5 Ways Identity Verification Can Benefit Your Business
Identity theft is becoming remarkably common at an alarming rate. It is estimated that every two seconds, a person becomes the victim of identity theft. The consequences of identity theft are huge and devastating for individuals as well as corporations. 1.4 million crimes in 2018 were fraud-related which led the consumers losing about $1.48 billion related to fraud complaints, an increase of $406 million from 2017.
This shows that identity theft is a huge issue and one way to mitigate it is by using robust identity verification solutions to have more security and protection to your data and account. Hackers are smarter than ever and with every advancement in security, hackers develop more advanced ways to circumvent that technology. This is why its imperative to not only have robust identity verification solutions but also update your verification solutions.
1. Fraud Mitigation
Fraud and related crimes have been on the rise directly proportional to technological advancements. With the passage of time, more advanced and sleek ways of doing frauds are invented by hackers, and fraudsters and it becomes harder for people to remain secure. According to the Office for National Statistics, a person is way more likely to be a victim of fraud or cybercrime than of any other offense. According to this study, there were 6 million crimes excluding fraud and computer misuse but when these two are included, the number alarmingly rises up to 10.5 million. This is why it becomes highly imperative for people and enterprises to protect their systems from fraud. This is why identity verification solutions play their part. Through robust identity verification, fraud prevention is obtained as most people do not wish to commit fraud under their own identities. It is obvious that systems and businesses with zero to less fraud prevention solutions will not be secure as compared to businesses with robust verification solutions.
2. Trust and Safety
This is the era in which customers appreciate transparency and they want to trust the enterprises they are doing business with. This is why the ability to seamlessly establish and sustain trust is the determining point for success or failure. This is more important for platform businesses that create meaning and value by promoting connections, interactions and transactions between end-users or between end-users and businesses. Trust can be achieved by showing the customers your business is serious about identity verification and takes proper steps to mitigate it.
3. Proper Age Verification
When it comes to age-exclusive products and services, it becomes imperative for these service providers to have robust age verification solutions. This is mainly because under the Digital Economy Act, the Offensive Weapons Act, and other relevant regulations, it becomes crucial and necessary for online retailers to have age verification solutions. This is mainly to avoid the sale of these products and services to underage kids and minors.
4. Regulatory Compliance
As mentioned above, there are a number of regulations that forbid the sale of age exclusive products to minors. Similarly under the Know Your Customer (KYC) regulations, it becomes obligatory for businesses to know who their clients are and whether they are who they say they are. This can be achieved through robust identity verification. For financial institutions and banks, it is mandatory to have anti-money laundering checks as well. This is done to ensure the clients are not involved in financial crimes like money laundering, tax evasion, terrorist financing, etc.
5. Brand Protection
Having a reputable name for your brand is extremely important and valuable. There are a number of perks that come with the good name of the company. In order to show a trusted persona to the customers, it is important that your business has robust security measures in place. This is why its imperative to have identity verification solutions for brands and businesses.
Identity verification has a number of advantages and the most important of them is the quality of security and level of protection it provides. Businesses and enterprises throughout the world are integrating identity verification solutions in their businesses to ensure a more secure system for themselves and their customers.