One of the greatest approaches to fight fraud would be to have a proactive approach. Yet some business professionals genuinely believe that fraud detection software is the sole form of software tool available (or necessary) to fight fraud. Certainly, detection through monitoring can play an important role in your anti-fraud program, but it puts you in a reactive mode. Instead, you should take efforts to better know the folks and companies with whom you choose to do business. In other words, do that which you can to greatly help prevent fraud from occurring in the initial place. Better anti-fraud programs will combine ongoing due diligence with monitoring, and the area to start has been identity verification tools.
There are a number of reasons that you should know your customers. First, it is a good business practice. You are able to help prevent being connected with deceptive individuals, and that will save you money. This kind of relationship can cause direct losses from this business deal, but it may also tarnish your company's name, sending your good customers scurrying to the competition. Second, knowing your web visitors allows you to focus on those products or services that best meet your customers' needs. By doing those activities well, you are able to build (or enhance) a competitive advantage. Furthermore, some companies face regulatory requirements to recognize their customers. For instance, certain financial institutions are susceptible to regulations calling for Customer Identification Programs (CIP), and certain financial institutions are susceptible to the newest Identity Theft "Red Flags" Rules. Many banks collect documents like a birth certificate, passport, driver's license, or some other government-issued ID to greatly help begin a customer's identity. The chance is that personnel might not have the ability to spot counterfeit documents or fraudulently obtained physical documents. Ensuring your employees are well trained is critical, but what happens when an unfamiliar identification document is presented to your employee? Clearly, the risk of fraud is higher, and some fraud begins with an employee unknowingly accepting counterfeit documentation.
Among the most used approaches to augment identity verification processes would be to compare data supplied by the potential customer against public records to see if you will find any discrepancies. This "non-documentary method" might be very time consuming if not for software solutions that may help you streamline the process. In reality, using identity verification software, this work can frequently be completed within seconds.
Identity Verification Software
Identity verification software is made to help you quickly and effectively verify the identity of your prospective retail and commercial account holders ํ ํ ๋จนํ. That is your proactive step to preventing fraud: recognize the deceptive individuals before the fraud occurs! ID verification software may also help you investigate possible fraud scenarios by helping you confirm whether your customer is the actual owner of a Social Security number (SSN) and by detecting potential synthetic IDs. In addition to the prospect of identity verification solutions to confirm a real identity, additionally it might be configurable to do a custom hotlist check for individuals that may seek to disguise their identity by using an alias or different address.
