Business managers recognize that allowing customers to quickly and easily set up a new account is critical to growing their business. However, the account creation process is not just the first impression customers receive from your company, it is also a central figure in your security program. Screening customers through a robust identity verification and fraud prevention platform helps you deter fraudulent activity that could end up putting your business as well as your customers at risk. Nevertheless, the majority of your customers are legitimate. Therefore, you want to make it easier for the good customers to access your services, while also protecting their privacy. IDology’s identity verification tools for businesses help reach this delicate balance.
Increasing Security & Customer Protection
The identity verification and fraud landscape is constantly evolving. On the one hand, new technology continues to come out that changes or impacts the way we do business – such as products or solutions that make things easier and more accessible to us as consumers. While on the other hand, as businesses innovate – so do fraudsters. Criminals are always finding new ways to get past barriers and fraudulently access products and services. And because of that, organizations must always be on the lookout for new ways to help protect their customers.
Putting an ID verification system in place that helps ensure that your customers are who they say they are helps mitigate this risk and protects your business from fraud. In addition, identity verification can be used to meet compliance regulations in your industry. This includes Customer Identification Program (CIP) and Know Your Customer (KYC) rules for financial services organizations.
Convenience for Legitimate Customers
However, the more barriers that businesses implement to protect both their customers and business from fraud, the more difficult it can be for consumers – the majority of which are legitimate – to access those services. We call those added hurdles, customer friction – any process that increases the amount of effort a customer must go through to reach an end goal. There is a fine line that businesses must walk every day to ensure good customers can easily access their service, while also keeping the fraudsters out. The goal of many organizations is to be able to reduce customer friction for the good customers and also deter the fraud.
At IDology, we believe in multi-layered authentication and being able to move to various levels of verification based on risk. For example, during the customer onboarding process, the good customers that do not have any associated fraud flags can be quickly and easily passed without any added friction. An account holder can also be escalated to a higher level of verification such as dynamic Knowledge Based Authentication (KBA) or a photo ID scan and validation session based on their risk profile (which is controlled by your organization).
Due to this, overall satisfaction increases, and your team is able to process more transactions by streamlining the process and eliminating the need for manual reviews. This creates greater convenience for your consumers.
Innovation and Collaboration
IDology’s identity verification solutions drive the highest number of legitimate customer activations, while deterring fraud and meeting compliance standards. This is done through an innovative approach that promotes collaboration across the IDology Network, in order to maintain high levels of security and protection for sensitive consumer account information. Finding the balance between security and convenience is made easy when implementing proven verification solutions that are powered by the latest practices and technology in the industry. Request a demo, and see how your business and customers can benefit from a more robust verification system, by calling (866) 520-1234.