April 2, 2024
By Nick Peddy

How CLEAR Verified Secures Payments To Prevent Fraud

With global payment fraud reaching $40 billion in 2022, it's crucial for financial institutions to adopt robust security measures. 

The rise of instant payments and other enhanced customer experiences has opened new avenues for fraudulent activities. Peer-to-peer payment fraud, in particular, has seen a staggering 90% annual growth rate. Fraudsters are also leveraging Generative AI to orchestrate more intricate and harder-to-detect attacks, further compounding the risk to financial institutions. 

That’s why we created CLEAR Verified—the universal identity platform for financial services. 

Our verifications leverage cryptography, machine learning, and authoritative corroboration to verify live users. This multi-layered approach reduces fraud exposure and defends against sophisticated attacks with Generative AI.

Businesses can design their integration with the level of fidelity and the fraud prevention tools that are right for them—including fraud screening, biographic verification, document authenticity checks, and liveness. We assess identity across a number of different vectors and do not rely on one type of verification alone. 

In addition to mitigating fraud, CLEAR Verified helps build trust in two ways—you can trust that your users are who they say they are, and your users can trust that you’ll handle their money securely.

How can CLEAR Verified work to protect against payments fraud? 

CLEAR's reusable verified identity, confirmed at enrollment and authenticated at payment, adds a seamless layer of security that protects businesses and fosters customer trust. By taking a simple selfie, users can verify their identity, ensuring their money is safe and secure. Verification also works for both sender and receiver use cases, safeguarding against bad actors transferring money from compromised accounts or users sending money to unintended recipients. 

How it Works:

CLEAR's verification and authentication processes integrate seamlessly into existing systems. Institutions can set their own fidelity rules, ensuring users are only verified when they meet the required criteria.

If you’re interested in how your business can leverage CLEAR Verified’s reusable identity to build trust and help prevent fraud, schedule time with our team.

*Mastercard, 2023 **FTC, 2024

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