“Innovation is the specific instrument of entrepreneurship…the act that endows resources with a new capacity to create wealth.” ~Peter F. Drucker
Innovation is defined by the Merriam-Webster Dictionary as the “introduction of something new” or a “new idea, method or device”. Innovation can be found everywhere. We live in a society that is surrounded by innovation – from large companies like Apple, Google and Facebook, to small and medium sized organizations – all revolutionizing the way we do business and even live our lives.
One area that we have seen substantial innovation in recent years is in facilitating customer-not-present interactions and commerce. Our society is growing more and more connected every single day. As a result, businesses are now increasingly interacting with their customers where neither party is physically located at the point of transaction. With this comes substantial opportunity for organizations – but also a lot of complications. We recently published an infographic called “The Evolution of Global Verification” that addresses some of these complications and how identity verification has grown into a global process.
As businesses evolve – so do fraudsters (and not always in that order). Fraudsters are constantly changing their tactics, so it is imperative that organizations do as well in order to stay ahead of new fraud trends. Here are two best practices to implement in your business in order to employ innovation to fraud prevention:
So, keep on innovating…it is an essential element in stopping fraud in your business. IDology is constantly innovating and will continue to expand the services we provide. Please contact us for more details on our latest innovations!