Honey Badger

Age Verification

Administrator

Age verification is a critical component of the Know Your Customer (KYC) processes, primarily used to prevent underage individuals from accessing age-restricted products and services. This guide will explore why age verification is essential, which organizations use it, the challenges it presents, and the friction it can cause in customer experience.

Importance of Age Verification

  1. Legal Compliance: Many industries are legally required to verify the age of their customers to comply with regulations.
  2. Preventing Underage Access: It helps in restricting access to age-sensitive content, products, or services like alcohol, tobacco, gambling, and adult content.
  3. Maintaining Reputation: Organisations can maintain their reputation by adhering to ethical standards and legal requirements.

Organisations Using Age Verification

  • Financial Institutions: Banks and other financial services use age verification to ensure customers are legally eligible for certain products.
  • Online Retailers: Especially those selling age-restricted items like alcohol or e-cigarettes.
  • Gambling Sites: Online casinos and betting platforms are legally required to verify the age of their participants.
  • Adult Content Providers: To comply with legal requirements and ethical standards.
  • Social Media Platforms: Some may use age verification to restrict access to mature content.

Challenges in Age Verification

  1. Accuracy and Reliability: Ensuring the age verification process is accurate and able to reliably confirm an individual’s age.
  2. Data Security: Safeguarding sensitive personal information collected during age verification.
  3. International Compliance: Dealing with varying age verification laws and standards across different jurisdictions.
  4. Technological Limitations: Keeping up with the evolving technologies used for age verification.

Friction and Customer Dropouts

  • User Experience: A cumbersome age verification process can lead to a poor user experience.
  • Delay in Service Access: Delays in verifying age can frustrate customers, leading to impatience and potential dropout.
  • Privacy Concerns: Customers may be hesitant to share personal information, leading to reluctance in completing the process.
  • Technical Difficulties: Issues like software glitches or incompatibility can impede the process.

In summary, age verification is a crucial step in the KYC process for many organisations, ensuring legal compliance and ethical business practices. While it presents challenges and can potentially add friction leading to customer dropouts, adopting streamlined, secure, and user-friendly verification methods can mitigate these issues. Ensuring a balance between compliance and customer experience is key to a successful age verification strategy.

How can Honey Badger help?

Use Honey Badger to run silent age verification checks using the information stored on file by mobile network providers. Requiring only a customer’s phone number and date of birth, Honey Badger will perform a real-time lookup against the verified and trusted information that mobile networks already have stored on file. This process happens instantly and without any friction for the user. To find out more visit Honey Badger’s Risk Insights page.

 

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Account Servicing

Stop fraud and improve customer experience during account servicing by eliminating SMS One Time Passwords (OTP). Instead, leverage phone based SIM authentication which involves comparing data generated by the Mobile Network Operator (MNO) with mobile device session data. This provides a foolproof way of proving that an individual is in possession of their two-factor device.

Benefits

This new approach to authentication isn’t susceptible to SIM swap attacks and doesn’t require the user to enter a password. Ultimately, account takeover attacks are blocked, while customer experience is improved and the time taken to service a request us reduced.

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Contact Data Cleaning

Contact Data Cleansing verifies that the contact and personal information you hold isn’t out of date or inaccurate. Data is compared against the information held on file by Mobile Network Operators (MNOs). Whether processing a single record or sanitising thousands of records in batch, you’ll quickly identify bad data.

Benefits

The case for maintaining up-to-date records goes way beyond good practice for compliance and regulatory reasons. It’s critical to ensuring customers are contactable. Furthermore, it reduces security threats by ensuring communications aren’t sent to the incorrect individuals.

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SIM Swap Detection

SIM Swap Detection is a critical step in stopping account takeover. Why? Because account takeover attacks commonly exploit the ease of which a phone number can be stolen by simply assigning it to a new SIM. This allows bad actors to intercept communications, such as SMS one-time-passwords (OTP), which are used by 93% of enterprises worldwide to verify customers.

Benefits

SIM Swap Detection instantly and silently checks the history of a SIM card to see when it was last swapped. Recent swaps indicate high risk of fraud, allowing you to take appropriate action, such as failing verification or requesting additional security procedures are followed.

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Social Trace

Social Trace significantly reduces the risk of losing contact with your customers by diversifying communication channels. Simply drop the Social Trace widget into your onboarding workflow and allow customers to connect one or more social channels with just a click.

Benefits

Lenders who capture social channels are significantly less likely to lose contact with their customers. Why? Because different demographics prefer to engage over different channels. This is particularly important when it comes to collections. Initiating contact over different channels increases your chances of getting a response, which in turn increases the likelihood of resolving late or non payment. 

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Mobile Fraud Check

Mobile Fraud Check allow you detect fraud indicators using data provided by Mobile Network Operators (MNOs). Key checks include device overseas, call forwarding, SIM swap, a high risk number database lookup and much more.

Furthermore, Mobile Fraud KYC allows you to verify a person’s firstname, lastname, date of birth and postcode against the data held on file by MNOs. Since MNOs conduct their own KYC checks on new customers, it gives you the ability to match personal information you collect against a trusted and verified source.

Benefits

Mobile Fraud Checks happen instantly and with zero customer friction. The data held by MNOs is often more recent and reliable than other data sources and a level of granularity is provided,  allowing you to see how many and which KYC fields matched.

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Mobile Data for Credit Risk

Mobile Data for Credit Risk delivers the data required to predict credit risk based on a persons mobile phone information. Key data attributes include the network provider, line type, and KYC match information. Working in partnership with lenders we’ve been able to clearly identify correlations between this data and the likelihood of a loan going into arrears.

Benefits

Open Banking Vs Mobile Data. Which is the most effective in predicting bad borrowers? A recent project with a UK lender compared a risk model built with Open Banking against a model built with Honey Badger’s Mobile Data. The results showed that both models outputted almost identical risk scores. The difference? Mobile Data could be deployed immediately with no customer friction required to calculate a risk score.

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Geo Authentication

Geo Authentication™ provides frictionless identity verification that reduces abandonment rates. Users simply select images that they recognise from nearby to their address. In built anti-fraud controls ensure that valid users can complete the challenge whilst bad actors are blocked.

Benefits

Leading lenders such as Amplifi Capital use Geo Authentication during applications as an alternative to more intrusive identity verification checks, such as document uploads, that cause high friction and lead to increased dropouts. Completion rates with Geo Authentication are 28% higher and have subsequently helped drive an increase in revenue for the business.

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