The world of business can be scary at times, especially when you don’t have a system in place for assessing and preventing common risks like fraud and identity theft. In an effort to protect companies from the actions of identity thieves, hackers and other unscrupulous criminals, software companies have developed automated services that help website and app owners quickly verify the identity of their users, visitors, customers, clients, and business partners. With that said, here are three ways your business can benefit from using a designated identify verification software as a service (SaaS) solution:
1. Preventing Identity Theft and Fraud
Of course, stopping identity thieves from using stolen financial credentials is the most obvious and pressing reason why every business should use an effective identity verification service. By taking this precaution you’re not only protecting the finances of unsuspecting victims, you’re also safeguarding your brand from becoming known as a business that is vulnerable to fraud. Having such a negative reputation can literally cause the downfall of your business, so one could argue that identity verification is practically a mandatory process in today’s world.
2. Confirming the Identity of Customers and Clients
In addition to stopping would-be fraudsters in their tracks, identity verification also helps you confirm the legitimacy of your user base, which is crucial for accurately measuring progress and establishing proof of concept. If you don’t verify the identity of the people who are using your app/site or buying products from you, then there’s a possibility that you could have a lot of users signing up for fake accounts using phony or stolen details. Preventing that from happening ensures that you’ll be obtaining useful insight from your analysis and optimization efforts. If you want to learn more about how these checks are done, take a look at the identity verification service provided by Cognito who have outlined the steps involved in the process.
3. Quick Employee Screening
Identity verification services can also be used to streamline the process of conducting employee screening. This approach is typically used by online businesses who want to quickly verify the identity of their newly on-boarded remote workers. Of course, you don’t want anyone working for your company under someone else’s name, so this is a common use case. Generally, this kind of verification will include requesting a copy of the individual’s government-issued photo ID. With nefarious employees often committing company fraud from the inside, knowing who you’re employing can be particularly important when they’re dealing with the financial or reputation management of your business.
Identity Verification is Becoming Increasingly Important
With major data breaches, ransomware attacks, and other cybersecurity threats on the rise, it’s more important than ever for businesses to know exactly who they’re dealing with at all times. Furthermore, the ubiquitous presence of social media means that your brand can get a bad reputation for having poor security just as quickly as it can generate a positive wave of traffic. Even more unsettling is the fact that it can take years to build a solid business reputation but only a few incidents of identity fraud to put a huge dent in it.