Digitally approving more genuine customers with SynID

ID checks are essential to prevent fraud in financial services, such as banking and insurance, but verification processes can create friction in the customer journey. In fact, around 25% of financial applications – from opening a current account to taking out an insurance policy - are abandoned due to difficulties with the registration process linked to ID verification.

To deliver a ‘friction-right’ journey, we have launched SynID to help users confidently verify more good customers in real time, without running the risk of fraud exposure.

This means increased revenue for banks and insurers, but importantly, it also promotes financial inclusion, since 5.9 million people in the UK are classed as “ID challenged” leaving them open to unnecessarily failing traditional verification processes.

More than this, SynID helps organisations comply with pKYC and fraud prevention requirements, in today’s digital era.

How SynID works

SynID is a digital ID verification tool that financial services organisations can integrate into their existing processes, including those already working with ID Service Providers (IDSPs), to increase their pass rates for genuine individuals applying for any type of financial service.

It uses evidence from the largest, most authoritative fraud database of its kind National SIRA, and public sector data, and combines this with strength-scored identity and activity history attribute, meeting GPG45 guidelines as set out in the Digital identify and Attributes Trust Framework (DIATF).

In less than 5 seconds, address and date of birth details are checked, ID fraud indicators are flagged, and the data sources are scanned to assess the frequency, recency, and quality of an individual’s digital interactions with organisations.

Together, these checks not only help validate ID, but also that the ID in question has existed over time - helping to combat novel fraud typologies such as Synthetic ID fraud.

Proven technology

Thanks to early take-up of SynID, we have already been able to prove that it generates ID verification pass rates of 80%, significantly higher than the industry average of 50%. For customers, this means they can access to financial services, such as loans, banks accounts and insurance policies, even if they have thin credit files.

For financial services organisations, it means being able to confidently say ‘yes’ to more customers faster while also improving their experience, supporting increased revenue, business growth, and building customer trust, without opening themselves up to fraud.

To learn more about how SynID can assist in your digital identity journey, click here.