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Recently, more companies have turned to online methods to improve their everyday operations. The adoption of new technologies offers numerous benefits. For example, removing the necessity for physical documentation makes certain processes faster and more efficient.
However, many businesses are still unaware of the new dangers that have presented themselves as online systems replaced their traditional counterparts. By going online, opportunities have been created for fraudsters that businesses must be aware of. This has become apparent in one area in particular – identity fraud.
Isn’t it time to ensure you know your customers are indeed who they say they are?
Last year, Cifas revealed cases of identity fraud increased by nearly a third over the five previous years. If your business deals with customers directly or stores their personal information, it is essential that you verify their identities as quickly and accurately as possible. Not to mention that, as a business, you should do everything you can to ensure that data remains secure from prying eyes to protect your customers.
Should my business be verifying customer identities?
The short answer is yes. Regardless of what industry you are in, it is your responsibility to verify your customers are who they say they are. Not only does this protect your business, but also your other customers. Although some industries are required by law to do so, more companies are recognising the importance of accurately confirming the identities of their clients. By accepting technology as the solution, more companies are getting ahead of the curve. This is key to reducing the threat of identity theft.
Are you doing enough when it comes to identity checks?
The days of sitting back without accurately verifying the identities of your customers are behind us. If you have not yet implemented the relevant safeguards, it is time to ask yourself why. Can you really be sure that your customers are who they say they are? Do you really have the time to verify the identities of every customer using traditional methods? Your current protocols may be in need of an update. Now is the time to pause and update your systems, as the threat of identity fraud continues to grow.
Should I reconsider how my business stores personal information?
If your company is already carrying out identification checks, how you store that data is key. Security is at the core of every identity checking solution, to keep it safe from opportunistic fraudsters. By now, the data you hold could have been at risk any number of times without your knowledge. Since GDPR was introduced, we have all been conscious of the importance of protecting that information.
As identity theft on the rise and more businesses are being targeted, more robust solutions are becoming essential. No matter if you are a company owner or employee, you should be confident that you are dealing with the true customers.
Oliver Meddick is the co-founder of IdentityChecker, a platform created to change the way companies and customers think about ID. With over 23 years of experience in the property industry, from being an estate agent to a licensed conveyancer, property is in Oliver’s DNA. As an avid investor, he believes bricks and mortar form the most solid investments. Over the years, Oliver has proven his status as a seller and closer of the highest level, having passed his expert skills onto his team to deliver an exemplary service to every client.