ENHow to validate Proof of Life?
There are many institutions that offer pension as part of their benefits package. A pension is a coveted benefit to have after retirement, given that it provides steady income for the rest of the employee’s life, and in some cases, the benefits can even extend to spouses and other family members. Pension funds can pay millions in benefits to retirees each year so the opportunity for fraudulent practices is quite high for many reasons. To further complicate matters, the fact that many retirees often relocate to countries where communication channels are less than ideal, makes it even more challenging to ensure that the retiree is still alive and to confirm that they are in fact continuing to receive payments.
Once an employee is retired, a pension fund begins to distribute benefits to the retiree on a biweekly or monthly basis. Benefits are paid until such time when the retiree passes away and often a portion of the benefits are paid to named beneficiaries. To avoid or prevent fraudulent practices, pension funds require retirees to provide a “Proof of Life” or Proof of Attestation in order for the payment benefits to continue.
In many institutions, the “Proof of Life” process is so cumbersome that it only occurs once a year via a manual, paper-based process which requires a lot of time and resources and poses a high risk for fraud. To avoid an interruption of benefits, retirees are required to complete and notarize a “Proof of Life” form as proof that they are still alive. The form is then sent back to a Pension Administration team who manually reviews the documents to attest validity.
Unfortunately, the existing “Proof of Life” process used by many institutions is extremely resource intensive, unreliable, and vulnerable to fraudulent activities which can result in significant losses and serious repetitional risk. How does ID37 address the “Proof of life” challenges with pension funds?
Leverages retirees’ access via mobile technology to eliminate paper-based forms
Uses secured mobile biometrics to perform a liveliness validation that the retiree is alive and eligible to receive benefits
Provides the ability to perform a “Digital Proof of Life” validation via a mobile application within minutes rather than months
Ensures accuracy of data and identity by using proven biometrics technology
All transactions or attestations are stored in a pension analytics portal which allows an institution the ability to quickly audit the “Proof of Life” requirements
The analytics portal provides an easy to use tool to view all retiree previous attestations and flag future validations
Provides passcode, voice, and face recognition as well as other biometric capabilities for executing “Digital Proof of Life” quickly and accurately
The solution leverages blockchain technology to ensure data transaction integrity and security
Ensure compliance and reduce risk of fraud by implementing ID37 to ensure your clients can quickly perform a “Digital Proof of Life” attestation via their mobile devices or by simply calling a local number.
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