Why Identify Verification Solution Technology Matters

Written by admin. Posted in Bank account verification software, Enrollment fraud solutions, Ofac api

Technology grows every single year with new developments that expand this amazing industry. Now, it intersects with plenty of other industries with the most significant being none other than the economy. Now, credit fraud is being fought off by thoughtful implementations with premier technology like identify verification solution.

A study has revealed that most people are unaware of identity theft after they review a credit report. This is horrifying because it means that an identity can be stolen without you even knowing it. In just a year of 2017, 17% of all identity theft fraud came from credit card fraud. As a result, identify verification solution is so important. Here are more facts below:

Identity Theft And Fraud Are Huge Problems

It is not that hard for a criminal to steal someone’s identity. Now, with all of the technology used to check credit card accounts, bank accounts, and more financial accounts makes it a little bit easier. After all, hackers work to steal passwords and account information just to get access into their accounts and more. Therefore, identify verification solution is seriously essential for any of this business.

Javelin Strategy and Research gathers data every single year about customers from all over the country. In the year 2016, their data shows that over 15 million people in the United States suffered from identity theft. This cost these poor people nearly $16 billion as a whole. Therefore, businesses with personal data need to invest money in the best identify verification solution software and more!

Identify Verification Solution Is Easy And Helpful

A study recently conducted has revealed that just barely over half of all businesses are slightly confident in their identify verification solution. Yes, barely 54% of all businesses believe that they can detect fraudulent activity. On the other hand, the 40% invested in the best identify verification solution can actually protect their customers and their business. Therefore, the right to verify bank account holder software can protect all sorts of valuable data.

Nearly two-thirds, which is equal to 66 percent, of consumers surveyed, appreciate security protocols when transacting online because it makes them feel protected. Customers value businesses that put in an effort to protect them and their information. As a matter of fact, customers are much more likely to want to be a part of a banking organization that helps them stay safe. Banks should definitely get involved with using checking account verification software and other security technology.

One of the easiest changes came in 2015 and took the United States by storm. In 2015, banking companies put out a new type of card which a microchip inside of it. As a result, the microchip makes it so much harder for criminals to do counterfeit things and pushes away new account fraud situation as well. The new account fraud comes up whenever a credit card or another financial account uses a victim’s name and other types of personal information!

In Conclusion

Each and every single year, there are more and more businesses and banks that work hard to protect their information and more. As previously mentioned, customers appreciate bank account verification software. Therefore, any banking business with personal data needs to get the best types of software for the best types of securit and more!

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