In today’s highly connected and digital world, the possibility of your customers becoming victim to identity theft is a very real and serious threat. Fraudsters looking to steal identities are becoming increasingly more skillful in their ways and the results can wreak widespread havoc for both your customers and your organization.
Fraud associated with identity theft affects millions of people every year. This can distress your customer in many different ways, but oftentimes, there is a financial loss associated with identity theft. It is important to be aware of this possibility and to protect your customer’s identity from being stolen.
We recently launched a blog post discussing how to protect your customers from identity theft. Today, we are introducing a new infographic called “Protecting Your Customers From Identity Theft”.
Click on the image to view the infographic >
Here is a quick recap on steps you can take as an organization to help stop fraudulent transactions and protect your customers from identity theft:
- Utilize comprehensive identity verification and fraud prevention solutions to ensure your customers are who they say they are. This can be accomplished during account opening, for high-risk transactions, in a call center environment or wherever your organization may need to reduce loss and mitigate risk.
- Employ dynamic decisioning to make judgments based on the composition of the identity. By taking a look at more than just a “match/match” or “pass/fail” result, you can effectively analyze the composition of an identity and deter fraudulent transactions.
- Obtain a higher level of verification when needed. For example, when suspicious identity attributes are present, utilize dynamic Knowledge-Based-Authentication (KBA), i.e. Out-Of-Wallet questions to execute a series of multiple choice queries that only your actual customer would be able to answer.
- Use your own internal data to verify a customer. You have a ton of valuable information on your customers. Previously, there was no easy way to systematically use this information in your authentication process. However, now there are solutions out there like IDology’s ExpectID Customer Based Authentication that allow you to generate your own KBA questions using proprietary data behind your firewall.
- Automate and improve your manual review process. It is no longer sufficient to obtain a fax (that could have been easily tampered) of a customer’s driver’s license or passport. By utilizing a solution that allows a customer to scan a photo ID and confirm validity, along with performing additional checks not only reduces fraud, but also improves customer experience and acquisition. Check out our new IDScan solution for more details.
- Partner with an innovative identity verification and fraud prevention solution that can quickly and easily evolve as the tactics fraudsters utilize change. See how IDology can help your business by scheduling a personalize demo today!