Daon, the Digital Identity Trust company, and CU*Answers, the cooperative Credit Union Service Organization (CUSO) headquartered in Grand Rapids, Michigan, today announced they are providing digital identity proofing, authentication, and onboarding solutions to CU*Answers’ network of over 350 credit unions through Daon’s IdentityX® platform.
When paired with the multi-factor authentication capabilities already in use by hundreds of credit unions through IdentityX, document-centric identity proofing completes the circle of identity assurance capabilities for credit union members, delivering a seamless end-to-end experience across the full identity lifecycle.
“We’re seeing a surge of organizations across industries recognizing that siloed identity capabilities are a thing of the past, and credit unions are no exception,” said Conor White, president of the Americas at Daon. “Together with our partners at CU*Answers, we’re making sure the benefits of identity continuity extend to credit union members everywhere.”
Document-centric identity proofing detects identity fraud in three steps:
- The authenticity of the government-issued document is validated via integration with a third-party data source to perform AML/KYC checks
- The user captures a selfie, which is then validated via a liveness check and run through biometric watchlists
- The selfie is compared to the photo in the document, and the identity is then either validated or sent to a third party for further investigation
The three steps to onboarding a customer take about 30 seconds and, when incorporated with the Daon MFA authentication solution CU*Answers implemented prior to 2020, help achieve identity continuity.
“CU*Answers is excited to add this extra layer of security on behalf of our clients and their member base to reduce fraud at the very start of establishing a relationship,” says Geoff Johnson, CEO of CU*Answers. “Our aim is to increase our clients’ level of satisfaction by providing as seamless of a user experience as possible while keeping fraudsters out, and Daon has been a great partner in facilitating that.”
Achieving identity continuity – the seamlessness of end-to-end identity experiences across all devices and channels – holds numerous benefits for both credit unions and their members. With no gaps between identity proofing and authentication processes for fraudsters to exploit, credit unions can better prevent fraud within and across channels, gaining a more unified view of their members and more opportunities to personalize, streamline, and enhance the member experience.
To help credit unions integrate and deploy identity proofing and authentication capabilities as quickly and affordably as possible, Daon and CU*Answers are providing the solution as a fully hosted, no-code/low-code web application with snap-in integration through the popular Open ID Connect (OIDC) protocol. Using this deployment model, credit unions can begin authenticating member identities in a matter of hours.
For the credit union member, identity proofing with IdentityX is a simple process that takes approximately one minute. Members simply find their government-issued identity document, like a driver’s license or passport, snap some photos of the document, and then take a selfie. In seconds, Daon’s artificial intelligence/machine learning algorithms verify the document and match the selfie to the document image, all while using industry-leading liveness detection to prevent spoofing with a photo or video recording.
Daon and CU*Answers partnered in 2018 when CU*Answers introduced its Multiple Authentication Convenience Options (MACO) product, powered by Daon’s IdentityX®, in its Internet Retailer Support Center (IRSC). Over 60 credit unions used the product in just the first few months of its release.
Click here for more information about Daon’s next generation identity proofing & verification solution.
Daon, the Digital Identity Trust company, enables market-leading organizations worldwide to easily and accurately proof, verify, authenticate, and secure customer identities at every trust point across the entire customer lifecycle. With industry-leading identity proofing and biometric authentication technologies at its core, Daon’s technology ensures that customer identities are accurately verified, easily asserted, and safely recovered. By mitigating fraud, reducing friction, and ensuring regulatory compliance, Daon helps businesses deliver a seamless customer experience, increase customer satisfaction, and reduce cost. Daon delivers these solutions through its AI and ML-powered IdentityX® platform, chosen by leading companies in financial services, telcos, travel & hospitality, and other industries to secure and process hundreds of millions of digital identity transactions daily. Learn more at www.daon.com.