Identity Verification – Balancing Security and Convenience
With over $200 billion dollars spent online yearly in the US only, internet transactions are booming and showing no sign of slowing down.
Doing business in a customer-not-present environment provides significant revenue opportunities but at the same time possess lot of risks. Verifying that you are dealing with a legitimate, real person substantially minimizes these risks and also gives you the opportunity to drive more revenue without worrying about fraud.
Fraudsters constantly try to find new ways to access your systems. However, a secure fraud prevention system could prove to be difficult for legit consumers too. Therefore, organizations must balance security with convenience – enabling robust identity verification processes that ensure access to good customers deter the fraudulent ones.
Identity verification in the electronic sense, also called identity “proofing” or “vetting”, is used to confirm an identity in a scenario when the individual is not available physical to present an Identity proof. In these cases, most organizations require a real-time process that validates the personal information provided by the individual.
Benefits of having an ID verification process in place:
- Drives revenue through faster transaction approvals
- Improves customer satisfaction by requiring minimal personal information from potential and current customers
- The number of orders processed increases when manual review processes are eliminated
- Protects the company from the potential access and misuse of customer data by employees
- Businesses get flexible control to change rules and approval criteria settings
- Move quickly up to a knowledge-based solution when needed
- Offers strong analytics for detecting and preventing fraud
How ID Verification prevents fraud:
- Receive more information than ambiguous numerical scores
- Detect discrepancies with an identity
- Gain better insight into the risks associated with an ID
- Dynamic decision making to identify and deter fraudulent activities
ID verification solutions are used by financial services, organizations and leading brands across the globe to create trust in the digital channel for safe data onboarding, rapid money movement, and efficient user authentication. Leading corporates trust identity verification because it keeps them in compliance with ever increasing and stringent KYC (Know your customer) and (AML) Anti-Money Laundering regulations being imposed around the world.
Now that you know how important ID verification is, you probably realize that this process can only be as good as the data it uses. Consumer data is the most important component of ID verification and the accuracy of your results depends entirely on the quality of the data that you feed into your system. If your company is looking to enter the verification world, make sure you get in touch with a reputable company in order to get started.
Our (FrescoData’s) goal of providing a global real time and online verification capability can help you meet your online or offline goals. We are aware that each project has its unique requirements, so please call us to see if we can be of any assistance.