Traditional identity verification is obsolete and a new approach is needed.
Javelin outlines the Functional, Innovative, Tailored (FIT) model to provide a complete view of the capabilities of vendors’ platforms in the identity proofing market.
San Francisco, CA, October 2, 2017: Javelin Strategy & Research today announced its inaugural edition of the 2017 Identity Proofing Platform Awards. One of the foundational fraud challenges that financial institutions face — identity proofing — must be tailored to the risks inherent in the channel, market, product type, scenario, and threat environment.
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,” said Al Pascual, Research Director and Head of Fraud & Security Practice at Javelin Strategy & Research. “A more holistic approach is needed to account for a richer array of context around the identity and behavior of the customer.”
Experian’s CrossCore wins the best overall identity proofing platform. Experian took this year’s award for the best overall identity proofing platform in a field of 23 providers. They performed strongly in all three categories, most notably in the functional category.
2017 Identity Proofing Platform Award leaders:
Functional Category Leaders: Equifax, Experian, LexisNexis Risk Solutions
Innovative Category Leaders: NuData Security, ThreatMetrix, TransUnion
Tailored Category Leaders: DataVisor, FICO, ThreatMetrix
2017 Identity Proofing Platform Scorecard
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. For vendors with multiple products, only those that were submitted and relevant to identity proofing were considered.
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About Javelin Strategy & Research
Javelin Strategy & Research, a Greenwich Associates LLC company, is a research-based advisory firm that helps its clients to make better-informed business decisions in a digital financial world. Our analysts offer unbiased, actionable insights and unearth opportunities that help financial institutions, government entities, payment companies, merchants, and other technology providers sustainably increase profits.