{"id":4722,"date":"2012-04-25T18:33:00","date_gmt":"2012-04-25T18:33:00","guid":{"rendered":"https:\/\/evssolutions.com\/third-party-id-verification-vendors-are-more-important-than-ever\/"},"modified":"2012-04-25T18:33:00","modified_gmt":"2012-04-25T18:33:00","slug":"third-party-id-verification-vendors-are-more-important-than-ever","status":"publish","type":"post","link":"https:\/\/evssolutions.com\/insights\/third-party-id-verification-vendors-are-more-important-than-ever\/","title":{"rendered":"Third Party ID Verification Vendors are More Important Than Ever"},"content":{"rendered":"

As financial institutions gain
\nmore money to put towards fraud prevention measures, they need to take caution
\nto ensure that these funds are put to good use. As discussed in the blog Increased
\nFunding for Fraud Prevention: Whats the Allocation?<\/a> many banks have
\nalready planned out how they are going to distribute the increased budget.
\nExperts such as Shirley
\nInscoe<\/a> believe that banks are not allocating the new budgets in a way that
\nwill survive the long term goal. Many companies are putting money towards
\nresources that will help them comply with the FFIEC guidelines, but do no
\nsupport ongoing security. Even though this helps with meeting standards, it
\ndoes not enforce practices that make security a priority. Banks may only be
\ninvesting in solutions that solve short-term fraud
\nprevention<\/a> goals because they feel overwhelmed or too busy to look into a
\ndeeper strategy.<\/p>\n

It is important for organizations
\nto take the time to think about their security measures as a long-term priority
\nthat affects all stakeholders. They need to ask themselves is this going to
\nhelp my company in 5 years? 10? before investing in a compulsive solution that
\nmay only help prevent fraud for a few months or years. Michael Wyffels stresses
\nthe importance of fraud
\ndetection<\/a> over the obsession of fancy technology. Part of preventing fraud
\nis detecting it. Both experts favor the use third party and out-of-brand vendors
\nthat provide ID
\nverification<\/a> and authentication. Wyffels believes third party security
\nprocessors help to detect cross channel fraud and Inscoe urges banks to find
\nvendors that can help detect multiple types of fraud before it affects multiple
\nchannels. ID verification and authentication companies help prevent fraud by
\ndetecting it early on. To help strengthen long-term security measures, make
\nsure your organization has a strong relationship with an ID
\nverification and authentication company<\/a> that will help make your security
\ntheir priority. <\/p>\n

<\/p>\n

[Contributed by: EVS Marketing]<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

As financial institutions gain more money to put towards fraud prevention measures, they need to take caution to ensure that these funds are put to good use. As discussed in the blog Increased Funding for Fraud Prevention Whats the Allocation?<\/p>\n","protected":false},"author":40,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[35,37],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/posts\/4722"}],"collection":[{"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/comments?post=4722"}],"version-history":[{"count":0,"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/posts\/4722\/revisions"}],"wp:attachment":[{"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/media?parent=4722"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/categories?post=4722"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/tags?post=4722"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}