Financial Information
Overview​
Verify the financial information from official entity.
Availability​
Financial Information is currently available in:
Benefits​
Identity Verification for Financial Services​
Many financial services (e.g., loans, credit cards, insurance) require customers to provide financial information during the onboarding process. Verifying this data is critical to ensure that individuals are eligible for financial products and services, and to prevent fraud.
Mitigating Synthetic Identity Fraud​
Synthetic identity fraud, where fraudsters create fake identities using a mix of real and fictitious information, is a growing threat. Financial data, like transaction history or verified bank accounts, makes it more difficult for fraudsters to create synthetic identities, thus mitigating this risk.
Improved Trust and User Experience​
Financial information verification enhances trust between the business and the customer. When users know their financial data is being securely and accurately verified, it fosters a sense of security and confidence, leading to better customer experience and satisfaction. By incorporating financial information into IDV processes, organizations can strengthen security, reduce fraud, comply with regulations, and improve the overall accuracy of identity verification.