Digitization has opened infinite avenues to socialize, shop, do business online, and even to pay bills. Yet it is equally alarming that most of our confidential detail are online, accessible to hackers. You will be shocked to know that every year, tens of millions of people are defrauded, and this number is growing fast.
However, the good news is, even the security measures are improving at an equal haste. At present, banks and financial institutions are keeping a tab over online transactions through digital verification codes.
In this article at Risk Management, Sarah Clark suggests a list of reliable digital verification tools to reduce the risk of fraudulence in business.
Growing online business transactions has increased dependence on IT, leading to a surge in corporate fraudulence. With over 90 percent of business records stored online, new technologies are taking the front seat to combat digital threats to confidential details.
With the sharp rise observed in hacking, it is essential for businesses to improve their methods to combat corporate fraud. Here is a list of tools they can use to guard transaction information:
- Sanction Check Tools: It helps in comparing potential customers with lists of hackers in the government records to detect fake customer profiles.
- Device Analysis: It helps in keeping a close watch on available device reputation data for risk assessment.
- Device Analysis: It analyzes the data of customer transactions to track uncommon customer behavior like trying to feed hypothetical location or wrong information. It can even track if a genuine customer’s account is hacked.
- Data Bureaus: Keeps track of customer information through diverse resources and maintains large customer database.
- Digital Identity Document Verification: This tool helps in scanning original customer identity proofs or documents like a passport, ID proof, etc. and immediately highlights the authenticity of documents.
- Biometrics: These devices identify and verify customers with facial recognition, fingerprint readers, or even by capturing sight.
Using all these tools with added reliable information from customers can help businesses to securely verify users and beat fraudulence. In fact, these tools enable users to observe customer buying behavior to offer better products and services, with improved customer relations. Follow the link below to read original article: http://www.rmmagazine.com/2018/03/01/fighting-fraud-with-digital-verification-tools/