Beam Identity Verification
Trust your customers and do business with confidence

Trust is more challenging than ever

A recent survey* shows that customers are much more likely to use a financial provider that utilizes advanced identity verification. Customers expect a seamless experience throughout initial setup (onboarding) and subsequent transactions, forcing companies to choose between maximizing customer experience and minimizing operational risk. Regulated organizations are focusing more than ever on Anti-Money Laundering (AML) and fraud detection and prevention, but a comprehensive AML or fraud program is only effective if you can confidently verify the identity of your customers or users.

* Source: Second Annual Consumer Digital Identity Survey, IDology, 2019.

Beam lets you do business with confidence

Beam Identity Verification is a comprehensive solution that is seamlessly integrated with Beam Transaction Monitoring. It connects to the industries’ top identity verification providers without the need for you to engage directly with the provider or set up additional data feeds. This allows you to verify a potential customer’s identity so you can confidently decide whether to do business with them.

Beam Identity Verification typically performs Identity checks when:

  • There is a new customer/user
  • There is a change in a key customer attribute
  • There is an unusual or high-risk transaction
  • On a recurring basis for high-risk entities
  • Additional user-defined scenarios or triggers occur

Cutting-edge sources

When Beam Transaction Monitoring detects one of the above scenarios, it uses Beam Social Intelligence to send the necessary data to the ID verification vendors. The vendors perform comprehensive analysis that goes beyond identity verification to also cover know-your-customer and risk rating, sanctions screening, and fraud detection. The results of these analyses are then automatically fed back to the Beam system and displayed in Beam Investigator, where your analysts can approve, deny, or escalate. The decision process can also be automated based on user-defined criteria.

A full digital identity

Comprehensive identify verification goes beyond the capabilities of legacy systems that just look at static data points such as name, address, date of birth, and SSN. Beam’s advanced analysis builds a full digital identity by looking at an entity’s device details, geo-location data, transaction history, social media, and the US Census. Defined whitelists for verified customers and blacklists for known fraudsters and criminals add additional confidence.

Protect your reputation with Beam

Beam Identity Verification works seamlessly to expand on the capabilities of Beam Transaction Monitoring, allowing companies to confidently validate a customer’s identity, make a sound decision, and minimize regulatory and fraud risk.