Trusona Announces Major Enhancements to its Industry-first AAMVA-based Driver's License Identity Verification Service
SCOTTSDALE, Ariz., July 30, 2020 /PRNewswire/ -- Trusona, the pioneering leader in passwordless multi-factor authentication and identity solutions, today announced key enhancements to its industry-first identity proofing service that utilizes data from the American Association of Motor Vehicle Administrators (AAMVA). The service is the only one to utilize patented anti-replay technology, delivering an even more powerful method to accurately verify users and reduce synthetic ID fraud. Additionally, the service has been successfully deployed nationwide by one of the largest U.S. banks to reduce account opening fraud.
With cybercrime rising amidst a growing dependence on remote and digital avenues, organizations are tasked with finding effective ways to prevent fraud. Trusona's identity proofing service utilizes AAMVA's DLDV (Driver License Data Verification) service to quickly and accurately verify the true identity from a U.S. driver's license using a state's DMV without storing any personally identifiable information (PII). Enterprises can embed this service into their web applications or mobile apps, for use both in-person or remote. From new account openings to high-value transactions, Trusona's identity proofing service with AAMVA has reduced synthetic fraud, facilitated eKYC compliance and increased customer satisfaction for some of the largest financial institutions.
The enhancements to Trusona's identity verification service include:
According to McKinsey & Company, "synthetic ID fraud is the fastest-growing type of financial crime in the United States"1 and LexisNexis Risk Solutions found "61% of fraud losses for [large] banks stem from identity fraud [and] 20% of the identity fraud incurred by these larger banks is synthetic identity fraud."2
To learn more about Trusona's identity proofing solution that utilizes AAMVA's DLDV data, please visit https://www.trusona.com/aamva.
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