Prove’s Tim Brown Explains How to Reduce Fraud and Improve Onboarding with Identity Verification
Reporters from GreenSheet, a popular publication that highlights trends in the banking, financial services, and fintech markets, recently met with Prove’s Global Identity Officer, Tim Brown to learn how advanced identity verification solutions are driving faster and better digital customer onboarding. You can read the entire article here.
Brown shed light on Prove's groundbreaking approach to digital identity verification, addressing the persistent challenge of "leaky funnels" in customer onboarding processes. Through Prove's holistic solution, companies have been able to seamlessly verify consumer identities and minimize onboarding friction.
A key component of this, as Brown explains, is the Prove Pre-Fill® identity verification solution, which significantly streamlines the onboarding experience. By automatically populating forms with verified consumer data, the Prove Pre-Fill® solution reduces onboarding time by as much as 79% and reduces abandonment rates by as much as 35%. Brown demonstrated how this innovative solution revolutionizes the onboarding process, ensuring a seamless and efficient customer journey.
Brown also offered insights into the core of Prove's approach, the PRO methodology. This is a comprehensive framework designed to enhance the integrity of identity verification processes. The PRO methodology encompasses three key pillars:
- Possession: Verification of the customer's possession of their phone during a transaction, ensuring added security and authenticity.
- Reputation: Detection of anomalous behavior and suspicious activity, safeguarding against fraudulent attempts.
- Ownership: Establishment of a clear link between the phone number and the correct individual, minimizing the risk of identity theft or impersonation.
In the interview, Brown elaborated on how the Prove Pre-Fill® solution empowers companies to deliver fast, easy, and secure verification processes. By seamlessly integrating Prove's solution into their onboarding workflows, businesses can enhance the overall integrity of their verification processes while providing a frictionless experience for customers. The Prove Pre-Fill® solution is tailored to meet the unique needs of B2B organizations, enabling them to streamline operations and drive business growth.
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