In 2020, credit card fraud was the second most common type of identity theft with nearly 400,00 cases reported. Stolen credit card data, including a victim's CVV number, is easily obtained for as little as $5 on the dark web. This number balloons past $100 for personal identifying information that can be leveraged to open brand new accounts.
Credit card companies cannot afford to turn a blind eye to the inherent risks posed by fraudsters leveraging stolen identities which is why they must seek out solutions. Five out of the top ten credit card issuers trust Intellicheck to curb credit card criminality while speeding up onboarding for legitimate clients. Here’s why.
Accurate Identity Validation
Intellicheck's ID validation platform delivers accuracy of over 99%, even at high speeds and under heavy volume. This level of precision makes organizations less prone to exploitation.
Although human involvement is often necessary to complete complex clerical tasks, it can prove detrimental in the ID validation process. People often miss important details on such documents and may not have the resources needed to decode security features. Intellicheck's platform yields consistent results that incorporate the document's text, image and security features simultaneously for proven accuracy.
With our help, our client's employees were able to use ID validation results quickly and effectively. Once a driver's license is scanned, our system is able to analyze the applicant's data and quickly return results.
Financial organizations looking to satisfy KYC requirements in addition to lowering fraud risks often validate customer information using manual methods. These drastically slow down the process and turn some customers away. Human involvement in this process makes it less accurate as well, giving fraudsters a way to slip through undetected.
Credit card issuers cannot afford to frustrate their customers in the face of growing competition from personal lenders and point-of-sale financing. Faster verification ensures potential clients can get started sooner and experience the benefits your company can offer them before being bombarded with enough alternative offers to sway their decision. With Intellicheck's help, you can count on subsecond results to power your onboarding process's security.
Our clients process applications with ease. As applications came in, Intellicheck issued text notifications to each applicant's phone, prompting them to scan their driver's license, and in some cases, to take a selfie. This makes finishing the onboarding process easier for new customers at a critical moment in the decision-making process.
Simplified onboarding keeps new customers engaged. With one in every three financial application abandonments taking place due to the length of the process, the importance of speeding it up through simplification has grown. Completion rates for new account openings with financial organizations do not reach far beyond 30% and any snags in the process can lower this number even more.
In less than a month our clients have another layer of robust security added to their process and can see an immediate impact–reducing fraud. In part, this is due to Intellicheck’s 99.9% accuracy for ID verification versus the industry average of 60% or less.
We offer a variety of solutions from ones that you can turn on and use in under an hour, to API-based solutions that can tightly integrate with your systems and experience. We work with 5 out of the top financial institutions and credit card issuers as well as thousands of other businesses. Contact us to see how we can help you.