As technology evolves, the number of outlets to share
personal information increases, raising the level of vulnerability to ID theft
and fraud. Companies now need to reevaluate their fraud prevention measures to make sure those measures are in co-ordinance with changing
technology. More importantly, companies need to consider the fact that cyber-security
and traditional fraud prevention may need to be treated as different entities.
These two issues, while very closely related, do face different obstacles making
it essential to examine each one separately. You may be surprised to find that
one may need more service than the other, especially depending on the industry
and consumer.
In an interview with John Carlson, Background Intelligent Transfer Services (BITS)
VP of Cyber-security and Fraud Prevention, he discusses the issues around cyber-security
and identity proofing.
Identity-proofing, also known as know your consumer (KYC), helps to prevent
fraud especially in situations where you never meet the consumer in person. ID
verification and authentication play a huge role in ensuring that someone is
who they are claiming to be. Increasing these KYC efforts will also help to
prevent against fraud, primarily online. As mentioned in Social Payments Pose New Security Threats, security in cyberspace is more
important than ever before now with the existence of mobile payments, social media
payments, and the use of cloud servers. In addition to these new platforms,
constantly changing authentication guidelines, rules, regulations, and requirements make it even more
difficult to keep up with fraud prevention.
Collaboration with your third party vendors, in-house
security department, and clients is the one of the important variables to
remember when re-evaluating your security measurements. Solutions may vary for
different consumers, in different industries, using different platforms. Using
EVSs ID verification and authentication will support your companys fraud
prevention needs in tandem with cyber-security and KYC.
