The inaugural edition of Javelin’s Identity Proofing Platform Awards provides financial institutions and other identity-reliant businesses with a view into the identity proofing vendor landscape, to better assess their current capabilities against modern fraud threats and to facilitate the process of identifying potential new partners. To successfully discern between fraudsters and legitimate customers, financial institutions need to have a wide range of capabilities to cover everything from new account applications to new device enrollment. In the complex financial ecosystem of 2017, a bifurcated model of identity verification and authentication fails to meet the needs of accountholders or financial institutions. A more holistic approach is needed to account for a richer array of context around the identity and behavior of the customer.
For the 2017 Identity Proofing Platform Scorecard, Javelin evaluated the capabilities of 23 vendors that verify the identity of individuals both at account opening and throughout the customer relationship. Javelin developed the Functional, Innovative, Tailored (FIT) model, to evaluate products in the inaugural Identity Proofing Platform Scorecard.