The rate of scams and fraud has hit an all-time high in the past few years. Many people are reporting insurmountable losses arising from how they have been scammed by fraudulent persons. In fact, a Global Economic and Fraud Survey indicates that many of the victims of fraud and economic crimes reported a loss of over $42 billion in 2022 alone.
If these statistics are anything to go by, something needs to be done about fraud.
In the modern, technologically advanced age, it is easy for a criminal to hide behind a screen using a fake identity. The only way you can be sure who you are interacting with online is by verifying who they are through authentication.
Let’s learn about authentication and its uses for any business!
Understanding Identity Authenticate
Authenticate is an exceptional tool that allows you to add identity verification and fraud prevention to any of the services you provide. As a service or product provider, you often have to interact with different kinds of people.
Authentication lets you know your customer before you begin interacting with them. Once you know your customer, you will know what kind of risks you are incurring and how to navigate them.
Authenticate does all the heavy lifting for you by confirming whether the person you intend to work with is who they say they are. The platform further verifies their credentials, background, and true identity through facial recognition.
Authentication can prove invaluable to all kinds of companies, whether you want to get new customers, new employees, or reach out to new clients.
What Would You Use Authenticate For?
Understanding what you can do with Authenticate is crucial if you want to get the most out of it. And that is what we are here to help you with.
Here are some of the ways you can use Authenticate:
1. Identity Verification
Companies that provide user accounts need a way to verify the identities of whoever is opening an account. Knowing who owns an account is crucial if you want to protect your customers and partners. One of the ways you can know who you’re interacting with is by authenticating any of the information they provide when opening an account.
When authenticating a prospective account owner, you can run facial recognition and liveness detection so that you know you are dealing with an actual person. That way, you will reduce the chances of someone scamming their way onto your platform and putting you and your partners at risk.
2. Forgery And Fraud Prevention
One of the leading causes of economic crimes is fraud and identity theft. People that forge their IDs and use fraudulent information to try and access your services are likely to cause you significant harm. You need a way to prevent this from happening.
Authentication allows you to confirm the records of everyone that is trying to sign up on your platform by checking them on authoritative databases. You can start by looking up their Social Security Number to see whether it matches the name and image they shared with you.
Once you are satisfied that all these data points match, you can be sure that you are dealing with the right person. Doing so will put you a step closer to preventing forgers from using fraudulent documents to use your services.
3. Background Checks
Knowing the past of whoever you are interacting with is vital if you want to know whether you can trust them. That is why many suspicious people try to hide their past. The only way you can be sure you can trust someone is by running a background check on them.
Authenticating background checks helps you look up someone’s criminal history and credit history to know what type of person you are dealing with. The chances of someone taking advantage of you are significantly lower if you know what their criminal and credit history is. That information can also help you put in place sufficient guardrails to monitor the subject of the check and evaluate your risk.
4. Authenticating Credentials
Many employers often have to grapple with the problem of their prospective employees faking their employment history and educational credentials. Employing someone who has a fake employment history and qualifications can put your whole business in jeopardy and lead to unbearable losses. That is why you need to authenticate their credentials before employing them.
The platform allows you to check whether everything a prospective employee has said about their credentials is true. Even when their records do not appear on any online database, you can depend on Authenticate to verify the information direct from the source. That can include calling the school or former employer to get accurate information on that aspect.
5. Monitoring For Concerning Activities
It is not enough for you to be sure about the past of your customers. The fight against fraudulent activity requires constant surveilling of concerning activities. That is why you need to use continuous monitoring to help you authenticate the regular activities undertaken by people on your watch list. This increases the protection you provide for your organization and business.
Bottomline
Investing in a business is hard work. Can you imagine a fraudulent person taking advantage of all of your resources and effort? Identity authentication gives you a fighting chance to protect your business and investment in general.
So if you want to in corporate identity verification into the services you provide, you should consider registering for Authenticate today!