Identity information from Superannuation and Payroll data sources
IDMatrix now includes identity verification based on superannuation and payroll data, held by Industry & Retail Superannuation Funds and Administrators, as well as Payroll Service Providers and Employers. The total coverage of these sources is over 58% of the Australian working population, covering millions of individuals. This additional search can be used to complement existing data sources available through IDMatrix and improve match rates.
Enabling Super & Payroll search in your IDMatrix will give you access to new demographics especially from individuals that have not been recently credit active.
Key Benefits
- Match rate uplift for young employed individuals who do not have an active credit file; individuals that are new to Australia; and older individuals that are no longer credit active but are still contributing to superannuation funds
- Data is updated weekly, fortnightly, monthly and quarterly
- Regulated data sources that can also be used for AML/CTF purposes
- Low friction verification for digital businesses that mostly require email or mobile number verification
- Soft employment check, by verifying an individual’s employer ABN
- Opt-in and configurable fraud assessment, based on multiple data points
How it works
By providing name, date of birth, address, email address, mobile number and/or employer ABN a check will be performed against a superannuation dataset as well as a separate payroll dataset. The inclusion of both datasets significantly improves the match rate, and IDMatrix will return the results of the KYC (Know Your Customer) as well as any potential fraud indicators.
IDMatrix is flexible based on each business’ risk profile and offers customers configuration options that allow only one of the datasets or both of them to contribute to the overall outcome.
Read this article to learn more about: How Identity Verification with Super and Payroll Data can be a step towards Financial Inclusion.
Click here to have one of our Fraud & ID specialists contact you.