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A brand new easy-to-deploy id platform was introduced this week to assist deal with rising issues about id theft. The Mitek Verified Id Platform (MiVIP) melds the corporate’s cellular applied sciences with these of its current acquisitions to present its prospects versatile management over their shoppers’ experiences.

With MiVIP, prospects have the flexibility to orchestrate the total vary of authentication applied sciences supplied by Mitek, together with biometrics, geolocation, politically uncovered individuals (PEPS) and sanctions, and bureau checks. These applied sciences, along with these from current acquisitions HooYu and ID R&D, allow MiVIP to deal with the safety of your entire transaction lifecycle, in accordance with Mitek.

Sooner verification and onboarding

Mitek Vice President for Product Administration Chris Briggs explains that the corporate’s Cellular Confirm seize and verification applied sciences have been built-in into MiVIP for what he claims to be quick, correct seize of id paperwork and biometrics. That may assist take away friction within the onboarding course of. For instance, a company may require a easy database test earlier than onboarding a buyer. “If an finish consumer handed on all facets of the database test, they’d instantly be onboarded,” Briggs says.

“Provided that a purple flag was thrown would an extra verification course of be required,” Briggs continues. “This implies the verification course of is dynamic and solely requires the tip consumer to take the minimal variety of verification steps to fulfill the enterprise’s threat necessities. Meaning verification has as little friction, and goes as quick as doable, for the end-user.”

ID theft a giant drawback

Based on Mitek, it has made MiVIP each straightforward to make use of and deploy. The platform’s consumer interface permits a enterprise to decide on the verification standards it needs to use to prospects and the order they’re utilized. From a single location, a consumer can toggle verification indicators — reminiscent of database checks, PEPS and sanctions, facial biometrics, liveness detection, ID doc validation, geolocation, fraud alerts, digital footprint evaluation, and others—and set the order for his or her software.

Mitek additionally claims that it has improved deployment of the answer. As an alternative of days or even weeks, it may be up and operating in hours via using its low code/no code structure.

Id theft is a widespread drawback in the USA, in accordance with the Nationwide Council on Id Theft Safety, with 50% of the nation’s residents victimized by ID thieves between 2020 and 2022. It provides that in 2020 alone, ID theft value firms $13 billion.

Analysis and advisory agency Gartner estimates that by the tip of 2022, 80% of organizations might be utilizing document-centric id proofing as a part of their onboarding workflows. By 2023, 75% of organizations might be utilizing a single vendor with robust id orchestration capabilities and connections to many different third events for id proofing and affirmation, in comparison with 15% in 2020.

Copyright © 2022 IDG Communications, Inc.

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