The safety and security of consumer data is one of the top priorities for every company around the globe. Being able to guard consumer privacy plays a critical role in an organization’s ultimate success or failure. Customers put their trust in companies to protect valuable personal data such as credit card numbers and personal identifying information every day in order to complete transactions. However, without the proper security protocols in place, this data can be stolen by fraudsters or used to fraudulently access products and services. By taking a look at your existing security and fraud prevention programs, you will be able to key in on areas that can be improved, such as identity verification, so that instances of fraud are prevented and your business continues to thrive.
Hire the Right People
It is true that there are no shortcuts when it comes to the security of your customers’ personal data. At the core of this is us – the people we hire that gain access to this information and/or strives to keep it safe. In addition to investing in technological systems that deter fraud, you want to hire and train quality employees that have considerable experience in the industry. Since fraudulent activity continues to change with the times, your staff needs to be able to adapt your system to any new threats that arise.
Security Training and Implementation
Once you have the staff, you need to ensure that they are thoroughly trained on how to use your fraud prevention tools. This involves developing and implementing security policies and following the steps laid out for proper customer verification. If your team isn’t trained on how to use your system, you may not be able to keep customer data as well as their identities secure. One way to lower risk is to use an ID verification solution that requires a minimal amount of information from your customers along with a tiered user hierarchy. This way, sensitive data is not collected or accessible to employees that do not need access.
Use Multiple Layers of Security
Protecting customer privacy involves more than making sure that your customers’ data and identities remain intact. You must also confirm that your business goals are protected as well, ensuring that the most amount of legitimate customers gain access to your product or service, while still deterring the bad. Identity verification systems help you green-light more new customers and applicants so your business can grow. By enabling multiple layers of security and the ability to escalate to various levels of verification based on risk, you can ensure that the real customers are approved without friction and those with associated fraud flags are further examined. As a result, your customer experience levels will improve and you will be able to broaden your customer base.
Our ExpectID platform uses identity and age verification techniques to help your company mitigate fraud in countries all over the world. Building a solution that helps you meet your verification and compliance requirements gives you the peace of mind knowing that you have a thorough security program that protects customers, mitigates risk and deters fraudulent activity. For more information and to schedule a demo, contact a representative at IDology today by calling 866-520-1234.