It’s no secret that the mobile marketplace is gaining popularity. From consumers snapping photos of their checks to deposit, to companies allowing individuals to pay for merchandise with nothing but their smartphone, it’s becoming easier than ever to deposit money, pay for items and even send money to friends and family. This also means, however, that there are new opportunities for criminals to take advantage of the system and utilize stolen personal data to create and access falsified accounts.
Identity verification in the mobile space can be tricky, especially as organizations work to reduce customer friction, because the majority of consumers want the speed and convenience a mobile device offers. By leveraging a multi-layered identity verification system, IDology’s collaborative fraud prevention network and a robust mobile identity solution, these organizations are able to ensure they are working with legitimate customers and eliminate fraud.
Multi-Layered Identity Verification
Organizations must employ a range of verification techniques that will establish the identity of an individual. A multi-layered verification system goes far beyond simple username and password combinations, which do nothing to stop fraudsters from creating new accounts using stolen personal information.
Instead, a multi-layered solution provides additional security, based on risk profiles. This means that organizations can green-light legitimate users more efficiently while employing verification escalation based on their own fraud indicators, if needed. In the mobile industry, this translates to enhanced fraud prevention and improved ease-of-use for legitimate customers.
Collaborative Fraud Prevention Network
A collaborative fraud prevention network is essential in the mobile industry as it allows organizations to join together to eliminate threats to consumer privacy and boosts fraud prevention measures. Fraudsters target a wide range of companies at any given time and entire industries must be able to quickly detect and deter fraud. Fighting the battle against fraud in real time is challenging, which is why collaboration in the mobile industry is vital.
Robust Mobile Identity Solution
Of course, organizations working in the mobile industry must have an identity verification solution that is optimized for the unique requirements of mobile commerce. ExpectID Mobile from IDology is unique in that it allows a business to verify an identity based on a persistent mobile identifier that combats advanced techniques used by fraudsters.
ExpectID Mobile gives companies added confidence during the verification process because the mobile identity created for a legitimate user is based on multiple mobile-specific and identity attributes. When paired with a multi-layered verification system and IDology’s collaborative fraud network, companies are able to do more to ensure that legitimate customers can freely access products and services, while keeping fraudsters out. Contact a representative at IDology today to learn more about the fraud prevention and ID verification tools available for the mobile industry by calling (866) 520-1234.