Preventing fraud is no longer a secondary objective for companies. As criminals shift tactics in order to gain access to financial accounts and services, companies are realizing their increasing responsibility to fight fraud and protect consumer privacy. And unfortunately, fraudsters know no geographic boundaries and focus on multiple organizations, making it harder for individual companies to become aware of new threats. It has become quite clear that in order to effectively stop fraud, an entire collaborative network is needed. By joining together, organizations can improve their identity verification efforts and approve legitimate customers more efficiently while also mitigating the risk associated with fraud.
The Benefits of Working Collectively
Fraudsters are undoubtedly targeting more than one company at any given time. Because of this, IDology established the IDology Collaborative Fraud Network which enables companies to detect and deter fraud – not only across their organization, but also across an entire industry. Through collaboration tools built directly into the IDology Fraud platform, our customers can leverage the power of the network as well as robust ID verification solutions to significantly lower fraud rates, in real time. By taking this proactive, visible, and collaborative approach to fraud prevention, IDology has helped coordinate the fight against fraud for organizations across multiple industries.
With a robust, on-demand platform, IDology’s solution allows customers to make informed and dynamic decisions during various parts of the customer life cycle. This is all done in a way that also reduces friction for legitimate customers so that they can easily access products and services with minimal interruption. This allows companies to boost the acquisition of legitimate customers and drive revenue. This is accomplished by escalating suspected cases of fraud only when needed, and reducing the time and resources expended during the verification process.
Taking the Next Steps
Attempted fraud is on the rise. However, these acts and their effects on organizations can be prevented if we work together. Implementing an enhanced identity verification platform not only reduces risk, it also makes it more difficult for fraudsters to use a stolen identity for their financial gain.
Find out more about the IDology Collaborative Fraud Network in our new Leadership video featuring John Dancu, CEO of IDology.