London-based Startup ComplyCube Boosts SaaS Offering with Multi Bureau Checks to Tackle Identity Fraud

Multi-Bureau checks are the latest addition to ComplyCube’s AI-powered Compliance as a Service (CaaS) platform, which also offers advanced biometric verification.
The new service is aimed at businesses that need to verify customers’ personal attributes across multiple sources independently to prevent identity fraud.
The Multi-Bureau service is underpinned by the world’s most reliable identity verification sources from 20+ countries.

ComplyCube, the market-leading identity verification provider, has launched a multi-bureau verification service underpinned by a comprehensive set of credit agency data, government sources, and propriety databases. The new service, which leverages ComplyCube’s AI-powered screening platform, improves match rates, reduces false positives, and speeds up customer onboarding.

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The Multi-Bureau service verifies a customer’s details such as name, address, date of birth, Tax Identification Number, e.g., Social Security Number (SSN), against the world’s most reliable identity verification sources from 20+ countries.

Typically, financial organizations integrate two or more verification providers to increase match rates, verify personal attributes independently, and detect identity fraud. However, this could lead to unexpected pitfalls. For instance, the first provider might match the date of birth with a lender via a credit reference agency. In the meantime, the second provider may match the customer’s name with the same lender, albeit via a separate credit reference agency.

The scenario outlined above illustrates that using multiple providers does not guarantee the required level of independent verification sought by some businesses and regulators. Moreover, credit bureau data may not be available or of adequate coverage, whilst more trustworthy data sources, such as government agencies, exist and should be used instead.

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ComplyCube’s Multi-Bureau service combines highly disparate and nuanced datasets from numerous credits bureaus and similarly trustworthy sources, shielding businesses from technical complexities and non-core activities they would have to deal with otherwise. On the other hand, whilst a regulated firm could opt to verify customers against two separate credit bureaus, scrutinizing results and matches at scale requires a deep understanding of the underlying data and specialized expertise.

Simply put, ComplyCube customers won’t have to maintain complicated business rules or engage with multiple bureaus. In effect, the contracting process with credit bureaus is complex, time-consuming, and expensive. Moreover, global businesses would need to partner with numerous credit bureaus across the jurisdictions they operate in. All this needs to take place before a company starts analyzing response codes, removing outliers, building business rules, and ultimately harmonizing outcomes across the various credit agencies.

The Global KYC firm says early adopters of the new service have seen as much as 24.7% improvements in match rates and reduction of false positives by up 12%.

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