Identity verification software (IVS) can play a critical role in your company’s fraud prevention efforts. By analyzing all of the data that is collected on customers and employees, you can identify fraudulent transactions before they happen and prevent account takeovers. But even if you’re already using an IVS to fight fraud in your business, you may not be taking advantage of all its capabilities. Here are four ways to use identity verification software that you didn’t haven’t considered.
Fast and accurate IDV
You should always strive to achieve fast and accurate identity verification (IDV). This is no easy feat, but it can be done with the right tools. It’s important to remember that IVS is just one method of achieving this goal; there are many ways for you to use IVS to your advantage.
Fight fraud with AI and biometrics
With AI, you can detect fraud before it occurs. Many companies are already using machine learning algorithms to look at patterns in behavior and flag suspicious activity. For example, if a company sees that customers are presenting more than one credit card as a form of payment or numerous requests for address changes, they may be able to identify potential vulnerabilities in their system. This allows them to take action before any damage is done.
AI can help prevent fraud by comparing the identity of a customer against an existing database of known criminals or those who have been previously flagged as high risk for fraudulent activity based on their past purchasing behaviors or account history. If there are no matches on either side of this comparison then no further action is taken. However, if there is a match then further verification steps may be required before completing the transaction. In addition, once these initial checks have passed then any subsequent attempts at accessing accounts will trigger alarms which could then lead back into another round of checks where appropriate.
Protect against business risk
Identity verification software can help you to protect against business risk. Any company needs to verify the identity of its customers so that they are not defrauded or have their money stolen by fraudsters. The risk of identity theft increases each year, as hackers become more advanced in their methods and technology becomes more accessible. This means that businesses need to be vigilant about their digital security practices if they want to stay safe from cybercriminals.
Deploy IVS in your customer journey
The next time you think about deploying IVS, don’t just think about adding it to your new customer onboarding process. Consider also deploying IVS in any one of these areas:
New customer onboarding: IVS can help you verify identity at the beginning of the customer journey when a new customer is applying for credit or financing with your business
Existing customer onboarding: If you already have an existing relationship with a customer and they return to make another purchase (or several purchases), they may be able to use their existing credentials to make those purchases without requiring additional authentication
Returning customer verification: If you want to re-engage your former customers by reminding them of their past purchases, using IVS will help ensure that they are who they say they are so that you can appropriately reward them for their loyalty
If you’re looking to improve your customer experience and protect against fraud, then IDV software is a great option. Technology is constantly evolving and becoming more accessible, so there’s no time like the present to get started. Take advantage of the above tips and start implementing them as soon as possible.