With 16.7 million people falling victim to identity fraud in 2017, online verification processes for both age and identity need to be stricter.
It was recently reported that a 13-year-old boy spent £80,000 on a gambling website through posing as his father using his business credit cards. Events such as this prove that businesses should be implementing stricter age verification processes upon account registration, but how?
- Utilitise Digital Data
As we mentioned in our previous blog about why alternative data is the key to global success, the digital age is ever-evolving and businesses should be keeping up with the changes, and latest technologies.
Secure and reliable levels of verification and authentication should be implemented to prevent fraud from taking place. With 75% of businesses wanting advanced authentication measures that have little or no impact on their digital customer experience, utilising alternative digital data sources is the perfect solution.
- Use a multi-layered approach
More often than not, traditional identity checks are unnecessarily – yet avoidably – long and require information that even the individual may not readily know.
The reliance on traditional data is decreasing, with the use of digital data on the rise. This isn’t to say that your traditional passports or driving license verification shouldn’t be used, but that traditional data and digital data should be used as a multi-layered approach.
Cross-checking information on a customer’s digital account with the information on their identity documents provides an additional layer of security when verifying their age and identity.
- Don’t inflate customer acquisition costs for ID confidence
We understand that businesses want a simple solution to onboard as many customers as possible, as quickly as possible, without having a business cost impact. Our age verification solutions can do just this.
With Hello Soda, there’s no need to worry about the high costs with our cost-effective solutions.