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Jun 2018 - IDC Innovators - Doc # US43054918

IDC Innovators: Identity Proofing Solutions to Prevent New Account Fraud and Enhance KYC Compliance, 2018

By: Steven D’AlfonsoResearch Director, Compliance, Fraud and Risk Analytics Strategies

Abstract

IDC Innovators are emerging vendors with revenue <$100 million that have demonstrated either a groundbreaking business model or an innovative new technology — or both. This IDC Innovators study profiles Socure, BioCatch, IdentityMind Global, and Acuant — vendors that offer identity proofing solutions to prevent new account fraud and enhance KYC compliance.

Identity proofing in the age of digital banking is a critical control process. Increased regulatory pressure and higher levels of new account fraud necessitates that banks improve their capabilities to accurately differentiate legitimate identities from fraudulent ones. The innovative companies profiled in this study are providing substantial value to their customers.

According to Steven D'Alfonso, research director, IDC Financial Insights, "The key to limiting fraud starts with understanding who you are doing business with. As digital accounts and services continue to grow, banks cannot rely on older solutions that may not be as effective today. They must look to new solutions to prevent fraud and maintain adequate compliance."


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