IDology - Best Identity & Access Security Solution

Company: IDology, Atlanta, GA
Entry Submitted By: Carabiner Communications
Company Description: IDology provides real-time technology solutions that verify an individual’s identity & age for anyone conducting business in a consumer-not-present environment to drive revenue, decrease costs, prevent fraud & meet compliance regulations. IDology offers a solution-driven approach to identity verification & fraud prevention that helps increase customer acquisition & improve customer experience.
Nomination Category: New Product & Service Categories - Business Technology
Nomination Sub Category: Identity & Access Security Solution

Nomination Title: IDology's ExpectID Decision Builder

ExpectID Decision Builder
Current Version: 9.25
Release Date: 8/27/2020

IDology empowers businesses with the data control, granularity and transparency needed to facilitate customer trust and detect fraud in today’s fast-moving digital world.

IDology’s identity verification platform, ExpectID, is a single-source platform for securely onboarding and authenticating customers and delivering a seamless, secure identity proofing experience. ExpectID leverages thousands of diverse data sources, correlates multiple identity attributes including location, device and activity-based data, and uses advanced algorithms and engines to analyze and evaluate risk factors so businesses can quickly verify legitimate customers and deliver a seamless experience.

Innovation: Decision Builder

Covid-19 increased the pressure to verify identities for an influx of digital customers while deterring fraud. Major human behavior shifts led to new threats, making it difficult to determine if a fraudster or, for example, an elderly person was opening an account.Forced to onboard an influx of new customers, many businesses sacrificed fraud mitigation for customer retention, loosening controls to provide frictionless onboarding and opening the door for criminals.

To be effective, businesses needed real-time control over how they validate customer identities. IDology responded with Decision Builder, a new feature that allows customers to define and combine data attributes for more granularity to reduce false positives, minimize friction and adjust to evolving fraud schemes. A combination of Artificial Intelligence (AI) + Human Intelligence from IDology’s fraud team, Decision Builder empowers businesses to build a nearly infinite number of unique identity attribute scenarios and make real-time, point-and-click adjustments that separate legitimate customers from fraud. Unlike blackbox identity scoring models common on the market today, Decision Builder provides an unprecedented level of granularity, data control and closed-loop identity verification data feedback for analytics, fine-tuning attributes and understanding customer behavior.

With Decision Builder, businesses can adapt quickly, respond to changing fraud vectors and improve consumer onboarding. Decision Builder allows them to utilize over 30 million potential risk combinations, each of which can be curated based on machine learning feedback, to optimize results and create custom conditions targeting specific fraud risks. With more precise decisioning, businesses no longer have to sacrifice fraud mitigation for customer retention.

With the industry’s highest locate rates, ExpectID is trusted by over 4,000 companies across multiple industries for frictionless, secure digital identity verification that builds trust, deters fraud and maintains compliance for long-term revenue growth. IDology has a 99 percent customer retention rate for four years running. No other provider offers the range of identity proofing services IDology provides under a single vendor.

In 2020, IDology exceeded its annual revenue goal, growing exponentially and increasing revenue 38 percent over the previous year to reach $276.5M.

Nearly 9 in 10 customers say ExpectID has “measurably” helped them drive revenue and offer a better end-customer experience.

Feedback from IDology’s latest customer satisfaction survey:

“The ability to customize to each product is what I like most about IDology” – Vice President of Risk Management at a payments solution provider

"IDology's level of customization (applying different rules/features) as needed is fantastic.” – Customer Identification Program Manager, Leading Prepaid Company

“What we like most about IDology is the fraud group and the emails they provide around unusual activity detected such as IP address, addresses, emails, etc.” – Manager, Fraud/Risk, Major Financial Institution

“We like that IDology provides easy-to-see specific data points broken out as opposed to blanket / black box solutions with no transparency.” – Product Manager, Leading Insurance Technology Platform

The products IDology provides to customers are complemented by its unique position as a hub for monitoring fraudulent activity among clients. Each year, IDology leverages this position to survey its customer base and publishes the IDology Fraud Report, which customers rely on to learn more about fraud trends and challenges facing the business. Attached is the 2020 IDology Fraud Report.

Additional 2020 IDology research evaluated the pandemic’s effect on digital identity verification, fraud and new account onboarding and confirmed just how consequential the COVID-19 crisis is. The data demonstrates the permanence of new consumer practices, such as the adoption of online services at the expense of offline interaction and more consistent, deeper engagement with smartphones and macro consumer behavior changes. The attached infographic captures the data findings.