“Know your customer” has always been crucial in preventing fraud and identity theft. Today, as governments mandate identification compliance and other regulations increase, there are even more compelling reasons for organisations to know who your customers are.
The growth of identity theft and concern for data security is driving the belief that greater legislation is needed to prevent fraudulent activity. Although most businesses already perform some type of verification as part of their customer identification, it may not be enough to protect your business and your customers in today’s environment.
Many experts feel that the industry is vulnerable, and businesses should take action to review and revise current processes. This is being driven by concern for consumer privacy rights, an issue that has become even more sensitive in this new regulatory era. At the same time, financial fraud is changing, requiring a new approach to avoid losses and protect consumers.
The good news is that by strengthening verification procedures, organisations can be less exposed to fraud — especially if verification is part of a more comprehensive fraud prevention process. To successfully detect and prevent fraud, we advise a more in-depth approach compared to the standard identity verification process:
- Incorporate more information into the decision-making process,
- Breakaway from conventional thinking. Traditional verification processes do not identify fraudulent applications.
- Dive deeper to verify identity beyond using driving license confirmation or other single source pieces of data.
- Look for inconsistencies among all of the data available, not just in specific areas.
With the right tools and processes in place, you can reduce fraud within your business and protect your customer’s information, while maintaining a positive customer experience. At the same time, using industry best practices can help your business comply with regulations, as well as reducing the need for further additional regulation.
With over a decade of specialising in identity verification, we design and build solutions that enhance business efficiencies, lower costs and deliver accurate data in real-time. We will work with you to understand what is vital to your business and curate a solution that meets your requirements.
Give us a call today to discuss how we can support your business through the delivery of an end to end solution.