The Evolution of Identity Verification in the Marketplace
The PATRIOT Act ushered in the modern effort to verify identity, both online and in-person, reshaping the fight against fraud. In partnership with Trulioo, we explore the evolution of fraud prevention by identifying major customer concerns, and outlining how companies are building their digital identity infrastructure.
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Through the conversations that took place at the Roundtable, OWI discovered that challenges in identity verification in the marketplace are driven by the scarcity of regulation, limited understanding from consumers about sharing data and privacy, and the overarching impact of the COVID-19 pandemic on digital transformation and adoption.
From the event’s discussions, three important themes emerged:
- Compliance officers need to focus on “tools and rules,” or technology to allow for flexible and innovative tailored solutions to navigate regulations while also remaining up to date on laws.
- The rising tide of online transactions has shown a corresponding increase in fraudulent activity.
- Customers want some level of “positive friction” when verifying information. Transparent terms and concise data requests can reduce the risk of customer drop-off.
The report includes
- Topic overview and key takeaways
- An exploration into rising regulations and how to navigate shifting regulatory compliance
- Expert insight into how to building trust despite changing marketplace dynamics
- An exploration of new and evolving consumer sentiments surrounding data privacy
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