The use of the internet has become prevalent around the world. And, while going online can, in many ways, make life much easier, there are also concerns that arise. As technology has evolved, cunning fraudsters have been able to take advantage of both businesses and consumers operating in this customer-not-present environment – leading to increased incidences of cyber-crime and identity theft.
Cyber-crimes affect millions of people every year and the financial damage as a result of these crimes can be costly. Therefore, organizations both large and small have enabled comprehensive identity verification and fraud prevention practices in order to protect their business as well as their customer’s identity.
Identity verification has evolved greatly since the creation of the internet. Businesses must now be able to verify legitimate identities both nationally and internationally. This infographic demonstrates how identity verification has evolved into a global practice.