Why Identity Verification Should be in Your 2013 Budget

  • Fraud Prevention, Identity Verification

The holidays are on everyones minds with all the major ones quickly approaching. As consumers begin their frantic scramble to be prepared, companies are doing the same. It seems that regardless of the industry, Q4 is always the busiest time of the year. With the digital revolution nearly in full swing, activity online during Q4 is going to increase rapidly. From online banking to shopping online, many consumers will be turning to their computers and mobile devices to take care of holiday errands. This is prime time for online hackers and identity thieves to make their move as consumers share out their personal information online more than ever. Most will get their errands completed with no issues; while some will be hit with identify theft like one of our team members did last week.

While shopping and To-Do Lists are on the mind of consumers, businesses should have their 2013 planning and budgeting in the works. Those who have strong fraud prevention solutions already in place should continue investing their time and resources into keeping their consumers and business safe. Companies who do not have any fraud prevention measures currently integrated need to understand the importance of online security in planning for 2013. In efforts to understand why identity verification and authentication should be in any companys 2013 budget, we interviewed Jeff Davis, President and CEO.

What has been the biggest threat to companies this past year that has led them to EVS?

Merchant charge backs online from stolen credit cards. Thieves are getting very tricky and able to work around multi-factor authentication and other basic account info.KBA out of wallet authentication is showing to be the best method to stop online fraud.

Why is fraud prevention so important going into 2013?

Economic conditions are leading to an increase in fraudulent activity. With businesses dealing with low volume/margins and unemployment over 8%, fraud is increasing while businesses are less able to absorb the losses.

How much is enough? If companies are looking into implementing identity verification and authentication next year, where should they start?

Start with building a solid, upfront enrollment process to weed out false identities. Verify people when they walk in the door, then you can trust them down the line. After that, look at trends and identify fraud through variances.

What about the small guys? With start-ups being more popular than ever, how can they protect themselves online in 2013?

Same as above. Ensure only the right people are allowed in.

Why is 2013 the year for better online security?

Now more than ever, fraud is becoming more prevalent and it's most commonly simple ID theft.

[Contributed by EVS Marketing]