Age verification and ID verification have never been so important. Electronic Verification Solutions (EVS) offer an effective way for firms to protect data, revenues, and reputation by authenticating customers’ identities. Find out more today!
In the digital era, the rise in identity fraud is rising both in number of cases and cost to victims. 2019 research shows an average of 15.6 million reported cases worldwide over the previous two years. The Insurance Information Institute also reports a loss to victims of $1.7 billion in 2018. Perhaps most concerningly, this figure increased twofold between 2016 and 2018.
The problem is also a significant one for US businesses. Research by the National Cybersecurity Society shows an increasing number of frauds cases in recent years. Because of this, it is vital to consider identity fraud in your firm’s wider cyber security strategy.
Trading with fraudulent customers has been known to affect firms’ cash flow, business debt, credit scores, and relationships with customers and suppliers. Safeguarding your business against fraud by verifying customers’ identities is therefore vital for business continuity and reputation.
Individuals’ identities are stolen and used by criminals to defraud legitimate businesses. With this false identity, they then fraudulently use this position to obtain funds, credit and services from businesses.
EVS systems provide a multi-layered approach to protecting your organization against identity fraud. They can be setup to integrate seamlessly with existing business process structures, while knowing your firm is in safe hands.
Good EVS systems provide the following business benefits. At the core, identity verification establishes exactly who you are doing business with. This significantly reduces the risk of fraud, and enables adherence to regulatory compliance obligations.
Another important reassurance that EVS provides is age verification. This service ensures that under-age individuals cannot purchase goods such as alcohol, medicines or other age-restricted products. With this reassurance, US firms can ensure that business reputation is upheld, and that they are in compliance with state and federal laws for age-restricted product sales.
Phone verification is also another dimension of EVS systems. Integrating this procedure within existing business processes enables quick and simple verification of a customer’s phone number. This can be achieved either through SMS verification, or through voice command.
Finally, EVS enables customer details to be checked against various Watch Lists. Whether at US federal level or internationally, the verification process is seamless. This protects your business against domestic or international fraud attempts. Well-integrated EVS systems achieve this peace of mind with no negative impact on business efficiency or customer experience.
EVS systems offer a number of benefits to businesses. With a robust system that can be seamlessly integrated into all firms’ existing processes and procedures, EVS gives the best of both worlds.
Great value is provided through competitive monthly price points and low transaction fees. The plans are also setup with no upfront charges, and no minimum spend thresholds to satisfy.
From a manageability point of view, the EVS system is able to carry out the full suite of checks via one integrated transaction. It can also be integrated into your existing business processes and systems, meaning you are not restricted to working in or creating alternative platforms.
With EVS, your business can reduce the risk of fraudulent or under-age customers and satisfy regulatory compliance obligations. Best of all, these benefits can be achieved without changing existing business processes or disrupting the buying experience of your legitimate customers.
Find out more and apply online for our ID verification services.
Free free to email info@NationalACH.com. Or call 866-ACH-7600 today.