FRAMINGHAM, Mass.--(BUSINESS WIRE)--International Data Corporation (IDC) today published an IDC Innovators report profiling four companies that are considered key emerging vendors in the identity proofing solutions market. The four technology providers named as IDC Innovators are Socure, BioCatch, IdentityMind Global, and Acuant.
Verifying the legitimacy of new identities is a key step in the customer onboarding process. Increased regulatory pressures on know-your-customer (KYC) processes and higher levels of new account fraud necessitate that financial institutions improve their ability to accurately differentiate legitimate identities from fraudulent ones. However, customer onboarding and identity verification often involve considerable amounts of manual effort that can produce high rates of false positives and are unable to distinguish synthetic identities, putting firms in a position of higher compliance and fraud risk.
"The key to limiting fraud starts with understanding who you are doing business with. As digital accounts and services continue to grow, banks cannot rely on older solutions that may not be effective today. They must look to solutions to prevent fraud and maintain adequate compliance," said Steven D'Alfonso, research director, IDC Financial Insights. "Each of the vendors identified as IDC Innovators approaches the issue of preventing new account fraud in different ways and each solution is distinct from the others."
Acuant uses a layered approach to document and identity verification that includes physical ID and data capture technology to reduce manual errors, facial biometric verification, and the industry's largest identity document library.
Biocatch can verify the authenticity of a digital identity on the initial appearance by using behavioral biometric technologies to assess a user's interaction with the device being used, the data being entered, and the bank's online account application.
IdentityMind Global minimizes new account fraud by orchestrating data from its partner ecosystem to identify and filter out synthetic identities and segment high risk and suspicious identities for further monitoring and analysis.
Socure provides an advanced predictive analytics platform that uses deep learning technologies to produce highly accurate assessments and validations of digital identities in online channels.
The report, IDC Innovators: Identity Proofing Solutions to Prevent New Account Fraud and Enhance KYC Compliance, 2018 (IDC #US43054918), profiles four emerging technology providers offering identity proofing solutions. The solutions help financial institutions to verify digital identities, prevent new account fraud, and enhance KYC compliance.
About IDC Innovators
IDC Innovators reports present a set of vendors – under $100 million in revenue at time of selection – chosen by an IDC analyst within a specific market that offer an innovative new technology, a groundbreaking approach to an existing issue, and/or an interesting new business model. It is not an exhaustive evaluation of all companies in a segment or a comparative ranking of the companies. Vendors in the process of being acquired by a larger company may be included in the report provided the acquisition is not finalized at the time of publication of the report. Vendors funded by venture capital firms may also be included in the report even if the venture capital firm has a financial stake in the vendor's company. IDC INNOVATOR and IDC INNOVATORS are trademarks of International Data Group, Inc.
For more information about IDC Innovators research, please contact Karen Moser at firstname.lastname@example.org.
International Data Corporation (IDC) is the premier global provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets. With more than 1,100 analysts worldwide, IDC offers global, regional, and local expertise on technology and industry opportunities and trends in over 110 countries. IDC's analysis and insight helps IT professionals, business executives, and the investment community to make fact-based technology decisions and to achieve their key business objectives. Founded in 1964, IDC is a wholly-owned subsidiary of International Data Group (IDG), the world's leading media, data and marketing services company that activates and engages the most influential technology buyers. To learn more about IDC, please visit www.idc.com. Follow IDC on Twitter at @IDC and LinkedIn.