Rock solid identity proofing: Combining multiple checks in a single workflow

1. Ongoing digitalisation and rising financial crime levels, coupled with a strict regulatory environment, mean that organisations need to adopt a robust, holistic approach to risk management – and a core element of this revolves around identity verification. 
   
2. Rather than relying on individual signals to verify identities, combining multiple methods – including document, biometric and database checks – can help establish greater levels of trust.
3. LSEG and Onfido are longstanding partners in the digital identity space; together, we deliver powerful, multi-faceted identity verification checks.

A new LSEG webinar features a whistle-stop tour of global trust frameworks, along with practical insights into identity verification workflows that combine multiple checks – and deliver a seamless customer experience.

LSEG’s new webinar series, Meet the Experts, features invited and in-house experts unpacking relevant risk management topics. Our third in the series features panellists from LSEG and Onfido, our trusted partner specialising in digital identity and low friction identity verification. In this webinar, our experts unpack the need to combine multiple types of identity verification methods –  including biometrics, document and database checks – to confirm the legitimacy of identities and mitigate fraud.

Ongoing digitalisation and rising financial crime levels, coupled with a strict regulatory environment, mean that organisations need to adopt a robust, holistic approach to risk management – and a core element of this revolves around identity verification.  

Daniel Flowe, Head of Digital Identity, LSEG Risk Intelligence, reminds us that, in today’s economy, digital channels are now the default channels that consumers choose to conduct most of their business. Alongside this ongoing digitalisation, financial crime is rising – and much of it is linked to identity fraud.

Deep fake fraud, in particular, is rising at exponential rates, as AI-enabled tools create deep fakes that are ever-more lifelike. This means that single-signal identity proofing is no longer adequate and enhanced identity verification that uses a combination of biometrics, documents and databases has become essential.

Such enhanced verification cannot negatively impact the customer experience – users increasingly expect a digital first experience on par with those they may experience with, for example, Amazon or TikTok. When they are being onboarded by an entity that has regulatory obligations to verify identity, however, challenges begin to emerge: organisations must remain complaint with evolving regulations, maintain trust and brand confidence in their brands – and deliver a smooth and frictionless onboarding experience – and all of this at speed.

Our panellists go on to outline some key guidance and prescriptive frameworks and standards across the globe, citing NIST (the National Institute of Standards and Technology) in the US, and ETSI (the European Telecommunications Standards Institute) in the EU.

NIST is a voluntary framework that “helps businesses of all sizes better understand, manage, and reduce their cybersecurity risk and protect their networks and data”^[1], while ETSI “provides the opportunities, resources and platforms to understand, shape, drive and collaborate on globally applicable standards.”^[2]

Given the substantial thought and consideration that go into developing these guidelines, both are highly valuable resources for any organisation looking to fortify identity verification capabilities. Their relevance extends far beyond their primary audiences – for example, the NIST IAL2 guidelines are geared towards the public sector, but nonetheless present a robust framework for other industries and organisations to follow.

In addition, more stringent guidance is increasingly evident in several other countries and regions, as governments look to implement more risk averse approaches around identity verification. These frameworks have been designed to help build trust, which is the essential ingredient in a successful digital landscape.

Chris Cortes, Senior Product Manager, Trust and Fraud Signals, Onfido, emphasises that no one signal can solve the challenges that surround identity verification. Multiple layers of identity verification, on the other hand, can help to establish a high level of trust. This is important, since a digital entry point is often the first experience a customer has of your brand. If that customer enjoys a positive onboarding experience and trusts that their data is safe, this can cement their trust in your brand for the lifetime of the relationship.

LSEG Risk Intelligence and Onfido are now working together to deliver powerful, multi-faceted identity verification checks that ensure a safe, smooth customer experience. While LSEG specialises in database identity verification, Onfido brings expertise in multiple additional types of identity verification – such as biometrics, document checks and device intelligence – to the table. The partnership enables Onfido to create IDV workflows spanning multiple checks, including LSEG’s powerful database identity validation functionality.

It is essential that all these signals work in tandem to ensure two things: robust identity verification that is at a compliant, trust framework level, coupled with and a seamless user experience. Flowe elaborates, “We take the complexity and push it behind the scenes to keep the user experience smooth and streamlined.”

Looking ahead, our panellists agree that it is crucial to ensure proactive identity verification throughout the customer lifecycle. This means knowing more about your customer on an ongoing basis and is a core element of a holistic approach to risk management.

Flowe concludes that, as digitalisation continues to re-shape all areas of our lives, it is vital that individuals are able to identify themselves online with the same level of assurance that existed in person 30 years ago, commenting, “it is essential that we keep trust levels high and take identity and other trust measures seriously.”

[1] Understanding the NIST cybersecurity framework

[2] ETSI