LOUISVILLE, Ky. (August 31, 2010) - Fraud prevention is an active and complex topic of
discussion across many different industries, one that shows no signs of losing
the spotlight. Its easy to understand whyas more and more businesses and
financial institutions move their transactions online, the anonymous nature of
the Internet continues to enable fraudsters and identity thieves. Using
continuously evolving methods of stealing, hacking, and coercing personal
information from consumers and business persons alike, cybercriminals seem to
constantly remain one step ahead of those in the information security industry
and the fraud
prevention tools they develop.
In response to the widespread call for fraud prevention,
millions of businesses have taken the preventative measure of investing in fraud
prevention systems in order to keep their transactions legitimate and their
businesses compliant with all federal and international identity fraud and
money laundering regulation. However, these systems often only provide id
verification functionalityan incomplete solution that still leaves business
vulnerable. In this article, well explain why all fraud prevention systems
must have both id verification and id authentication functionality in order to
efficiently protect businesses and provide an adequate return on investment.
Verification Versus
Authentication
ID
verification is the process of checking to see if one or more points of
data are true. Anyone who has ever been asked to show a photo ID or passport
has had his or her identity verified. But, in a world where identifying
documents can be forged with amazing accuracy, it isnt enough to simply
request these documents. Additional steps must be taken in order to make sure
consumers are who theyand their documentsclaim that they are. ID
authentication is the process of asking questions, cross-referencing
trustworthy sources, or taking other additional measures of confirming
someones identity.
Benefits of
Authentication
Obtaining a fraudulent identifying document isnt difficult.
American teenagers have been able to acquire false drivers licenses for decades
or longer. But obtaining the detailed information necessary to pass a
comprehensive id authentication procedure is much more difficult. Social
security numbers, multiple current and past phone numbers, addresses, and other
identifying details require much more effort, risk, and strategy for fraudsters
to obtain. This national risk and higher cost eliminates a percentage of
criminals unable or unwilling to pay for such services the instant id
authentication is implemented. For those who remain, comprehensive
authentication measures can run a claimed identity through multiple domestic
and international watch lists with just a few clicks, immediately notifying
businesspersons if there is any risk of a consumers identity being
unauthentic.
Integrated ID
Authentication
ID authentication is a powerful functionality that should
play an integral role in every transaction your business conducts.
Authentication has documented benefits to your business, safeguarding your
investments by eliminating, preventing, and intercepting fraud before it
impacts your operations. It is an essential component to any fraud prevention
system. Now that most fraud prevention services include easy,
rapid-response authentication technology, theres no reason to put your
business and your consumers at unnecessary risk.
Electronic Verification Systems, an industry leader with
more than 10 years of id verification and id authentication experience,
specializes in integrating fraud prevention systems into established business
security structures. If youre concerned about staying protected against corporate
fraud both on and offline or reaching compliance with both the United States
and international regulatory bodies, we can help. We can implement
comprehensive due diligence and fraud prevention tools seamlessly into your
end-user experience for the very best in security and customer satisfaction.