Global IDV and Monitoring with Red Flag Alert

What are global IDV checks?

Global IDV checks are checks to confirm the identity of individuals who reside outside of the UK or are UK based but have a foreign issued identity document

Confirming your customers identity is becoming an increasingly vital part of doing business. Whilst it was initially limited to companies operating within the regulated sector, the sharp increase in rates of fraud means that IDV checks are an essential tool for any business that offers credit.

Advances in technology and the increasingly global nature of even smaller business have allowed foreign fraudster to target UK companies with ease. This has become big business in part due to the potentially lucrative gains and also because of the relative impunity that these criminals can operate with.

Because of this having an IDV solution that does not offer full global coverage is no longer adequate and exposes your business to unnecessary risk.

What is IDV & Global IDV?

IDV stands for identity verification and is simply the process of confirming that your customer is who they say they are. This can be done by various means, but to be truly effective you need to be leveraging technology to do so.

An IDV process will always contain an IDV check. With the IDV process being inclusive of all parts of the end to end process and the IDV check being the actual act of checking the individual against their ID document.

A secure IDV process will include multiple checks to become virtually foolproof.

Global IDV is an IDV check for any individual that is not based in the UK or is using an ID document that is not UK issued, e. g. a foreign passport. To be able to do this, a solution needs to have access to a large number of international databases and the ability to quickly interrogate them.

Most IDV platforms do not have the capability to perform global IDV checks and it is important that if you do business overseas or with foreign nationals that you have the correct tools in place to keep your business safe.

Red Flag Alert offers an advanced and fully digital Global IDV platform that allows you to perform all the checks and monitoring that you need to protect your business.

What does a solid Global IDV process look like?

Whilst it is important to point out that exactly what process is right for your business is down to you all of the best global IDV processes will share similar features:

• Use of technology – It may come as a surprise but a huge amount of businesses still rely on manual IDV processes despite the fact that they are prone to error, inconvenient, and rely on specialist training (that almost no staff actually have). In fact, humans are so prone to error that almost all forgery and fraud techniques are reliant on a person running anti-fraud processes. Technology allows you to eliminate this risk and provide your customers with a more convenient process whilst facing fraudsters with checks that are virtually unbeatable.
  
• IDV check – The IDV check is the actual act of checking the individual against their ID document. Red Flag Alert utilises advanced AI powered digital checks that your clients complete on their device by taking a photograph of their ID document, a selfie, and perform a liveness check. We then analyse hundreds of data points and the relevant global databases to confirm their identity. Our system is compatible with over 16,000 ID documents and has complete global coverage.
• Document verification check – There are instances where a fraudulent ID document can have a real third party’s information but a false photograph; or even a real ID document can have its photograph doctored. In theory, such a document may be able to pass an IDV check. But this chance is eliminated by performing a document verification check. Our document verification checks analyse all aspects of an ID document to confirm it is legitimate and unaltered.
• Sanctions & adverse media checks and monitoring – Once you have confirmed your customers identity you still need to be sure it is safe to do business with them. Red Flag Alert makes this easy with our sanctions and adverse media checks and monitoring. Our system will comb all relevant international databases to check you client as no sanctions against them and trawls thousands upon thousands of news outlets (from traditional media to blogs) to ensure that they offer no risk to your reputation. What’s more, our system will continue to monitor for any changes and send you an alert should one occur.

Upgrade your IDV process with Red Flag Alert

Whether your client is from home or abroad, we supply you with an accurate, hi-tech, and convenient IDV solution.

Checks take seconds of staff time to send out, are completed in around a minute on your client’s device, and are sent with your company’s branding to provide your client with a seamless onboarding experience and ensures that no fraudsters are able to slip through the net.

 Talk to one of our IDV experts today about upgrading to Red Flag Alert and get yourself a free trial of the platform.