Almost 1 in 3 Americans have experienced identity theft, and 2022 was the second-highest year of data compromises. This means preventative fraud measures are more important than ever to bolster consumer trust and security and save money: identity theft cost US businesses $56 billion in 2021. Identity verification tools enable financial companies to mitigate losses from fraud while improving user experiences and reducing the risk of fraudsters stealing consumers’ private information.
With sophisticated attacks evolving, identity verification solutions must be more accurate, efficient, and user-friendly than ever before. This is especially true for fintech providers, which need to ensure regulatory compliance and secure consumer interactions across a variety of online services.
Prevent Fraud with Identity Verification: Secure Transactions and Accounts
Prevent fraud with identity verification are using the latest technology to steal private information and money. From fake IDs that impersonate real people to create a digital persona, to biometric data taken from stolen devices, it’s easier than ever for criminals to commit fraud against consumers.
In addition, consumers’ perceptions of how well a business responds to fraud can greatly impact loyalty and retention. A recent survey by Javelin Strategy & Research revealed that 20% of consumers who experience fraud close their accounts and move to competitors as a result.
With the rise of identity verification as a service (IDVaaS) and AI-powered face recognition, companies can leverage these technologies to improve their fraud detection capabilities while providing a better experience for users. A robust IDV process can be applied at signup, login, transaction, and beyond to verify identities while ensuring compliance and building trust in user engagement.…