Money For Lunch – Know Who is in Your Office: Verifying Identities is Important

Know Who is in Your Office: Verifying Identities is Important

July 17, 2017 11:32 AM0 commentsViews: 7

 

While advancements in technology have revolutionized how businesses carry out their operations and interact with their customers, the changes have also led to the prevalence of financial crime. The emergence of e-commerce and digital transactions has resulted in the increase of identity theft, digital fraud, money laundering, and corruption in enterprises. Verifying the identity of clients, a practice that’s commonly known as “know your customer” is essential for organizations that seek to curb fraud. When a firm doesn’t know certain details about the individuals with whom it’s transacting, an illegal or corrupt activity can easily slip under the radar.

There are numerous software solutions available today that allow organizations to quickly and easily verify the identity of their clients and staff. These tools allow one to generate real-time information without the need for processing paperwork and manual documents. Here are some of the benefits that your organization can derive from utilizing real-time identity verification tools.

Prevent Illegal Activity

In today’s fast-paced world, financial crimes are undertaken quickly, in remote locations, and through the use of digital platforms. Organizations that rely on manual systems to search for and verify information may not be fast enough to catch such crimes before they happen. Real-time identity verification tools allow enterprises to quickly and efficiently sift through the massive amounts of data available and obtain information about a particular client. The authentication process is instant, safer, and more secure than manual and electronic systems which do not provide real-time data.

As financial criminals use technological innovations to act quickly and in novel ways, firms should also have the right tech in place to identify such fraudulent activities and prevent them before they occur. By contracting an identity verification service, an organization can have the right tools and technology to prevent illegal financial activity within its systems.

Reduce Operational Costs

Enterprises that run e-commerce stores or another form of online trade can benefit from electronic verification tools. Since they deal with payments, they are forced to verify various documents such as ID, credit and debit cards, passports, and driver’s license. Dealing with so many incoming customer documents can be time-consuming, and the overload explains why some authentication services are notoriously slow and error prone. Such systems can not only cause a business to lose customers but also increase the overall operational costs.

Software-based identity verification solutions can ensure quick, reliable, and secure scanning, identification, authentication, and validation of documents. Since these solutions are integrated into your site, you don’t require resources to go through the documentation manually. Improved speed and efficiency can significantly boost sales for your store and reduce operational costs.

Preserve Positive Customer Experience

Today’s tech-savvy customers are looking for ways to save time and resources by dealing with enterprises that leverage technology to improve customer experience. No one wants to waste time on manual and arduous authentication processes that may even require their physical presence. Adopting real-time authentication tools can be a great way of drawing clients through your front door. They can easily get their identities verified and purchases approved at the comfort of their home or office. These solutions help you preserve positive customer experience, acquire new clients, and retain the existing ones.

Conclusion

Electronic identity verification solutions are essential for every organization that seeks to monitor scammers who present the risk of finance-related crimes and to identify its legitimate customers as well as employees. When looking for the right tools, find those that offer sophisticated and up-to-date features such as facial recognition for maximum efficiency. The software should also be able to identify fake documents to prevent exposing your organization to cases of identity theft.

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