Key Takeaways from the Gartner IAM Summit

Why the surge in identity fraud calls for a revolutionary approach to ID validation

The Intellicheck team recently attended the Gartner Identity & Access ManagementSummit, connecting with IAM and cybersecurity leaders to discuss their challenges and insights. We were eager to learn about the challenges you’refacing when it comes to safeguarding identity and preventing identity fraud, as well as the impact ID fraud is having on organizations.

Despite varied industries—from banking to education and everything in between—our key takeaway was clear:Organizations across sectors seek a seamless, low-friction solution for identity validation and verification.  

But that can mean different things depending upon what an organization is trying to achieve:

·     Universities want to combat financial aid and loan application fraud by verifying the identity of applicants early in the process

·     Banks want to accurately identify individuals opening accounts and applying for credit before approving

·     Online web service providers and platforms want to ensure that users requesting account access and password resets are valid, from the beginning

·     Logistics companies want to prove that the driver picking up or receiving loads is operating on a valid commercial driver’s license (CDL) and is the person they say they are

·     Employers want to validate the identity of remote employees and candidates before allowing access to their proprietary information or making changes to any account or documents

Although the use cases are different, what do these all have in common? The need to validate and prove identity as the first step in fraud prevention. Why? Because once an identity is confirmed, the door to the financial and reputational impact of fraud has already been opened. While the financial impact is obvious as soon as fraudsters begin making fraudulent credit card charges, emptying bank accounts, or taking out loans, when bad actors gain access to passwords and credentials an entirely different type of damage occurs, but it is no less harmful. Once the impersonating employee has access to system emails and applications,they have free reign to access to same systems and data available to the real employee.

Conversations revealed alarming stories and widespread concern about finding effective identity fraud solutions. And given how many people we spoke with, more than a few found it reassuring to know that they are not alone.

That’s why we wanted to share what we learned from Summit attendees because the pain across all industries was acute, consistent, and, unfortunately, extremely challenging for those tasked with solving the problem of identity fraud.

Top 3 Takeaways from the Gartner IAM Summit

Here are our top three takeaways from the Gartner IAM Summit:

1. Proving identity is the foundation of fraud prevention—everything downstream relies on getting this right. If the first step is wrong, everything that comes after it is wrong. Once a fraudster has you believing they are the person they say they are, they have unlimited access—to money, to data, to systems, to even more opportunities to use that identity to perform fraudulent acts. We heard this repeatedly in our conversations at the Summit: Organizations need the first step to work, every time, because everything else you do depends on it.

2. Organizations want a different—and better—way to prove identity. Templating isn’t good enough—it causes false positives, false negatives, and creates customer friction and abandonment for the good customers you want. The traditional process of “front, back, selfie” validation doesn’t actually do much more than confirm that the person presenting the ID appears to be the person on the ID. But that’s not necessarily the case. Fake IDs that can pass as real are cheap and easy to obtain. Blurry images or high-quality fakes beat traditional systems.  And manual review of these fake IDs can take time and still not render an accurate decision.

3. Accuracy and speed matter. This may seem like an obvious point, but when it comes to validating identity, higher speed and accuracy of a decision produces a better experience for all involved. Users are more confident in the decisioning process and are relieved from relying on manual review. Customers experience a fast, seamless process on-the-spot. With higher accuracy comes greater confidence in the fraud prevention process and reduced financial and reputational risk. Faster validation—even just removing seconds from the process—reduces the cost and customer frustration that can impact business. Organizations need accurate decisioning in seconds. No second guessing.

As we showcased Intellicheck’s unique approach to identity validation, attendees recognized the potential to solve their challenges—and it actually seemed solvable for these IAM leaders. Here’s why:

·     For more than 26 years, Intellicheck has partnered with TheAmerican Association of Motor Vehicle Administrators (AAMVA) as a participant in its Driver’s License/ID Card Verification Program. This has provided unparalleled knowledge of the hidden security features and authoritative data embedded in North American IDs.

·     This long-standing relationship has enabled Intellicheck to develop a proprietary database of verification rules, which allows Intellicheck to validate IDs with accuracy and precision that other solutions can’t match.

·     The accuracy of using the Intellicheck platform, along with our robust proprietary database to validate and recognize fake identity data, far surpasses that of optical character recognition (OCR), templating, and manual inspection.

·     Using existing hardware and devices (point of sale scanners, bank teller line scanners, tablets, mobile phones), users simply and quickly scan the barcode on the jurisdiction’s DL/ID.

The Intellicheck Identity Platform™, along with Intellicheck’s unique expertise, enables superior fraud detection by identifying IDs others incorrectly pass, supporting seamless customer experiences with sub-second validation, and confidence at scale by eliminating false positives and negatives without manual reviews.

Intellicheck is the leader in fraud identity management, delivering on-demand digital and physical identity validation solutions for KYC, AML, fraud prevention, and age verification needs. Our solution enables you to bring revenue-generating capabilities online faster, so you can achieve greater productivity gains and accelerate customer acquisition. With more than two decades of experience, our mission is to provide seamless, invisible customer experiences with 100% decision rates in under a second. Each year, we validate more than 100 million identities across North America.