Conducting business with customers over the phone or online poses unique challenges when it comes to ensuring that the customers are who they say they are. As more and more fraudsters focus efforts on virtual tactics, it’s necessary for organizations to put programs in place in order to obtain identity assurance and stop fraud.
A multi-layered approach to identity verification lets legitimate customers in while keeping fraud out. In addition to driving revenue by increasing approval rates and customer acquisition, enhanced verification measures help organizations meet compliance standards and minimize risk. Ultimately, identity assurance allows these groups to meet their business goals.
What Is Identity Assurance?
Identity assurance is the ability for an organization to determine, with some level of certainty, whether or not a consumer is legitimate. This involves the ability for companies to approve, deny or escalate a transaction for further review based on several factors including identity, activity, device and location based attributes and fraud flags.
Practical applications that require identity assurance include the following:
- Account openings
- Account modifications
- Access grants
- Medical records access
- Tax refunds
- Order processing
- Regulatory compliance
Are There Different Levels of Identity Verification?
Simply put: yes. At IDology, we believe in multiple layers of identity verification that can be met by organizations based on the level of identity assurance needed. For example, some businesses may only need to confirm that a customer’s identity is real and presents no fraud flags during a transaction. In other situations, such as when dealing with high dollar or high risk transactions, you may require higher levels of verification in order to ensure that someone is who they say they are. Not only does this help with deterring fraud and protecting your organization, it also strengthens your Customer Identification Program (CIP) compliance and allows the industry as a whole to become more secure.
IDology offers a range of ID verification solutions to help businesses achieve their verification goals.
Learn more about the entire ExpectID suite of verification products and see how to get the highest levels of identity assurance for your organization by contacting us today at (866) 520-1234.