Every
year numerous fraud cases are revealed and made public. This puts more pressure
on financial institutions, payment processors and even retailers to perform due diligence in order to
regulate and help prevent fraud. Fraudulent activity will continue to grow with
consumers heavy dependence on the ease and convenience that payment card
technology provides. This dependence makes fraud prevention hard to achieve when the regular use
of debit cards incidentally leads to identity theft and major losses for all
parties involved.
A data
breech in your system can expose thousands of customers payment information. Once
that data is exposed, criminals can then take it and use it for fraudulent
activity. Not only do those fraud losses come directly from your customers
bank accounts but data breaches also hurt your companys reputation. Conducting
reviews of internal systems and data for trends indicative of large-scale fraud
is one preventive measure.
Keeping
your data and customers information out of the hands of criminals should be a
top priority. Regardless of the industry you work in, identity verification and
authentication can be that extra barrier to preventing fraud. Whether you need
to process transactions, screen potential applicants, transfer funds, avoid
high-risk transactions or just comply with federal regulations, EVS has the
best solution for you. Protect your company and customers with effective
solutions like IdentiFraud and IdentiFlo.
[Contributed by EVS Marketing]
