Whats Next for Future ID Verification?

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Research launched by Callcredit Information Group, reveals that whilst 73% of fraud professionals think mobile devices will be the key facilitator of identification in the future, over half (60%) feel that they will present the biggest single point of compromise for fraud in the future.

Currently, just 43% of UK organisations are using mobile phone checks as a form of identity verification but one in five (18%) are planning to implement it over the next three years. This is unsurprising given that 50% of respondents believe that name and address data will be obsolete as a verification measure in the future.

The research indicates that companies are moving towards digital attributes such as email address and devices. When asked which piece of customer data provides the most fraud risk insights, email addresses came second with 44%.

John Cannon, Commercial Director, Callcredit Information Group, commented: “Over the past decade mobile phones have taken an increasingly important role in our society. One small part of this is how they have changed the fraud landscape. But there is an underlying tension when it comes to mobile for the fraud prevention industry – they are a key avenue in identity verification but they also represent significant risk. Fraud professionals must focus on using them to their advantage. By deploying tech-enabled identification solutions, mobile devices can actually help play a role in strengthening fraud prevention strategies, through enabling the quick and accurate verification of individuals.”

Ryan Wilk, director at NuData Security, said “As we see in this Callcredit report, single data points used for authentication continue to be the greatest point of failure in the secure authentication chain”.

"Many companies have placed the trust of authentication in a username / password or by binding the user’s credentials to a device.  While these are effective means to stop the novice fraudster, these controls continue to fall short at the times they are truly needed.

"To ensure we can continue to have a trusted and secure authentication path in this digital first world, merchants and banks need to move away from simply trusting single data points or a device that can be spoofed or compromised and place the trust in their valued customer.  This trusted environment can only be achieved through a holistic risk based authentication infrastructure that looks across multiple vectors of the user’s behavioural interaction such as Device, Connection, Behavioural Analytics, and Passive Biometrics powering a dynamic and intelligence step up authentication system.  Doing this will allow merchants and banks to avoid the risk of authentication fraud while ensuring that their valued customers continue to receive a great experience.” 

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