Chatting with a customer in front of you? Talking to one on the phone? You need to know your customers are who they claim to be.
Somehow, business has moved beyond the trust we once placed in eye contact and a firm handshake. Businesses are ripped off daily by people using false or stolen identities.
You need to ensure your customer are who they claim to be
Fraud takes many forms, but in commerce, it often centers on identity verification. The tens of billions in losses suffered by consumers and businesses center on the sales transaction where the check or credit card offered is fake, false, or stolen.
Chip technology and better check processing systems have helped businesses. But, the criminals have a knack for coming up with an offense to test your defense. Mason Pan and Allanna Skeels, writing for Forbes, suggested a positive way of looking at the problem despite the threat; “For executives seeking to increase the competitiveness of their business, preventing fraud and its impacts in a cost efficient and effective way presents a major opportunity to grow the bottom line.”
Using identity verification
When you can no longer trust your eyes, you must invest in identity verification. Identification verification is a tech system that makes instantaneous, real time calls on customer identity. There was a time when, if merchants were in doubt, they could call the bank to verify the check presented. But, crime and technology are well beyond that.
Contemporary businesses, concerned about their ROI and business future, use ID verification systems to confirm the identity of the customer. It does so much more than compare a person’s appearance with their driver’s license.
The best identity verification system puts your business on the defense. It features ID Verification and Document Verification as well as Identity Verification.
- Artificial Intelligence and computer optics decide if the ID document presented belongs to the user. After capturing image of both sides of a document, the system extracts the necessary data and verifies it against secure sources. And, it does this in real time.
- Document Verification invites customers to scan their paperwork, creased, crimped, or crumpled. Power bills, paystubs, bank statements, and more, customers can confirm their identity instantly.
- Identification Verification ensures the customer in front of you is the person they claim to be. Using facial recognition and other metrics, it enables a comparison between a selfie and the ID picture. But, it also tells you if that person truly before you has a history of fraud or identity crime.
Securing Your Gains
No business is truly local anymore. Business is more competitive than ever, and that leaves you exposed at the center and edges of your operation. This need is bigger than the transaction base at a florist, restaurant, or other small business.
Banks, for example, must comply with Federal regulations on new customer accounts. As NetworkWorld confirms, “Payment processing companies must meet strict Know Your Customer (KYC) regulations.” Employers must verify the identify of new employees. And, more and more businesses deal in a “customer not present” basis in this world of global e-commerce.
It’s enough to drive a business owner to the best possible system, one that is scalable to future growth.