Name: 3 Checks Companies Should Use to Authenticate & Verify Customers - PRO Model
Uploaded: 2021-06-03T18:21:44.000Z
Duration: 3 min 19 s
Description: 3 Checks Companies Should Use to Authenticate & Verify Customers - PRO Model

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Transcription

Professional Services

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### KYC Compliance
Users consistently praise Prove for its efficient KYC verification processes. The general sentiment among reviewers is that Prove's KYC compliance capabilities are robust and effective in streamlining customer onboarding processes. Customers appreciate the ease of verifying identities and validating information, which ultimately helps in minimizing application time and enhancing the overall user experience. Despite minor inconveniences such as password-protected documentation and occasional confusion between Trust and Verify features, users find that Prove's KYC compliance solutions offer a reliable way to authenticate customers and prevent potential fraudsters from accessing services.

### Verification Processes
Users have expressed a range of opinions regarding Prove's verification processes, particularly focusing on phone-based authentication. While some users praise the platform for its ability to authenticate users based on phone numbers and improve outreach to members, others find the verification requirements too stringent for their specific needs. The consensus seems to be that Prove's verification processes offer a competitive advantage in reaching more users effectively, especially in scenarios where accurate phone numbers are critical for successful outcomes.

### Digital Identity Verification
Users consistently highlight Prove Identity's digital identity verification as a standout feature, emphasizing its effectiveness in minimizing spoofed applicants and filtering out fraudsters. The ability to verify possession of the mobile device tied to the phone number, along with the provision of additional demographic information, enhances the authentication process. Reviewers also appreciate the flexibility of Prove's API, allowing for customization based on specific requirements. The array of products offered, such as Payfone Pre-fill and Instant Link, are seen as essential tools for the evolving digital landscape, solidifying Prove Identity as a valuable partner in the realm of digital identity verification.

### Fraud Prevention
Users consistently praise Prove's robust fraud prevention capabilities. They highlight the effectiveness of Prove in minimizing fraudulent or spoofed applications, leading to better underwriting decisions and reduced losses due to fraud. Some users have noted specific instances where Prove's technology has helped in identifying potential fraudsters early on, preventing abuse of systems, and mitigating risks effectively. While there are occasional concerns raised, such as discrepancies in Trust Scores, overall sentiment leans heavily towards the positive impact of Prove's fraud prevention solutions in enhancing security and trust in digital transactions.

### Risk Management
Opinions vary regarding the effectiveness of Prove Identity's risk mitigation features. While some users appreciate the correlation between provided information and fraud detection, others express concerns about the potential for mismatches in personal data. The ability to auto-fill application forms is seen as a positive step in reducing manual errors, but there are mixed opinions on the overall strength of Prove Identity's risk management capabilities.

Prove has been widely adopted by businesses to address fraud issues and verify user identities. Users have reported a decrease in fraudulent applications and improved underwriting decisions since implementing Prove. This can be attributed to Prove's ability to minimize fraudulent or spoofed applications by reliably validating customer identities and verifying phone numbers. As a result, businesses have seen improved authentication rates, increased loan bookings, revenue generation, and better-informed decision-making.

Prove is commonly used for fraud prevention and simplifying the customer onboarding process by auto-filling application forms. Its robust capabilities also allow for deeper analysis of potential fraud cases. Users have found value in Prove's reason codes for assessing marketing challenges and attracting the right target audience. Additionally, Prove's Pre-Fill feature has proven effective in increasing completion rates for new account registrations and improving conversions. By reducing form length and simplifying identity verification, Prove has resulted in a 22% increase in signups for some users. The multifactor authentication solutions provided by Prove contribute to enhanced security by validating user identities through phone numbers.

Prove's services extend beyond financial institutions and have found utility in healthcare settings. It helps retrieve accurate contact information for patients, improving outreach efforts and overall outcomes. Organizations utilizing Prove have been able to reach patients for Medication Therapy Management programs by identifying accurate phone numbers, resulting in improved patient care.

