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Digital Identity, Security & Online Fraud

Capital One to boost ID verification process with pilot program

Tuesday 16 May 2017 | 12:10 PM CET

Capital One has unveiled a digital identity API pilot program for customer registration, verification and authentication.

Currently in beta, Capital One’s Digital Identity Products suite will allow third-party websites and applications to validate and authenticate the identity of users against identity information stored by the bank.

For example, a Capital One customer signing up for a new ride-sharing app may be prompted to provide their name, address and birthdate to create an account. By leveraging the new Digital Identity APIs, the customer may enter their Capital Oneaccount credentials, and their verified identity information will be securely shared, instantly and seamlessly.

With this program, Capital One aims to reduce fraud and block out fake or unverified profiles, which are used to push customers off of the platform and complete the scam. For utility companies, the new APIs would offer verified sensitive data directly from Capital One. This would negate the need for prospective customers to provide personal information, or even obtaining a credit score.

Capital One is a diversified banking company that offers early and later stage venture, and debt financing investments, its principal business segments being Local Banking and National Lending.

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