Banking

Improving the customer experience without sacrificing security or privacy

Transforming Account Recovery for Banks with Verifiable Credentials

Indicio Proven provides comprehensive Verifiable Credential solutions for rapid, remote onboarding, seamless account access and reusable (with expiration) Know-Your-Customer (KYC) checks.

By issuing a biometric template as a Verifiable Credential, institutions have a powerful way to verify liveness without having to store biometric data — and they can implement simple, instant workflows to defeat AI-generated identity fraud

Account recovery made easy

Indicio Proven offers an innovative, decentralized identity solution that transforms account recovery by leveraging verifiable credentials within a digital wallet. This solution enables secure, frictionless identity for quick account recovery while reducing operational costs and improving compliance readiness.

How It Works

1. Issue a Recovery Credential:

Upon account creation, the bank issues a recovery Verifiable Credential (VC) to the customer. This credential is stored in the customer’s digital wallet within their banking app. The credential is cryptographically secure, private, and tamper-proof.

1. Self-Service Recovery Process:

If a customer needs to recover their account, they simply present their VC via their secure digital wallet. The bank verifies the credential providing instant and reliable credential validation, no knowledge-based authentication (KBA) or passwords required.

1. Enhanced Security Measures:

Biometrics can be bound with the Verifiable Credential for added security, ensuring compliance with banking regulations.

Why Indicio Proven?

• Interoperable: Compatible with major digital wallet providers and existing banking systems.

• Scalable: Handles large-scale deployments across multiple branches and regions.

• Customizable: Tailored technology selections to fit specific regulatory and operational needs.

• Proven Expertise: Trusted by industry leaders, including SITA, IATA, and governments, for its secure, scalable verifiable credential solutions.

Challenge: Stress-free account recovery in banking

Account recovery is a critical process for financial institutions, yet it often causes frustration for customers and operational inefficiencies for banks. Traditional recovery methods rely heavily on outdated mechanisms such as knowledge-based authentication (KBA) and manual identity verification, which introduce challenges:

• Compliance Strain: Regulatory requirements around data privacy and security intensify the need for robust and auditable solutions.

• Customer Friction: Long wait times and multiple verification steps create frustration, reducing customer satisfaction and loyalty.

• Security Risks: KBA and other traditional methods are vulnerable to fraud, phishing, and social engineering attacks.

• Operational Costs: Manual verification processes demand significant resources and time, driving up costs for banks.

Benefits for Banks

Streamlined Customer Experience:

Eliminates lengthy manual verification steps, enabling near-instant account recovery. Reduces frustration and improves customer satisfaction. Enhanced Security:

Cryptographic verification significantly reduces the risk of fraud and phishing attacks. Decentralized identity ensures that sensitive customer data is not stored in a centralized database, minimizing the risk of breaches. Cost Savings:

Automating the recovery process reduces operational overhead, allowing staff to focus on higher-value tasks. Regulatory Compliance:

Indicio Proven’s decentralized identity framework aligns with privacy laws such as GDPR and CCPA, ensuring secure and auditable processes.

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