2024 Authentication and Identity-Proofing Vendor Solutions Scorecard

Identity-proofing is a fundamental need. Financial services companies rank investments in authentication and identity-proofing among their top budgetary focuses for the coming year . Social Security number verification, identity fraud detection, thwarting the use of counterfeit digital identities, and synthetic identity fraud are among leading reasons financial institutions are keen to shore up their identity-proofing gaps. 

This year’s Best in Class recipient in the Javelin Strategy & Research Authentication and Identity-Proofing Vendor Solutions Scorecard, Persona Identities is a relative newcomer in the space, proving that fresh ideas infused with new ways of analyzing identity are the way of the future for FIs. Fintech companies that cut their teeth as e-commerce payments platforms are bypassing the competition in the areas of know-your-customer and identity-proofing. Plaid, which ranked in eighth place overall, was not even evaluated in Javelin’s 2020 Identity-Proofing Scorecard: Enterprise Solutions, which was published in November 2020. Neither was Persona, this year’s Best in Class winner, whose founding staff comes from the fintech world with e-commerce expertise. 

Key questions discussed in this report:

• How do vendors that specialize in identity-proofing within the U.S. stack up to one another? 
• What are the essential elements/product vitals that effective identity and authentication products must compromise? 
• How are vendors effectively gathering and assimilating meaningful information from data sources and other third parties to adequately verify the authenticity, or lack thereof, of specific identities? 
• How mature are certain offerings on the market today, where proof of concept and product efficacy are concerned, and how can that maturity be used to select one authentication and identity-proofing vendor over another?

Companies Mentioned:

BioCatch, Callsign, Daon, FIS, GBG, Identiq, IDMission, Intellicheck, Jumio, Kount, Equifax, LexisNexis Risk Solutions, LSEG Risk Intelligence, GIACT, Mastercard, MT4 Tecnologia, senhasegura), Netki, NeuroID, Onfido, Airside, Outseer, RSA, Persona Identities, Pipl , Plaid, Prove, Payfone, Regula Forensics, Socure, TransUnion, Veridas, Square, NIST, ISO, Cognito, Berbix