The world is changing, business is changing but one thing that remains constant – people. People remain the same and will continue to be the core of any activity. However, today’s people are much more digital, with multiple avatars on social media platforms, personal and professional email, and social media accounts.

The physical identity has many more layers than before. While this has made things easier for us to connect with our family, friends, and colleagues it has also increased our attack surface making us vulnerable online. As we start relying more on digitization for connecting with each other, we need a better way to identify ourselves digitally in various online scenarios. 

Identity Intelligence is a term that includes a wide range of solutions and systems designed to help businesses learn as much as possible about their users, customers, and partners. It includes identity management, identity governance, and identity risk management.

Crucial to Any Industry Where There Is an Age-Based Barrier 

The role of identity intelligence in online age verification is an essential one, as it is critical to any industry where there is a barrier based on age. With identity intelligence solutions, you can seamlessly conduct age verification in 4 easy steps.

This process is highly crucial for the financial industry (for example, preventing minors from accessing gambling sites), healthcare industry (ensuring patients do not access inappropriate websites), or offline industries like retail markets that want to prevent children from entering adult-only stores.

In order to prevent minors from accessing inappropriate content or products, it is vital that you build an effective identity verification system that matches each user’s identity with their personal data — including their date of birth — while also keeping them safe from cybercrime and fraudsters who seek out their information for nefarious purposes.

Provides a Risk-Based Focus 

Identity intelligence is a risk-based approach to identity management that’s designed to focus on the parts of your business where it’s most important, and in turn help you understand how much risk is involved. This means you can better understand the risk associated with each transaction, customer, or process.

For example, if someone tries to log into your web application from multiple locations at once (i.e., same IP address), it might be an indication of fraud. Actionable insights are generated based on an understanding of who has access to these systems and how they typically interact with them.

Offers Stronger Authentication 

Identity intelligence can help you provide stronger authentication.

• Identity intelligence can be used to authenticate users by leveraging their biometric data, or other information such as location and time of activity. This ensures that only the right people are able to access your organization’s resources, while also protecting against fraudsters using stolen credentials or identities. 
• Identity Intelligence can also be used as part of a multi-factor authentication process—for example, it could confirm if a user is enrolled in a MFA solution like Duo Security or LastPass Authenticator prior to granting access.
• In addition, identity intelligence can help you determine whether or not transactions are legitimate, and reduce false positives (the number of incorrect rejections). For example: if every transaction from China looks suspicious because it involves payments for Alibaba products, this could mean that fraudsters are creating fake accounts just for the purpose of buying goods there (whereas transactions from China might look more normal than those from other nations).

Can Be Applied to a Wide Range of Data Points 

Data points are a range of information that allows you to gain an understanding of the identity and digital footprint of your customers.

This can include:

• Biographical information, such as name or address
• Demographic data, such as age and gender
• Behavioral patterns, such as transaction history and online browsing habits

Identity Intelligence can be applied to all types of data points with many benefits. Firstly, it allows us to identify fraudulent activity in real-time, and secondly, it helps us understand our customers better so we can provide more personalized service.

Minimizing Cost and Disruption of Compliance Efforts 

When responding to compliance requirements, many organizations discover that the process is often disruptive to their business. It can require significant time and resources, cause workflows to slow down and even lead to data breaches. 

While identity intelligence helps you manage user access permissions and control who has access to sensitive information, it also provides the means for quickly identifying gaps in your security posture. 

The use of identity intelligence reduces both cost and risk by improving IT efficiency, enabling faster response times when managing incidents or conducting audits. 

Also, when combined with context-aware security capabilities like anomaly detection or machine learning algorithms that analyze behaviors over time and across multiple touchpoints (such as access logs), organizations can reduce costs by detecting issues before they occur rather than after damage has already been done.

Conclusion

Fraud affects everyone, but there are strategies and tools that can help you protect your business. Identity intelligence is one such tool, which offers multiple benefits like:

• Reduce the risk of fraud by identifying fake accounts before they become a problem.
• Stop fraudulent transactions and prevent them from happening again.
• Increase trust among consumers with accurate information about their identities as well as yours.

 There are so many ways you can protect your company from a loss of reputation and capital. For us, it comes down to this: digital fraud is real, and it will continue to grow, but with identity intelligence tools, you can take control of your own fate by defending against potential threats.