In the digital era, stealing individuals’ identities is not all that difficult for savvy hackers. In 2019 alone, it affected 13 million Americans with a combined $3.5 billion loss. Because of this, companies need robust identity verification and age verification processes.
In all industries, it is important to understand who you are doing business with. For financial, age-restricted, fantasy sports and gaming, high ticket merchants and software integration companies it is particularly vital.
To some extent identity verification and age verification requirements are universal. It is in the interests of all responsible companies to know who they are trading with. But specific compliance regulations vary by industry. Because of this it is important not to assume a broad brush approach.
In this article, we look at how ID verification services can help your business be more secure while not sacrificing processes or customer experience.
ID verification services galvanize financial institutions’ security infrastructure. Effective identity and age verification services enable rapid validation of consumer and corporate identities.
In turn, this reduces the risks associated with transactions. It also improves the ability to detect and react to fraud attempts, adherence to strict compliance requirements, and reduces overall transactional risk.
When selling age restricted products, it is vital to know exactly who your company is selling to. For these products, it is simply not enough to ask a customer to verify their age and assume they are telling the truth.
For products such as tobacco, alcohol, vaping and certain drugs, the burden of proof falls on the seller to ascertain the buyer’s true age and identity. Demonstrating this due diligence is made possible by ID verification services. This ensures that advertising materials and age restricted products remain accessible only to customers of the appropriate age.
Fraud and under-age gambling are two of the main problems faced by fantasy sports and gaming organizations. The dual goals of galvanizing security and strengthening your compliance with federal age regulations on gaming can be achieved with effective ID verification services.
ID verification can also contribute to reducing the higher levels of risk associated with certain transactions. No manual intervention is needed, and the process is completely non-intrusive for your customers.
Companies exporting high ticket items around the world are one of the main potential victims of identity fraud. Knowing the true identity of a client purchasing high value items such as luxury jewellery or furniture is a vital layer of protection against fraud.
Identity verification enables high ticket merchants to have more peace of mind when processing transactions and transferring funds. The process enables wealthy clients to benefit from a seamless experience, while protecting the merchant against fraud.
Identity verification services enables software integration companies to provide additional security layers within their programs. By incorporating the ID verification services into their software products, developers can provide in-built anti-fraud and user validation functionality.
For seamless integration, ID verification XML feeds can be setup within software products. User-friendly and customizable interfaces then provide access to the captured data. The end result is software programs with greater security credentials than standard measures.
As this article has outlined, companies in different industries have slightly different challenges to solve with identity fraud. But as fraud continues to grow, companies across all sectors are getting serious about taking action and shutting down weak points.
Good ID verification solutions provide a seamless and rapid means of further protecting your business. By only adding a small additional step to your order process, customer experience is uninhibited. But your business is protected, payments can be processed smoothly, and regulatory compliance is satisfied.
Find out more and apply online for our ID verification services.
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