Market-Leading Identity Document Expert Review Service
Identity document verification is integral to your client onboarding processes, particularly if you are operating in a regulated industry. As online identity fraud continues to rise, ensuring a document is legitimate and not forged is key to reducing your business risk. In this article, we discuss why we partnered with TrustID to deliver expert document reviews.
The strategic partnership will meet the demand for Identity document verification, which is an integral part of client onboarding, particularly for regulated businesses. As online identity fraud continues to rise, ensuring a document is legitimate and not forged is key to mitigating business risk.
There are an estimated 200,000 fraudulent ID documents in circulation in the UK, and the fraud prevention service, Cifas, reported 189,000 incidents of identity theft in 2019, which equates to around 500 identities being stolen every day. (source).
These figures will increase in 2020 as reports of online identity fraud increases exponentially. The Serious Fraud Office (SFO) and other prosecutors are set to pursue a raft of cases arising from the global pandemic which has seen a rise of complex fraud, corruption and bribery threats and trends affecting businesses.
The strategic partnership combines expertise to provide a market leading document expert review service. The new service enables clients to obtain a manual second opinion from TrustID’s document experts following an inconclusive or suspicious result from NorthRow’s digital identity verification tool. The document expert team, which includes senior ex-border control officers, has proven experience in processing thousands of fraudulent documents annually.
The TrustID document expert team quickly and accurately analyses each case and provides a detailed report evaluating the validity of the document to assess if it is genuine or fraudulent, giving your business peace of mind when onboarding clients.
Document Expert Review – How it works
- The document is processed using NorthRow’s automatic online identity verification solution. If the document is flagged for enhanced due diligence it will automatically be sent to TrustID’s document experts
- The TrustID team will assess the document for validity
- Within one business hour, you will receive a detailed document validation report on whether the document is genuine or fraudulent
- Depending on the result, you can decide if you want to continue onboarding your client or defer the risk and report it to the government website.
The comprehensive document expert review service also assists with your compliance requirements as it demonstrates a full audit trail and validation report to adhere to multiple compliance regulations. The report contains further information on who carried out the check, and when, to provide the supporting evidence that you have met your compliance obligations.
Tony Machin, CEO at TrustID: “We are excited to partner with NorthRow to help make identity verification as simple as possible for individuals and businesses and reduce cases of fraud within the UK. During these challenging times, it’s crucial for firms to ensure they have robust identity document processes in place.”
“By integrating our document expert review with their platform, NorthRow further enhances its ability to support their clients to easily detect fraudulent documents and to give those clients confidence that identity documents are genuine.
As online criminal activity and large-scale identity verification attacks increase, having the ability to check for fraudulent documents is needed this year more than ever.”
Adrian Black, CEO, NorthRow said: “NorthRow are excited to be collaborating with TrustID, adding market-leading manual document verification technology to our API driven solution. The NorthRow-TrustID partnership is a powerful combination that allows us to deliver better document processing to our clients.”
If you would like to learn more about how we can help with your identity and document verification processes please do not hesitate to get in touch.