Gartner recently released a new market guide focused on defining and outlining the identity proofing and corroboration space, a methodology to approach it, and the tools available to address it.
Historical and static methods of verifying an identity have become obsolete, due to major PII data breaches and the sophistication of fraud attacks. This leaves businesses of all sizes looking for strategies and tools to reduce risk while limiting impact to good customers during several use cases including: new account openings, transactional exchanges, account changes, and log-ins.
In the new guide, Gartner discusses these key findings:
- Data breaches have led to rampant compromise of personally identifiable information (PII). As a result, correctly reciting PII is worthless as a stand-alone method of corroborating a person’s claimed identity.
- Onerous “identity proofing” methods for new-account opening and as part of step-up or multifactor authentication use cases increase customer abandonment. This creates a competitive liability when customer attrition and market share loss exceed the potential fraud loss.
- Many technologies used in online fraud detection use cases, such as device reputation, can be used in identity proofing and substantiation use cases. In addition, these technologies can be invoked to elevate trust during subsequent interactions.
Whitepages Pro is a representative vendor in Gartner’s new Market Guide for Identity Proofing and Corroboration. Read what they have to say about Whitepages Pro.
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Gartner, Market Guide for Identity Proofing and Corroboration, Tricia Phillips, Jonathan Care, Danny Luong, Ant Allan, April 2018
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