FullContact , the industry leader in identity resolution as a service, announced the official launch of Verify, a new identity product that powers identity verification (IDV) and fraud prevention. Verify provides data and intelligence to optimize IDV and fraud prevention models, allowing platforms to enhance solution security—while also reducing friction in the customer experience.
“While fraud is on the rise and fraud attempts are getting more sophisticated, people still get frustrated when there is friction in their identity experience,” explains Chris Harrison, CEO at FullContact. “The identity data and intelligence from our Verify product helps IDV and fraud prevention platforms confidently ID the person behind every interaction, in real-time, to smooth the customer experience and help their clients acquire more legitimate business.”
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“[Verify] helps IDV and fraud prevention platforms confidently ID the person behind every interaction in real-time to smooth the customer experience and help clients acquire more legitimate business.”— Chris Harrison, CEO at FullContact
How Verify works for IDV and fraud prevention
Verify provides real-time signals, matches and activity scores from FullContact’s identity graph to identify real people and determine risk. The graph bridges offline and digital identifiers to access insights not available via traditional techniques.
1. Signals. Verify signals provide transactional signal data, plus confidence scores about a given person’s identity, activity, and risk level. Signals are highly specific and provide high-value information. They are perfect for building and training advanced IDV and fraud models.
2. Match. Matches provide insights on whether or not a platform’s data on a specific person matches the data in FullContact’s identity graph for that same person—and offers a risk score. Matches are ideal for identifying risk on a form field or application, such as an application for a credit card or small loan.
3. Activity. Verify activity scores indicate how much activity FullContact’s identity graph has cataloged from a specific identifier (e.g. an email address). This activity score indicates how legitimate a given data point is. Long-term regular activity is a positive signal. New, sporadic activity is a negative signal.
Verify offers access to diverse, high-assurance identity data—and resulting insights—via real-time API or batch intelligence install.
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Leading fintech IDV platform integrates Verify intelligence
Serving over 1,000 financial technology clients, this leading provider of identity verification and fraud detection services strives to eliminate identity fraud for every financial applicant on the internet by verifying real people in real-time.
Their algorithms need deep intelligence and continuous data signals to increase the accuracy of their data modeling—and create a more attractive offering. This provider’s products also require multiple data providers, with both real-time and batch customer onboarding capabilities.
This IDV and fraud detection provider chose Verify to serve as a key component of their identity spine. Verify resolves individual, social, and employment history identity fragments and returns a confidence score as to the veracity of each applicant’s identity. Verify also returns an activity score based on hashed email intelligence.
The business now has access to verified individual, social, and employment history data for over one billion people—and their fintech clients can access a FullContact-powered fraud risk score in real-time.
“FullContact is at the vanguard of companies leveraging their marketing expertise to forge new opportunities in digital identity,” Liminal analysts Travis Jarae, Jennie Berry, and Cameron D’Ambrosi explain in the firm’s Companies to Watch in 2022. “Look for FullContact to turn heads in the digital identity space as they continue to unlock the power of their identity graph and network to solve new customer challenges.
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