ComplyCube SaaS Platform Fights ID Fraud With Multi-Bureau Checks

ID verification provider ComplyCube on Tuesday (Oct. 12) debuted a multi-bureau verification service that features comprehensive credit agency data, government sources and propriety databases and uses artificial intelligence (AI)-powered screening to improve match rates, reduces false positives and accelerates customer onboarding.

The multi-bureau service verifies customer names, addresses, dates of birth, Tax Identification Numbers and Social Security numbers against ID verification sources from more than 20 countries.

ComplyCube’s multi-bureau service brings together “highly disparate and nuanced datasets from numerous credits bureaus and similarly trustworthy sources, shielding businesses from technical complexities and non-core activities they would have to deal with otherwise,” the company said in its announcement.

Early adopters of ComplyCube’s new service have seen as much as 24.7 percent improvements in match rates and reduction of false positives by up 12 percent.

Related news: New Report: Half of Large Firms Are Focused On Digital Identity and Authentication

Almost half (49%) of 300+ auto dealers, banks, credit unions and P2P alt-credit lenders earning over $500 million in annual revenue who responded to PYMNTS’ The Next Wave: The Business Adoption Of Digital Fraud Solutions Playbook, a collaboration with Equifax, called digital identity authentication “more” or “much more” important now than it was in 2020.

Smaller firms (under $50 million in annual revenue) “represent 60% of businesses that believe that using digital processes is ‘less’ or ‘much less’ important,” according to PYMNTS research.

Also read: Persona Raises $150M for Customer Identity Infrastructure

Last month, customer identity infrastructure platform Persona closed a $150 million Series C funding round, giving the firm $200 million in investment funding in the past six months.

Founders Fund led the latest Persona fundraising round, which also featured participation from Meritech Capital Partners, BOND and existing investors Index Ventures and Coatue Management. The company has now raised $217.5 million.

Persona’s latest round of financing will help the company add to its team and extend its identity infrastructure offerings.