Online businesses are at a crossroad these days. The number of online sales is raising but so are the cases of online identity theft and the number of cashback requests as well. The statistics clearly go through the roof for identity fraud as not only fake personal and financial information is being used to incur losses of millions but the account take over trend is also on the rise. Bank accounts and credit card accounts have been taken over by digital scammers to not only cause financial losses to account holder but creating a nuisance for the online service providers as well. There are many ways in which companies can ensure that their customers do not fall prey to Identity theft, especially because of the accounts they have with these service providers. Some of them are mentioned below:
Top Notch Data Security Protocols
With dark web-based black markets showering gold on data hackers for their success to break into the data servers of large internet corporations, it is high time that Internet-based businesses start taking online data security seriously. Substantial investments are needed to be made to secure the personal data of the customers who have trusted this online company with their personal information in order to avail the services that they have to offer.
Identity Verification Checks
Online businesses really need to take help from technological advancements to check identity theft at work in their own backyard. There are several third-party KYC service provider that provides the best chance to these online businesses to secure not only their services from identity thieves but also safeguard their customer’s identity as well. Automated Identity verification solutions, some even using Artificial Intelligence, make it virtually impossible for scammers to use fake or stolen information to avail any kind of services. Some of the the verification services that can help online businesses to quickly verify user are:
- Face Verification
- Document Verification
- ID Verification
- Handwritten Note Verification
- 2 Factor Authentication
Multiple Approaches
It cannot be stressed enough that no business can succeed in securing the identity of its customer by one single method. There is going to be multiple approaches and strategies to be followed to implement a viable identity theft protection. Desktop, as well as mobile based verifications, are needed to be observed and the user experience cannot be compromised in the name of identity proofing.
So apart from removing all weak links from the chain of data security, a company needs to track down the most reliable KYC service provider as well that can check the identity of incoming users without causing any bottleneck or bad user experience. A combination of identity checks can be performed to track down the true identity of a user. A top-rated ID Verification service such as Shufti Pro offers multiple verification services such as biometric verification, ID verification and AML compliance to check the identity of a potential customer for all kind of financial and identity-based risks. Restful API and mobile SDKs of Shufti Pro makes things easier for Shufti Pro customers as well.
