Since the internet revolution, the way we do business has changed beyond recognition. Now we are less likely to have direct contact with clients and customers and face-to-face confirmation that they are who they say they are is no longer an option. This has led to a significant rise in internet fraud, which costs businesses billions of dollars in lost revenues every year. It doesn’t matter whether you’re a small business or an international conglomerate, verification of the people you transact with is essential to protect your bottom line.
But how do you achieve this ID verification without alienating your customers by bombarding them with intrusive questions. Now there are specific tech solutions that handle all aspects of ID and document verification such as Netverify, which you can find out more about at http://www.jumio.com/netverify. These verification solutions serve to establish the real-world ID of your customers through the use of biometric facial recognition, machine learning and other advanced technology. Using this kind of service removes the need to ask more questions than you need to from your customers, while meeting regulatory and compliance standards.
ID Verification for Investment Firms
The laws and regulations regarding KYC and anti-money laundering or AML legislation applying to the investment sector are extremely stringent. This is primarily because there are now more private individuals entering investment markets than ever before, leaving the sector open to abuse from unscrupulous organized criminals. For this reason, many investment websites have to protect their product information from being viewed by individuals who have not been verified, which requires a legally worded form as a gate to certain types of web content.
Using technology to obtain accurate and timely ID data is crucial for regulated investment firms to continue trading as many of the regulations are mandatory regarding verification. However, it is just as important for small businesses to know their customers and be assured that they are not engaging in fraudulent activity through the purchases they make with you. The kind of tech verification solutions offered by firms like Netverify make it possible to capture data and verify customers with ease, which contributes to a better user experience for visitors to your website.
Why ID Verification is So Important
Knowing who you are dealing with is important to all aspects of your business, no matter what its size. Fraudulent internet activity and ID theft has a consequence that translates to significant lost revenues for businesses who are inadvertently caught up in criminal activity and unfortunately it is much easier to abuse the system than ever before. Ultimately, you want to protect your business interests and not waste time fulfilling orders for people who don’t exist or worse, allow them the opportunity to spend the proceeds of crime with your business. It’s always safer – and cheaper in the long run – to be vigilant when it comes to verifying the people you do business with and tech solutions now make this extremely easy to achieve in such a way that actually enhances your customer’s experience too.
