• Solution Sheet
Identity Document
Verification:
Debunking
Top 5 Myths
Trulioo — Solution Sheet
Introduction
As innovations in technology expand
the digital economy, fraud becomes
more pervasive. The cyclical nature of
worldwide markets also plays a role,
sending companies on a constant
search for cost optimization across
their operations.
Those factors ripple out to business strategies for
customer verification. For instance, identity document
verification has always been important for industries
that regularly deal with high-value digital transactions.
But it’s now common for businesses to ask customers
to upload ID documents and a selfie to verify their
identity for a variety of other services.
From digital banking and retail marketplaces to
food-delivery apps, companies around the globe
are striving toward the goal of ensuring a customer
and merchant base of legitimate profiles. It can
be a challenge, though, finding identity document
verification that reaches the goal while providing
smooth, customer-friendly onboarding.
02
To help reassess the reality of
identity document verification
today, here are the top
five myths that need to be
addressed to help businesses
optimize growth, manage risk
and maintain compliance.
Trulioo — Solution Sheet
100% True Accept
and 100% True
Reject Rates Are
Possible
Machine learning (ML) revolutionized
the way we combat fraud. With its
ability to detect suspicious activity
faster and more accurately than
traditional manual checks, ML is a
valuable asset in the fight against fraud.
Using document verification ML models, businesses
can train their systems to differentiate between real
and fake identities. Those models are evaluated using
a confusion matrix, which measures the acceptance
and rejection rates of legitimate and fraudulent
documents.
High true accept rates (TAR) and true reject rates
(TRR) are crucial for businesses to successfully
onboard legitimate users and keep fraudsters at
bay. However, businesses should be cautious when
vendors tout a perfect confusion matrix.
In reality, there is always a tradeoff between TAR and
TRR. Setting the model threshold to accept 100% of
legitimate users will inevitably result in more fraudsters
slipping through the cracks. A perfect confusion matrix
could indicate the models were not tested on diverse,
real-world data.
It’s important to remember that ML is probabilistic, not
deterministic. False positives and false negatives are
inevitable, and verification results can be influenced by
factors such as document type and image quality.
As ML evolves and improves, businesses can make
informed decisions about how to optimize their
verification processes and strike the right balance
between accepting legitimate users and keeping
fraudsters out.
03
Myth
Trulioo — Solution Sheet
Identity Document
Verification Causes
Too Much Friction
and Increases
Abandonment
Not every customer brings value to a
business. When bad actors slip through
the cracks, they can defraud valuable
customers, damage a company’s
brand and put organizations at risk of
regulatory compliance violations
and litigation.
Document verification helps companies distinguish
between bad actors and credible customers. When a
business implements any identity verification, drop-
offs will happen. However, businesses can analyze
where in the workflow abandonment occurs and
adjust friction based on their risk strategies. When
done correctly, document verification can help lower
fraud costs and increase the average lifetime value
of customers.
Modern document verification capabilities provide
guided image auto-capture that can help organizations
enhance onboarding. A straightforward user
experience that uses animated guides can help ensure
high-quality document and selfie images to produce
higher verification rates and speeds.
While document verification happens on the back
end, a customer-focused experience allows users to
proceed to the next custom-defined onboarding step.
Verification can take seconds for users, which makes
for a better experience.
04
Myth
Trulioo — Solution Sheet
Identity Proofing
Requires Stitching
Together Multiple
Vendors
Many legacy identity document
verification solutions require
organizations cobble together different
point solutions as business needs and
regulations evolve.
That can create siloed, time-consuming, vulnerable
technology setups that put a strain on businesses and
add unnecessary friction for customers. As a result,
some businesses often feel like they have to choose
between data sources or documents to reduce
expenses, complexities and friction.
05
A comprehensive identity verification platform will help
organizations overcome the challenges of patchwork
legacy solutions. Companies can avoid frustrating
administrative experiences by working with an
identity platform that enables document verification
capabilities to be added to other identity and anti-fraud
services without additional contracts, vendors or APIs.
A single platform lets organizations leverage a
streamlined, adaptable, efficient suite of services
that enables cross-functional strategic planning and
accelerated decision-making. Even nontechnical
stakeholders can create drag-and-drop workflows,
adding identity document verification for compliance
or business needs, rather than dealing with a black-box
process only engineers see and understand.
Myth
Trulioo — Solution Sheet
Identity Document
Verification
Requires
Substantial
Technology and
Human Resources
Historically, implementing document
verification was no easy feat for
developers. From writing lengthy code
for integrations to building the image-
capture technology, getting document
verification up and running took weeks
to months.
A comprehensive, automated identity platform now
can give companies the flexibility they need through an
intuitive no-code workflow builder that preserves time
and resources. Off-the-shelf software-development
kit integrations can launch in as little as 15 minutes and
are optimized for a smooth user experience using top
image quality for accurate verification.
When a comprehensive platform combines
that workflow builder with direct API integration,
organizations gain the flexibility to configure services
with their existing tech stack and connect to third-
party services such as DocuSign and Salesforce.
Platforms engineered for trust and agility make it
easier to confidently launch verification workflows
while removing the burden from development and
analyst teams.
06
Myth
Trulioo — Solution Sheet
Identity Document
Verification Is
Expensive 5
Adding another line item to operational
expenses isn’t an easy decision, even
for the most cash-positive businesses.
While seeking a lower upfront cost
may be tempting when selecting a
document verification solution, it can
be more beneficial to assess the total
value a capability provides.
Given that not all solutions are created equal, it’s up
to organizations to determine how much their risk
threshold is worth. A cheaper document verification
vendor may provide initial savings but then open the
door to costly fraud attacks or compliance fines that
far outweigh initial cost concerns.
It’s important to note if the price is inclusive of all
the identity checks. Some vendors may charge
separately for the document capture, the biometrics
capture, running the verification, manual reviews and
other steps.
There are options for identity document verification
that offer one price for all features and services. By
choosing a solution with no surprises or hidden fees,
it’s easier for organizations to balance their cash flow.
07
Myth
Trulioo — Solution Sheet
Solve Complex
Problems With
Sophisticated
Capabilities
When first impressions are everything,
onboarding that includes sophisticated
document verification can position
organizations to win more customers
and generate more revenue.
Identity document verification has evolved to meet
today’s business needs around the world. Companies
face complex verification problems, and identity
document verification provides a sophisticated
answer that opens the door to global growth.
08
Don’t know
where to start?
Book a demo with Trulioo
to see the world’s identity
platform in action. Let us
introduce you to Identity
Document Verification that
challenges the status quo.
The world’s
identity
platform.
Trulioo is a registered trademark of Trulioo Information Services Inc. in the United States, the European Union,
Canada and other countries.
Contact Us
Trulioo is the world’s identity platform, trusted
by leading companies for their verification
needs. The Trulioo integrated, automated
platform provides unparalleled global coverage
for business and person verification and a
comprehensive suite of in-house capabilities.
Combining its state-of-the-art technology with expert verification
knowledge across diverse markets, Trulioo enables the highest
verification assurance levels, optimizing onboarding costs and
fostering trust and security in the global digital economy.