Prove partners Experian to improve global financial inclusion

The partnership between these two entities aims to fulfil two main goals. One of them is to help companies extend their financial services to more consumers while mitigating digital fraud such as synthetic identity fraud. The second is to ensure wider access to faster, easier and more secure experiences for more consumers, especially when it comes to underbanked populations that generally have access to slower digital experiences. 

Prove specialises in verifying the identities of underbanked populations such as those with few or no credit files. These identity verification and authentication solutions were designed to leverage smartphones, giving users the opportunity to access financial services even if they don’t have an existing financial history. 

As part of this collaboration, Prove wants to implement four solutions into Experian CrossCore, which is a digital identity and fraud risk mitigation platform.

• Prove Pre-Fill allows companies to onboard consumers by auto-filling application forms with verified data from authoritative sources and authenticating consumer identities to combat account opening fraud. The solution includes Global sanctions, PEPs, adverse media, and monitoring. The system is available in the US, and it provides a secure sign-up process where information is only auto-filled with the user’s consent.
• Prove Identity validates consumer-provided personal identity information and confirms phone number ownership using authoritative data, including device and phone number data, while maintaining privacy for all customers.
• Trust Score is a real-time measure of phone number reputation that can be used for identity verification and authentication purposes. Trust Score analyses behavioural and cryptographic authentication signals from authoritative sources at the time of a potential transaction to reduce fraud such as SIM swap and other account takeover schemes.
• Mobile Auth offers a real-time authentication of the status of a consumer on a mobile network by silently authenticating that consumer while requiring no action on their part. 

Officials from Prove cited by businesswire.com revealed their aim to provide more companies across the globe with access to advanced identity technologies, such as cryptographic authentication, which can be used to securely verify consumers.

Prove has launched a passwordless identity authentication solution 

In October 2022, Prove launched Prove Auth, which is a next-generation solution for passwordless login and omnichannel authentication. 

The system allows companies to reduce their reliance on passwords and one-time passcodes (OTPs) while enabling consumers to frictionlessly authenticate in all channels such as phones, desktops, and call centres with a secure solution. 

With the launch of Prove Auth, the US-based identity verification company can now provide its clients with a frictionless and secure end-to-end digital customer journey when paired with Prove’s identity verification and identity management solutions. Officials from Prove stated that multi-factor authentication needs to evolve because one-time passcodes and passwords are vulnerable to social engineering and other fraud vectors.