| One of the best ways to fight fraud is to take a | | | | not be able to spot counterfeit documents or |
| proactive approach. Yet some business | | | | fraudulently obtained physical documents. Ensuring |
| professionals believe that fraud detection | | | | your employees are well trained is critical, but |
| software is the only type of software tool | | | | what happens when an unfamiliar identification |
| available (or necessary) to fight fraud. Certainly, | | | | document is presented to your employee? |
| detection through monitoring can play an | | | | Clearly, the risk of fraud is higher, and some fraud |
| important role in your anti-fraud program, but it | | | | begins with an employee unknowingly accepting |
| puts you in a reactive mode. Instead, you should | | | | counterfeit documentation. |
| take efforts to better know the people and | | | | One of the most popular ways to augment |
| companies with whom you choose to do business. | | | | identity verification processes is to compare data |
| In other words, do what you can to help prevent | | | | provided by the potential customer against public |
| fraud from occurring in the first place. Better | | | | records to see if there are any discrepancies. This |
| anti-fraud programs will combine ongoing due | | | | "non-documentary method" could be very time |
| diligence with monitoring, and the place to start is | | | | consuming if not for software solutions that can |
| with identity verification tools. | | | | help you streamline the process. In fact, using |
| There are a variety of reasons that you should | | | | identity verification software, this task can |
| know your customers. First, it is just a good | | | | frequently be completed within seconds. |
| business practice. You can help prevent being | | | | Identity Verification Software |
| associated with deceptive individuals, and that can | | | | Identity verification software is designed to help |
| save you money. Such a relationship can lead to | | | | you quickly and effectively verify the identity of |
| direct losses from the particular business deal, but | | | | your prospective retail and commercial account |
| it can also tarnish your company's name, sending | | | | holders. This is your proactive step to preventing |
| your good customers scurrying to the | | | | fraud: recognize the deceptive individuals before |
| competition. Second, knowing your customers | | | | the fraud occurs! ID verification software can also |
| allows you to focus on those products or | | | | help you investigate possible fraud scenarios by |
| services that best meet your customers' needs. | | | | helping you confirm whether your customer is the |
| By doing those activities well, you can build (or | | | | true owner of a Social Security number (SSN) |
| enhance) a competitive advantage. In addition, | | | | and by detecting potential synthetic IDs. In |
| some companies face regulatory requirements to | | | | addition to the potential for identity verification |
| identify their customers. For example, certain | | | | solutions to confirm a true identity, it also may be |
| financial institutions are subject to regulations | | | | configurable to perform a custom hotlist check |
| calling for Customer Identification Programs (CIP), | | | | for individuals that might seek to disguise their |
| and certain financial institutions are subject to the | | | | identity by using an alias or different address. |
| new Identity Theft "Red Flags" Rules. Many banks | | | | Being proactive and performing appropriate due |
| collect documents such as a birth certificate, | | | | diligence can help reduce your risk of being a |
| passport, driver's license, or some other | | | | victim of those that look to perpetrate identity |
| government-issued ID to help establish a | | | | fraud. |
| customer's identity. The risk is that personnel may | | | | |