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Reduce Fraud, Increase Revenue: Verifying Your Customers Identities is Easier than You Think

As a business owner, manager, or leader that works with the public, it’s important — both for your business’ reputation and your customers’ protection — that you continuously and consistently verify the identities of the customers that you are working with.

In this day-in-age, fraud runs rampant, especially digital or cyber fraud, and running the extra few defenses against this possibility can do wonders for your reputation, your business, and your clients’ confidence in you. Cyber crime, such as fraud and identity theft, is anticipated to reach up to $6 trillion annually by 2021, according to Customer verification services can help reduce the risk of your company being a target for fraud or cybercrimes.

You can reduce fraud at Netverify through a few simple practices — so simple, in fact, you probably could have thought of them yourself.

This article will discuss the basic cyber-security tips and three easy ways you can verify your customers identity.

1- Document Verification

Document verification is a trusted, online service that allows your organization to compare a customer’s identifying information with government, or other official records. You can reduce fraud with document verification practices. This practice allows you to easily and securely allow customers to perform a high quality scan of their identifying documents –even crumpled documents — using their smart phones. This data can then be acquired, extracted, and verified from other supporting documents like bank and utility statements. This is the additional layer of identity proofing your company needs, and one of the best ways you can reduce fraud.

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 2- Identity Verification

This service is something offered by a company that helps businesses ensure that the customers they’re working with are associated with the actual identities and identifying materials they’re using. You can reduce fraud with identity verification to ensure the person behind the transaction is both present and who they say they are. These practices will use things like biometric facial recognition, live detection, and even live verification experts to compare a selfie of the customer to the one that they’ve provided with their ID. Typically, companies will run ID proofing checks, validity checks, liveness check, and database checks as part of the identity verification.

3- ID Verification

With a mix of artificial intelligence, computer vision, and ID experts, your company can reduce fraud. This sort of verification process can help you determine if an identity document (such as a government issued ID) is both authentic and belongs to the user who is presenting it. Processes such as these allow your business to acquire the visuals of the ID, extract the data from it, and then use numerous platforms and strategies to verify it.

Identity Verification and Your Company: It’s Easier Than Expected

Working with a company that can help you verify your customer’s identities can save your business’ reputation and protect your other customers all at once. With the implementation of simple practices like ID Verification, identity verification, and document verification, you can battle and reduce fraud.

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Get the latest news, resources and tips to help you and your small business succeed.