Well… of course, right? These sizeable businesses in most cases are structured to comply with a variety of rules and regulations – CIP, KYC, OFAC, FFIEC and the list goes on. Furthermore, they are also some of the most common targets for fraud and making the necessary changes to halt the shifting tactics criminals use is a constant challenge.
Why do large enterprises use identity verification? TechValidate, a third party research organization, recently conducted a survey of our trusted and valued customer base. One of our customers, a Large Enterprise Financial Services Company, responded that they use identity verification in the following ways:
View the validated response here. These motives for pursuing identity verification were reiterated by all large enterprise organizations that participated in the survey.
The Risk Manager at one Large Enterprise Professional Services Company commented about how they use identity verification; “We use IDology’s service throughout our department. We have had a positive impact in two fashions, the first is we are able to verify and approve more good orders, secondly, we are able to identify and stop fraudulent transactions.” (View the validated response here)
The Application Manager the Enterprise Financial Services Company mentioned above notes; “We’ve been able to provide a high quality out-of-wallet or knowledge-based-authentication solution to our customers with minimal effort and superb customer service.” (View the validated response here)
Large enterprises realize that there is a strong business need to protect themselves from fraud, identity theft, hackers, data breaches, and other security risk exposure. All while ensuring compliance and maintaining a customizable and smooth user experience.
Utilizing a real-time ID verification and fraud prevention platform to drive revenue, decrease costs and mitigate risk is critical within large enterprise organizations and helps them build increased confidence with their customers.
Check out the complete Large Enterprise Financial Services company case study here.