ABBYY Reduces Fraud Losses and Expedites Customer Onboarding with New Proof of Identity Solution

ABBYY is solving the billion-dollar identity fraud problem facing consumers and businesses with the first all-in-one solution that offers instant identity proofing and affirmation anytime, anywhere. No more standing in line or manually completing cumbersome online forms, ABBYY Proof of Identity simplifies document-centric digital onboarding processes while giving organizations confidence that customers, constituents, employees, and partners are who they say they are.

As more consumers go online to conduct business, the challenge of verifying identities to prevent fraud has become increasingly critical. One of the important steps in completing online and mobile forms involves providing personal identification data, however more than half of consumers (68%) abandon an online onboarding process. Additionally, there is concern for fraud with the Federal Trade Commission reporting more than 2.8 million consumers lost $5.9 billion to fraud in 2021, including identity theft and imposter scams, an increase of more than 70 percent over 2020.

To avoid risks and expedite the onboarding process, more organizations are turning to document-centric identity proofing methods where an image or video of the user’s identity document is compared with an image or video of the user’s face. Gartner predicts that by 2023, 85 percent of organizations will be using document-centric identity proofing as part of their onboarding processes.

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“More high-risk interactions are transacted online especially in banking, healthcare, and government that require balancing trust in a person’s real-world identity with the customer’s expectation for a smooth user experience – and there needs to be a better way of doing it,” commented Bruce Orcutt, SVP of Product Marketing at ABBYY, an intelligent automation company. “ABBYY Proof of Identity accomplishes this by leveraging our intelligent process automation technology into identity proofing and identity affirmation capabilities that are easy for customers and secure for businesses. By using ABBYY Proof of Identity as part of their onboarding platforms, organizations will have significantly lower abandonment rates, and customers will benefit from a positive experience.”

ABBYY Proof of Identity is an easy-to-use platform built on best-in-class ABBYY Vantage intelligent document processing and ABBYY Timeline process intelligence to seamlessly deliver all the capabilities to match a user’s claimed identity with their actual identity, including:

• ID reading, including mobile capture and document classification
• ID verification, including image-tampering fraud detection
• Facial matching based on a top rated NIST-rated algorithm with extremely low bias
• Trailing documents (document-centric identity affirmation)
• Exception handling (optional human auditing of certain transactions)
• Process intelligence and mining to identify opportunities for process improvement

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