LOUISVILLE, Ky. (August 31, 2010) – Fraud prevention is an active and complex topic of discussion across many different industries, one that shows no signs of losing the spotlight. Its easy to understand why as more and more businesses and financial institutions move their transactions online, the anonymous nature of the Internet continues to enable fraudsters and identity thieves. Using continuously evolving methods of stealing, hacking, and coercing personal information from consumers and business persons alike, cybercriminals seem to constantly remain one step ahead of those in the information security industry and the fraud prevention tools they develop.
In response to the widespread call for fraud prevention, millions of businesses have taken the preventative measure of investing in fraud prevention systems in order to keep their transactions legitimate and their businesses compliant with all federal and international identity fraud and money laundering regulation. However, these systems often only provide id verification functionality an incomplete solution that still leaves business vulnerable. In this article, well explain why all fraud prevention systems must have both id verification and id authentication functionality in order to efficiently protect businesses and provide an adequate return on investment.
Verification Versus Authentication
ID verification is the process of checking to see if one or more points of data are true. Anyone who has ever been asked to show a photo ID or passport has had his or her identity verified. But, in a world where identifying documents can be forged with amazing accuracy, it isn’t enough to simply request these documents. Additional steps must be taken in order to make sure consumers are who they and their documents claim that they are. ID authentication is the process of asking questions, cross-referencing trustworthy sources, or taking other additional measures of confirming someone’s identity.
Benefits of Authentication
Obtaining a fraudulent identifying document isn’t difficult. American teenagers have been able to acquire false drivers licenses for decades or longer. But obtaining the detailed information necessary to pass a comprehensive id authentication procedure is much more difficult. Social security numbers, multiple current and past phone numbers, addresses, and other identifying details require much more effort, risk, and strategy for fraudsters to obtain. This national risk and higher cost eliminates a percentage of criminals unable or unwilling to pay for such services the instant id authentication is implemented. For those who remain, comprehensive authentication measures can run a claimed identity through multiple domestic and international watch lists with just a few clicks, immediately notifying businesspersons if there is any risk of a consumers identity being unauthentic.
Integrated ID Authentication
ID authentication is a powerful functionality that should play an integral role in every transaction your business conducts. Authentication has documented benefits to your business, safeguarding your investments by eliminating, preventing, and intercepting fraud before it impacts your operations. It is an essential component to any fraud prevention system. Now that most fraud prevention services include easy, rapid-response authentication technology, there’s no reason to put your business and your consumers at unnecessary risk.
Electronic Verification Systems, an industry leader with more than 10 years of id verification and id authentication experience, specializes in integrating fraud prevention systems into established business security structures. If you’re concerned about staying protected against corporate fraud both on and offline or reaching compliance with both the United States and international regulatory bodies, we can help. We can implement comprehensive due diligence and fraud prevention tools seamlessly into your end-user experience for the very best in security and customer satisfaction.