How can electronic identity verification protect you from identity fraud?
Identity fraud is constantly evolving. The number of cases of identity fraud recorded grew by nearly a quarter – 23% - in 2022. Over 277, 230 cases of identity fraud were recorded in 2022, accounting for 68% of cases on the National Fraud Database last year, and an 84% rise in false, synthetic identities. It represents a significant threat to any business regardless of sector, client base and geographical location.
How do you protect your business from identity fraud?
Consider, how do you verify your client is who they say they are? How do you verify that the document provided to you as part of your client due diligence process is not a fake and that it hasn’t been lost or stolen?
Electronic identity verification can protect you against the risks when combined with risk-based ongoing monitoring throughout the relationship. Giving protection to your staff, your reputation and ultimately your revenue.
Why should you rely on electronic verification?
Document fraud is increasingly complex and continues to evolve.
Thirdfort’s Standard ID utilises a best-in-class screening too. Using it can protect you against the five most common types of document fraud. It uses real-time data to check whether the document your client has presented is lost, stolen or has been implicated in identity fraud in the past.
Whilst you may think you can spot a fraudulent UK passport, how confident would you be in assessing a passport from the United Arab Emirates or Japan? Standard ID can help here too. It covers over 100 jurisdictions, opening up lots of potential, scope and opportunity to work with clients from around the world without waiting for certified copies.
Just because you’ve verified the document itself it does not mean that the person presenting the document is the legal holder. That’s why you need to layer your approach, considering the additional risks. One extra step you could take is by adding facial biometrics to your electronic identity verification. This additional layer of verification protects against impersonation. It ensures that the person presenting themselves to you is one of the same individuals as the person who provides the identity document.
Biometric verification combined with document verification allows you to act with confidence, knowing that the document is genuine and that the person presenting the document is the legal holder.
Forward-thinking regulated businesses are embracing the protection offered by technology.
By using simple, user-friendly ID and AML solutions like Thirdfort Standard ID in the mio sales management hub, you can successfully navigate the evolving regulatory landscape and fraud risks, and complete your transactions faster.