?
With a full demo of predictive document verification, exploration of use cases, and hot-topic audience questions, the full webinar is not to be missed. Watch the recording here or contact Socure’s document verification experts for a personalized demonstration of how predictive document verification would revolutionize your fraud prevention strategy.
*quotes have been slightly modified for clarity