Deterring Identity Fraud with Improved Identity Verification Methods

Deterring identity fraud can be challenging, which is why many organizations turn to robust identity verification programs to authenticate the legitimacy of customers. As fraudsters access an organization’s products and services in increasingly sophisticated ways, companies must constantly monitor for new fraud trends in order to limit their exposure to new tactics. While attempted fraud cases may be on the rise across all industries, organizations can still improve their ID verification and fraud prevention efforts to help minimize fraud.

Fraudsters Target Website Applications

In IDology’s 2014 Fraud Report, which surveys a range of companies that conduct business online, 86 percent of survey respondents said that suspected fraud was most prevalent within website applications. As customers become more and more comfortable sharing personal information online (ex: social engineering, phishing), fraudsters have also become better at using this identity information to defraud organizations.

 

Businesses must gain confidence that the good customers are getting in while fraud is prevented. Implementing dynamic identity verification systems that encompass collaborative and robust fraud prevention processes and multi-layered authentication ensures that legitimate customers are cleared with minimal friction, and fraudsters are deterred.

Shifting Tactics Prove Challenging

Respondents to IDology’s fraud report survey show they are highly aware of various challenges that organizations face when working to prevent fraud. Seventy-three percent of respondents say that shifting tactics used by fraudsters is the biggest challenge they face, up from 60 percent in 2013.

Businesses must constantly innovate to combat the countless methods that fraudsters employ to access their products and services. In addition to educating consumers on these tactics, organizations need to have an on-demand and highly configurable ID verification and fraud prevention solution that allows for real-time changes and updates. Tailoring a fraud prevention program for your business’s requirements allows you to identify and eliminate potential fraud threats and stay ahead of the game.

Easy Implementation, Compliance, and Review with IDology

IDology offers customers multi-layered identity verification and fraud prevention solutions. The ExpectID system is easy to implement and gives organizations flexible control to change rules and fraud settings when needed. Additionally, IDology helps drive revenue through faster transaction approvals that eliminate the need for lengthy and costly manual review. Legitimate customers are verified quickly and easily, while transactions that require further review are escalated based on the criteria a company selects. Strong analytics from the system allow companies to detect fraud more confidently and take steps to prevent it in the future. IDology customers rank some of the top benefits of ExpectID as: ease of implementation (50 percent), successfully meeting compliance regulations (40 percent), and reduction in manual review (40 percent) .

A risk analyst for a financial services organization recently described IDology thusly: “IDology has been a vital asset for our business in monitoring and detecting fraud. The implementation of the ID Scan feature has been a great addition to the feature set that we use on a daily basis.”

To learn more about IDology’s ID verification platform, schedule a demo by calling 866-520-1234 today.

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