How can you prevent fraud during onboarding?

One of the main avenues that criminals use to commit digital fraud today is using stolen or synthetic identity information to open new accounts. While companies invest millions of dollars in preventing fraud later in the customer lifecycle - for example, during account login or a high-risk transaction, fraud experts have identified thorough identity verification at the time of onboarding to be one of the most critical and worthwhile changes businesses can implement to mitigate fraud right at their front doors. Leading banks, fintechs, cryptocurrency, and other businesses are leveraging  Prove Pre-Fill®, an award-winning fraud prevention solution, to verify new consumer identities against authoritative sources to prevent account onboarding fraud while also making the onboarding process 79% faster for 35% less abandonment.   

‍Prove Pre-Fill® turns the traditional onboarding process on its head, making it easier and faster for the consumer to sign up. In a typical onboarding flow, the onus is on the consumer to fill out the necessary forms, and then the onboarding system verifies the information using authoritative sources in the background. Prove Pre-Fill® flips the script and auto-fills the forms using verified information first and then asks the consumer to simply confirm that the data is accurate before submitting it directly. As if accelerating onboarding by a staggering 79% wasn’t enough,  ‍Prove Pre-Fill® also protects against account opening fraud by re-verifying any fields edited by the consumer.

For too long, fighting fraud has meant forcing customers to undergo endless security measures. Fortunately, that’s no longer the case. Because Prove Pre-Fill® populates forms with verified information and follows the unique and proprietary PRO model of identity verification and authentication, fraudsters overwhelmingly opt out of the Pre-Fill onboarding flow to avoid sharing their real information and must resort instead to entering the fraudulent information manually. This makes it easy and fast for fraud teams to identify and stop would-be fraudsters before they create fake accounts and wreak havoc. By fortifying the digital front door against fraudsters but keeping it wide open for legitimate customers, Prove Pre-Fill® strikes the perfect balance between security and consumer experience.

For banks and other financial institutions, creating the perfect onboarding flow is complicated by stringent KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations. Prove Pre-Fill® bakes in KYC and AML checks at no additional cost, so many of these organizations no longer have to deal with multiple vendors, which naturally drives up costs. Today, Prove Pre-Fill® checks against all major global sanctions and PEP screens and provides global coverage with 14 languages supported, making it easier than ever to stay KYC and AML compliant without compromising on user experience.  

Already trusted by 8 of the top 10 banks and over 1,000 customers, Prove has become an undeniable leader in the digital identity space, offering end-to-end solutions that tackle fraud at every touchpoint. With Prove Pre-Fill®, Prove has achieved an award-winning combination of speed, security, and user experience that has its customers, including Synchrony, singing its praises for increasing new account openings and decreasing fraud-based financial losses.