Online businesses are now strategically focused on using digital resources and online channels to augment their revenue generation abilities and also to reach out to prospective clientele. The digitization of business technology has created chances of businesses to go global with a unique proposition of offering their services or products in more than one country. Given the regulatory landscape and sophistication of the technology being offered to the clients, the businesses are forced to defend their market share as well.
With an increasing array of competitors lining up in various industries to compete for customers and providing services that are just slightly different – if not altogether the same – a great deal emphasis is being put on to the methods to maximize profits and the best method is to minimize any potential of losing generated revenue. Online Frauds and scams are thus becoming a cause of concern for online businesses or companies that are taking help from different kind of fraud prevention tools to deter attempts of identity theft, payment scams and multiple forms of frauds haunting cyberspace.
So if you are one of those businesses that are looking to fight online identity frauds without having to pay a lot in terms of integration cost, then you must opt for any of the following 3 technologies that are highly cost-effective
Biometric Verification In Fraud Prevention Technologies
If you are looking to provide a service that is easy to use for your end-users without having to bear a lot of costs and encountering a user with fake credentials, then biometric verification is the easiest way to authenticate a true client. It helps to identify a genuine user and differentiate it from scammers with the help of unique biometric data of that person.
Now there are fingerprint scanners and retinal scanners that come first thing in your mind when we talk about biometric verifications but actually, studies have shown that both of these form of biometric verifications are not the most accurate or authentic form of identifying a person with the help of their unique biometric data.
Actually, the face verification systems are much more authentic at verifying a person’s identity with the help of unique biometric features. Furthermore, there are no separate hardware requirements to avail facial verifications as the end-users can simply take a selfie with the help of webcam attached to their smartphones, laptops, tablets or personal computers.
Credit Card Authentication In Fraud Prevention Technologies
Payment scams are one of the most damning and excruciating kinds of fraud for businesses. Unlike credit card companies and individual users, it is the businesses that have to suffer substantially because of the cashback requests and orders lost because of the fake or stolen credit cards being used as a mode of a transaction by online fraudsters and scammers.
Both stolen or fake credit card number can be vetted with the help of document verification services that cannot only check the credit card numbers against the original databases but can also ask the end-user to show their credit card. In order to make sure that the credit card is not stolen – even if it is authentic – the end-user can be asked to show their identity document alongside their credit card.
With automated processing and machine learning algorithms making it easy to perform the entire verification cycle be completed within 30 to 60 seconds, online businesses can consider themselves lucky to be in possession in such a state of the art technology.
Identity Verification In Fraud Prevention Technologies
Account takeover is another form of the common cyber scams which happens quite frequently and it can easily be deterred because of the identity verification solutions that are available with API based infrastructure. In such a case, all the personal information provided by a would-be client is cross-matched with an authentic identity document such as an ID card, passport, and driving licenses.
The face of the verifying customer is matched with that of the face image present on the identity document. In case of an exact match, the authenticity of the document is checked with the help of a large number of checks that include but are not limited to photoshopped effects checks, check for tampered information and identity document format check are notable among the rest.
Once every facet of a client’s identity is verified by an identity verification service, the client action is processed accordingly.