This past week, the Whitepages Pro team attended LendItFintech in San Francisco for the second time. The Whitepages Pro booth was fortuitously set up right next to the stage in the middle of the convention, which gave us the chance to learn a lot about emerging fintech, blockchain, and lending startups. With the continued growth of new fintech options, there was a common question asked of us as we walked around the floor and spoke with people at our booth: What makes Whitepages Pro special?
First and foremost, we have 20 years of data experience delivering real-time, accurate, and robust global data. Secondly, our sources are thoroughly vetted, third-party verified, and we never use free APIs or scraped data to build our solutions. Here are few other key reasons online lenders turn to us for our identity data to use in their models and workflows.
Our data links traditional + digital identity signals
Throughout the conference, the importance of using identity verification upfront for benefits downstream was an ongoing theme. Our Identity Check product covers the 5 core elements of an identity: email, phone, name, physical address, and IP. If you enter those as inputs, we’ll provide you 70+ data signals around those elements, such as phone to name match, email first seen date, IP geolocation, and prepaid phone status—creating a clear picture of the story behind an identity.
Our data provides hard ROI in the fight against fraud
As fraud has become more sophisticated, perpetrators will often provide accurate details about the identity they’ve stolen except for a different phone and/or email address. This enables them to be the main point of contact for a loan while still presenting the facade of a valid identity, whereas the more advanced fraudsters will create phone numbers with similar area codes and use VPNs to spoof the location of their IP.
By using a combination of traditional and digital identity signals at the top of your funnel, the small disparities in a synthetic identity become glaring risk flags. Our identity data is delivered in fractions of a second, which allows you to quickly reduce or add friction to your underwriting process for any specific applicant or lead. This reduces the cost per fund and increases conversions, while providing an excellent customer experience.
Our network and Confidence Score
Another hot topic from the LendIt conference centered around scores, their value to the industry, and the different approaches to creating networks/consortiums to fight fraud. During the last panel we attended at the conference, a representative from One World Identity (a marketing research and consulting firm in the identity space), mentioned that the network solution effect is driving double digit ROI for fintech companies and lenders.
There is no question of the value to the fintech space by networks and the scores they produce —the question is more about the data science used to power the scores—namely, the blacklisting technique vs. more dynamic techniques that leverage the power of machine learning. The problem with the blacklisting technique is that oftentimes there is no clear indication of whether a default is due to credit risk or fraud risk. Additionally, victims of synthetic identity theft can fall prey to these techniques, being wrongfully rejected and putting the lender at risk of FCRA violations.
The Whitepages Pro’s Confidence Score leverages millions of transactional patterns across our network and Identity Check’s 70+ data signals to deliver an actionable score on both ends of the spectrum. Quality data, sophisticated data science, and our machine learning expertise, enables our score to constantly learn and adapt, helping online lenders fight fraud and find good customers.
We had a great couple days at the event and look forward to continuing conversations with many online lenders that we met. To learn more about how online lenders are winning with exceptional customer experience without falling prey to fraud, download our latest online lending eBook or contact one of our online lending data experts for a free ROI analysis.