By leveraging Prove's offerings such as Pre-Fill and other authentication products, businesses can drive up applications while reducing fraud rates. Prove's streamlined processes and strong security measures have not only led to a 15% increase in applications but also a decrease in fraud rates. Users have also reported significant cost savings in customer servicing, with a reduction of 20% or more in call center costs.

In summary, Prove is a versatile solution utilized for various purposes such as customer onboarding and servicing, increasing pass rates, reducing operational expenses, improving customer experience inefficiencies, and combating fraud. Its simple processes empower consumers to protect their information and devices while enabling businesses to operate more securely and efficiently. Whether it's preventing fraudulent activity, validating customer identities, or improving underwriting decisions, Prove has proven to be a valuable tool for businesses across industries.

Effective Phone-Centric Identity Verification: Users have found Prove's phone-centric identity verification concept to be extremely effective in fighting fraud. Several reviewers have stated that this approach has significantly improved authentication rates and performance for their organizations.

Professional Support from Customer Service Manager: Reviewers appreciate the support they received from Prove, including a highly professional Customer Service Manager assigned to their account. This personalized assistance has been valued by multiple users and has helped them navigate any challenges or questions they encountered.

Streamlined Onboarding Process with Pre-fill Product: Prove's Pre-fill product has streamlined the onboarding process for several users, resulting in an immediate increase in completed registrations. This time-saving feature has reduced the onboarding time to less than 1 minute and also decreased fraud rates, according to multiple reviewers.

Cumbersome Integration: Several users have mentioned that the integration process of Prove's product can be cumbersome and complex. They recommend offering a widget or self-service portal for easier onboarding, as well as ensuring the development team is capable of handling the integration and testing potential responses from Prove.

Challenging API Configuration: Some reviewers have found the API configuration of Prove to be confusing and cumbersome. This has resulted in implementation issues and difficulties understanding the flow of trust scores vs. verified information.

Limited Documentation: A number of users have expressed dissatisfaction with the documentation provided by Prove. They find it unclear, inconvenient as it is password-protected, and not sufficient for implementing their specific use cases. This has led them to rely on their own custom work or seek guidance from live Prove customer's webpages.

Prove enables their customers to prove their identities with just a phone. Prove offers phone-centric solutions that enable its customers to acquire new consumers and engage with their existing consumers by removing friction while bolstering security and enhancing consumer privacy & consumer choice. Prove's solutions boast users among more than 1,000 businesses across diversified industries, including banks, financial services, healthcare, insurance, and e-commerce.

Dashlane is a credential manager that secures every credential, every user, and every employee device to proactively protect against breaches. Brands worldwide can use Dashlane to stay ahead of evolving threats.

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Dashlane Password Manager

OneLogin is an identity and access management (IAM) product from One Identity since the October 2021 acquisition, featuring single sign-on (SSO), multi-factor authentication, provisioning, cloud directory, and more.

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OneLogin by One Identity

Prove Identity

Mobile Identity Software provides identity and access management features for mobile platforms, emphasizing speedy access for remote personnel and users of shared, cloud-based, enterprise applications without sacrificing security and compliance. Multi-factor authentication and credentialing is ubiquitous, along with integration with other user stores, HR management systems, and identity governance and provisioning platforms.

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Prove Identity, Inc

Mobile Auth™, Trust Score™, & Identity Verify™ by Prove

Learn how Prove's Mobile Auth™, Trust Score™, and Identity Verify™ APIs can streamline and secure your digital experiences. 

This particular laid out use case is UK-specific.

3 Checks Companies Should Use to Authenticate & Verify Customers - PRO Model

Get smarter about identity authentication and verification with our PRO tips video where we break down the 3 checks - Possession, Reputation, and Ownership - that companies should be employing to mitigate fraud and improve their customer experience using Phone-Centric Identity technology.

For more information about the PRO model of identity verification and authentication, check out our explainer on Phone-Centric Identity here: https://www.prove.com/blog/what-is-phone-centric-identity

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