Synectics Solutions Launches SynID for Improved Identity Verification

Synectics Solutions has introduced SynID, an identity verification tool designed to assist banks in approving more genuine customers quickly and confidently. The tool has already seen a number of major providers sign up for the service.

Enhanced Verification Accuracy

The real-time solution has demonstrated an 80% pass rate, significantly higher than the industry average of 50%. This allows banks to accept more customers at the application point, including those with thin credit files or minimal ID history who may have previously been rejected.

Addressing Friction in ID Checks

In the UK, around 25% of financial applications are abandoned due to difficulties with the registration process linked to ID verification. Moreover, approximately 5.9 million people in the UK are considered “ID challenged”, often failing traditional verification processes. SynID aims to alleviate this friction, allowing banks to approve more real customers without increasing fraud risk.

A Tool for Certainty

SynID is a digital ID verification tool that integrates into existing bank processes. It combines unique fraud screening datasets with strength-scored identity, identity fraud, and activity history attributes. By utilizing authoritative evidence from public and private sector data sources, it provides banks with an efficient and reliable method to confirm attributes that verify a person’s identity.

Speed and Assurance

The process is swift, as address and date of birth details are checked, ID fraud indicators are flagged, and the data sources are scanned all within 5 seconds. These checks validate not only the ID but also affirm that it has existed over time. An interactive risk profile dashboard provides banks with all the necessary information to onboard ‘good customers’ faster and halt fraud at the application point.

Reduced Potential for False Positives

Chris Lewis, Synectics’ Head of Solutions, stated that SynID’s ability to mine data from multiple authoritative sources and assess ID attribute strength, validity, identity fraud risk, and activity history greatly reduces the potential for false positives.

He summarized, “SynID is 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, developed by Synectics as an Attribute Service Provider (ASP), meets all confirmed regulatory requirements for digital identity verification.