Article

Data Access for Identity Verification

Modern technology is changing the way financial institutions verify identity. Whereas in the past a community bank would have watched their customers grow up, today many financial institutions may never see their customers in person. And the more transactions that move online, the easier it is to commit identity theft and online fraud.

Adding to this problem is the fact that high profile data breaches have made traditional forms of online identification—such as SSN, address, date of birth, etc.—widely available to fraudsters. As the industry changes and fraudulent transactions become more common, financial institutions need to balance expanding their customer base with fighting fraud.

Fortunately, financial institutions have access to a suite of powerful tools to help them use alternate non-PII data to help prevent fraud. Recently, Ajay Andrews of Whitepages Pro and Debbie Yap of DemystData hosted a short webinar to discuss how these two platforms work together to make verifying customer data easier than ever.

Interested in learning more? Watch the replay here.

Whitepages Pro: Verifying identity with data linkages

With traditional data, there is a high risk that a fraudster will be able to purchase a complete identity off the dark web. To prevent fraud, financial institutions need to use alternative data elements such as phone, email, and IP address in addition to traditional KYC requirements.

Predictive signals like email first seen, email to name, phone to name, and IP distance from address are much harder for a fraudster to fabricate. Whitepages Pro provides real-time identity predictions brought in from a network of transactional patterns to help financial institutions quickly approve new accounts or identify fraudulent transactions.

DemystData: Fighting fraud with better, faster access to standardized data

The most effective financial institutions are bringing in an increasing number of data sources to verify customer identities through linkages—but managing those sources can be difficult. The data isn’t always provided in a standardized format, and sorting through it can be time consuming.

That’s where DemystData comes in. Their platform gives businesses the ability to configure and mix-and-match different data points through a single interface. This lets you use a variety of data across different business units, and access it quickly in order to speed good orders through. Additionally, the Demyst Smart Schema layer allows you to easily clean and structure the data. Best of all, DemystData already works with the major data providers your organization already uses, including Whitepages Pro.

Watch the replay of this 30-minute webinar to learn how Whitepages Pro and DemystData function together to provide secure, reliable verification of the identity of your customers and to prevent fraudulent transactions.

About Our Speakers

Debbie Yap | DemystData
Director of Data Access and Partnerships

Debbie Yap is Director of Data Access and Partnerships at DemystData. In this role, she leads the acquisition and management of data partnerships globally, enabling financial institutions to leverage traditional and non-traditional data sources in a compliant way. She applies her expertise in the data landscape to guide product and customer engagement discussions.

Ajay Andrews | Whitepages Pro
Senior Product Manager

Ajay Andrews enjoys building new products that solve a deep customer need and taking them to market. At Whitepages Pro, he leads the team that built and launched the Confidence Score, leveraging data science and machine learning to create an easy to use and compelling solution. He has close to a decade of experience working in Asia & the United States across payments, e-commerce, retail banking, productivity and SaaS businesses.

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