Industries grappling with identity fraud can now use one platform to secure every customer interaction from onboarding to conclusion
BOSTON, June 18, 2024 /PRNewswire-PRWeb/ -- Proof, the market leader for remote online notarization and identity-secured transactions, today launched Identify, a no-code solution for addressing the $81B in annual losses in the U.S. caused by falsified records, forged signatures, and identity theft. Companies seamlessly incorporate Identify across the customer lifecycle to either verify or reconfirm a person's identity for any sensitive transaction. Identify is a complete solution that enables businesses to add low-friction identity verification into any customer workflow without building an integration.
With Identify, Proof has expanded far beyond e-sign and online notarization to incorporate identity verification into any type of business transaction. Financial institutions, for example, can verify a customer's identity for any critical changes to an account like adding or removing a spouse, wiring money, withdrawing money or account recovery. Title companies can verify identity before opening a file or doing a title search, thus stopping fraud well before it gets to closing and wasting time and resources. These are some of the many flows that currently have little fraud protection because most businesses only perform identity verification at onboarding. 68% of Americans report that their passwords have been hacked due the constant occurrence of data breaches. This further demonstrates that additional identity verification should be required after initial customer onboarding to prevent fraudulent transactions and avoid significant financial and manpower losses.
"Proof's Identify weeds out fraud well before the close of a transaction, and it eliminates friction for any downstream process by sharing identity information across multiple touchpoints," said Proof CEO Pat Kinsel. "Our new tool is a big step forward in helping companies address the massive fraud problem without compromising the customer experience."
Identify is easy to integrate, providing a ready-to-deploy customer experience that does not require writing any code. Identify customers can incorporate a QR code or send customers to Proof by inserting a unique hyperlink into an existing customer workflow. After every Identify transaction, businesses receive a tamper-sealed identity report that documents all of the steps that were taken to verify a user's identity, as well as all related information about that user. This report provides businesses such as banks and title companies with comprehensive evidence that identity verification was performed before authorizing a critical transaction.
Proof's new transaction monitoring product, Defend, can be combined with Identify and used to analyze the risk for every Identify transaction. Proof customers can use Identify and Defend together to verify identity and then monitor fraud risks for every transaction, whether or not it requires e-sign or notarization.
Media Contact
Lauren Hintz, Proof, 1 617-909-3295, [email protected] , https://www.proof.com/
SOURCE Proof
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