At Ondato, we are always looking to improve the experience of our clients. As Identity Verification (IDV) is a process that requires a lot of resources, we are dedicated to making it as efficient and safe as possible. That is why we have added a biometric Stoplist option. Together with our documents Stoplist, it is a safe way to prevent repeat fraudsters from making several attempts to trick the system.

What is the Stoplist?

Stoplist is an internal database of known fraudsters designed to increase security. It allows companies to monitor the users that have been identified as offenders that broke the terms and conditions of the service. This means that any repeat offenders can be easily blocked from further attempts. 

Our Stoplist works in two ways: 

The document Stoplist allows companies to block fraudsters based on the documents they used in the past. 

The biometric Stoplist blocks fraudsters based on their biometric data. 

The Stoplist saves resources and minimizes the work for compliance teams. It can be enabled via your account in our OS and is able to monitor repeat offenders based on their documents or biometric data. It is completely internal, and each company decides who they want to monitor. The list is fully customisable and allows you to easily remove or include new individuals. 

As per our Identity Fraud Report, 3% of all fraud cases come from repeat offenders. This means that 3% of all fraud attempts could be prevented by Stoplist alone. 

What are Repeat Fraudsters? 

Repeat fraudsters are individuals who exploit weaknesses in the KYC process to deceive businesses multiple times. They thrive on constantly refining their tactics, finding loopholes in identity verification procedures, and using stolen or fabricated credentials to perpetrate fraudulent activities. The allure of repeat fraud is significant for these individuals, as they can exploit the same system repeatedly, making it harder for businesses to recognize them as fraudulent entities.

Why are Repeat Fraudsters an Issue?

Repeat fraudsters will attempt to essentially brute-force their way through the IDV process. This means they will make several attempts to pass IDV with the use of different documents, different pictures, and even different people. Although this does not mean that they will ever be successful, they do still pose a risk. Especially for companies that are still using manual checks to perform KYC compliance processes. As manual checks are subject to human error, it is possible that an agent could miss the signs of a repeat fraudster and let them through. 

One of the most challenging aspects of dealing with repeat fraudsters is their ability to adapt and evolve their techniques continually. These fraudsters are quick to learn from their previous attempts, making each subsequent fraudulent interaction more sophisticated and difficult to detect. Additionally, they often employ various methods, such as social engineering, phishing, and identity theft, to bypass KYC checks and gain unauthorized access to services.

It is also important to note that even though they are not guaranteed to be successful, these repeat attempts still waste the resources of the company. As each person attempting to pass the IDV process is checked diligently, they are taking up the time and resources of legitimate customers. 

How can the Stoplist Help?

The Stoplist can help companies prevent fraudsters from making repeat attempts and wasting resources. This eliminates ~3% of fraud with the click of a button and makes the jobs of compliance teams much easier. On top of that, it ensures fraudsters cannot use multiple attempts to try and learn how to bypass the system. It is the quickest and most efficient way to rid of repeat fraudsters in a few seconds. 

To enable our Stoplist for your company, all you need to do is contact our support team. 

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