{"id":8186,"date":"2023-07-14T14:17:25","date_gmt":"2023-07-14T18:17:25","guid":{"rendered":"https:\/\/evssolutions.com\/?p=8186"},"modified":"2024-03-04T19:48:03","modified_gmt":"2024-03-05T00:48:03","slug":"protecting-online-transactions-the-basics-of-electronic-identity-verification","status":"publish","type":"post","link":"https:\/\/evssolutions.com\/insights\/protecting-online-transactions-the-basics-of-electronic-identity-verification\/","title":{"rendered":"Protecting Online Transactions: The Basics of Electronic Identity Verification"},"content":{"rendered":"\t\t
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The rise of ecommerce has provided incredible opportunities for businesses to reach larger audiences, scale their product lines and generate more revenue, but it also presents unique challenges. Due to its reliance on digital payment processing, ecommerce poses a greater challenge when it comes to determining the identity of online customers. These customers aren\u2019t standing in front of you in a brick-and-mortar store, able to produce a driver\u2019s license to verify who they are; instead, they are inputting identifying information about themselves to make a purchase and relying on electronic identity verification to protect their transactions.<\/p>

At EVS, we specialize in electronic identity verification\u2014but what exactly does that mean, and why should it matter to your business? The online verification industry often uses technical jargon that grows and evolves rapidly alongside the digital landscape, and if you\u2019re new to the ecommerce world or simply trying to increase your company\u2019s fraud prevention strategies, it can be hard to keep up. To help you understand the basics of electronic identity verification and how they apply to your business, EVS has put together this step-by-step introduction.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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What is electronic identity verification? <\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Electronic identity verification is a detailed process businesses use to authenticate customers\u2019 personal information, both for the protection of the customer and the protection of the business. Personal information could include the customer\u2019s name, address, phone number, email address or date of birth, which is checked by an identity verification system to authenticate a person\u2019s identity. This fraud prevention process helps ensure that customers\u2019 personal and financial information is kept safe and is shared privately between the customer and the intended business. Identity verification is also used to verify employees and other company stakeholders to make sure they are onboarding and conducting business with legitimate people who are not involved in illegal financial activities.<\/p>

There are several types of electronic identity verification methods to make sure customers are who they say they are. Businesses that want to protect their online transactions often partner with electronic identity verification providers like EVS to determine what identification methods are best for their fraud prevention needs.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Who needs electronic identity verification? <\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Because cybercriminals have developed such sophisticated and varied methods of stealing identities and infiltrating payment processing, every industry is at risk of identity fraud. To combat fraud attempts, the Financial Action Task Force (FATF) has set international standards for every industry. These standards, often known as Know Your Customer (KYC) and Anti-Money Laundering (AML) laws, are mandatory regulations that can be met using electronic identity verification.<\/p>

Without identity verification for fraud prevention, cybercriminals will continue to target and attack your business and your customers. While some industries are more likely to be targeted than others, all sorts of online businesses and industries use electronic identity verification, including:<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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