Financial services, fraud and the future of digital onboarding

Niamh Cassidy

The identity industry is changing. Many of the identity indicators we took for granted are no longer fit for purpose. Social Security Numbers (SSNs) in particular, were never meant to be a national identifier. But for decades, they have been the key proof of identity for millions of Americans. With the challenge of widespread digital onboarding, SSNs can no longer carry that burden.

Cellphone ownership is another identifier that seemed promising. But like SSNs, SIM cards and handsets were never designed as a means of identity verification. Their flaws have now rendered the system ineffective for use in digital onboarding.

Regulation is also changing the face of identity verification. Customer Due Diligence (CDD) and Know Your Customer (KYC) pressures are raising new challenges for smooth and secure user onboarding.

In this report we examine how future identity solutions need to move away from the SSN, and instead be designed specifically for that purpose. Find out what this solution looks like, and what it means for the future of your business.

 
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