With a number of leading providers already signing up to the service, the real time solution is shown to deliver a pass rate of 80%, compared to the industry average of 50%. Meaning banks can confidently say ‘yes’ to more customers at point of application, including those with thin credit files or ID history who may previously have been rejected.

Fighting the friction that’s bad for business.

For KYC compliance and fraud prevention, ID checks are essential. They can also be problematic in terms of friction. In the UK, around 25% of financial applications are abandoned due to difficulties with the registration process linked to ID verification. Similarly, as many as 5.9 million people in the UK are classed as “ID challenged” leaving them open to unnecessarily failing traditional verification processes.

Banks able to address this friction, approve more genuine customers, and do so without risking exposure to fraud, stand to gain a distinct financial and reputational advantage. This is the genesis of SynID.

Delivering certainly through authoritative evidence.

SynID is a digital ID verification tool that banks can integrate into their existing processes, including those already working with ID Service Providers (IDSPs), to increase their pass rates for genuine individuals applying for accounts, loans, credit cards or wishing to carry out high value transactions. It delivers greater ID certainty by combining unique fraud screening datasets with strength-scored identity, identity fraud and activity history attributes.

Using authoritative evidence from public and private sector data sources - including the largest, most authoritative syndicated fraud database of its kind National SIRA, and the National Fraud Initiative, it gives banks a way to efficiently and confidently validate attributes that prove a person’s identity in line with GPG45 requirements.

Fast process, increased assurance.

In less than 5 seconds, address and date of birth details are checked, ID fraud indicators are flagged, and the data sources are scanned to assess the frequency, recency, and quality of an individual’s digital interactions with organisations.

Together, these checks not only help validate ID, but also that the ID in question has existed over time - helping to combat novel fraud typologies such as Synthetic ID fraud.

An interactive risk profile dashboard, showing all ID attribute scores and assurance levels, gives banks the information they need to on-board ‘good customers’ faster, in compliance with the Digital identify and Attributes Trust Framework (DIATF), and to stop fraud at the point of application.

Chris Lewis, Synectics’ Head of Solutions explains: “Because SynID mines data from multiple authoritative sources rather than one or two, and assesses ID attribute strength, validity, identity fraud risk and activity history, the potential for false positives is greatly reduced. Particularly where ID-poor customers are concerned. Similarly risk scoring based on wider data pools means protection from ID fraud increases.

“All of which makes summing up SynID simple. It’s an easy way for banks to leverage the benefits that digitisation offers - allowing them to confidently onboard more customers, faster, while effectively managing risk.”

SynID has been developed by Synectics as an Attribute Service Provider (ASP) and meets all confirmed regulatory requirements for digital identity verification.