Fraud prevention plays a critical role in an organization’s overall success. Moreover, businesses are increasingly liable for the privacy and protection of consumer data – which could include personal identifying information, payment information, behavioral data or financial account credentials. However, with the surge in data breaches and identity theft, consumer information is becoming progressively more and more compromised. So, how do organizations gain confidence that the person attempting to access their product or service is actually that customer and not a fraudster using his or her data?
Organizations have a responsibility to ensure that they are working with legitimate account holders and prospective customers during every interaction. This is especially true when you have identity verification needs in customer-not-present scenarios as fraudsters are targeting these types of organizations – stealing consumer identities and committing fraud. Criminals continue to get more sophisticated, requiring companies to always innovate. Ensuring that “John Smith” is actually John Smith, and not a fraudster, can be done in a number of ways.
Identity Verification Methods
In order to deter fraud, it is necessary to find a solution provider than will accurately and efficiently establish the identities of your consumers – all while reducing overall customer friction. The IDology solution offers robust identity verification processes and a fraud prevention platform that enables dynamic decisioning to deter fraud, drive revenue, decrease costs and meet compliance standards.
The IDology platform provides a comprehensive ID verification process and enables organizations to escalate to various levels of verification based on risk profile. IDology solutions include:
Anticipating Fraudulent Activity
It is one thing to be able to keep fraudsters at bay. It is quite another to be able to keep those activities from happening in the first place. IDology’s ID verification and fraud prevention platform acts as a hub for monitoring and stopping fraudulent activity – before it even occurs. Organizations gain insight into what the data really means so they can detect trends and make changes to business rules on-demand in order to prevent fraud.
Taking the Next Steps
In order to know what is working for your business and how your verification techniques can be taken to the next level, contact us to learn more about your options. Whether you are interested in robust fraud prevention, knowledge-based authentication, or another identity verification service, our experts can help tailor a system to help your organization achieve its unique set of goals. Contact us online today, or call 866-520-1234 to set up an online demo for your team.