Top tips to prevent under age purchases

Earlier this week we had the pleasure of exhibiting our ID and personalised data solutions at the 3rd Money2020 Europe in Amsterdam.

Taking place over the course of 3 jam-packed days, starting first thing Monday 4th June and running until Wednesday afternoon, the event saw the largest tech organisations showcasing their new user-friendly technology for the financial market.

The trade show exhibited over 2000 industry leaders as well as various keynotes from the likes of Apple, Visa and ING Group. Money2020 also provided 2 after-hour networking events; ‘Taste of Amsterdam’ in Amstelpark and the Money2020 Street Takeover in the famous Canal District.

This year’s Money2020 saw a focus shift towards themes such as AI, blockchain applications, diverse payments and open banking. It also spotlighted how trustworthy digital identities can or can’t be. Not only are there many inadequacies of paper document verification processes (just because a document is official, does not mean to say the customer is the rightful owner), there are an abundance of forged or stolen identity documents readily available on the dark web. Improvements in this area, such as the use of digital footprints verification and facial recognition for example, can help to corroborate identity details including name, age and location.

Open banking and innovations in the payment industry are vital in the digitalisation of the consumer market. Money2020 provided us the opportunity to look to how consumers and business will go about their monetary interactions in the future with new technologies. The finance industry has seen a dramatic rise in new innovations in recent years such as digital mobile-only banking services such as  Monzo and Revolut cards and Biometric payments through Apple and Android Pay. These revolutionary advancements have demonstrated how the industry has adapted and improved over the past few years in accordance to the ever increasing consumer demand for convenience and easy access. Proving incredibly popular with millennials, these advancements also provide somewhat of a prediction of the future of the market, with consistent and continued growth in easy to use products such as the aforementioned payment systems.

Taking part in the event provided us with the perfect opportunity to showcase how we can create full, 360-degree pictures of their consumers to reduce the risk of fraudulent transactions. Our solutions provide companies to verify the identity of consumers during the transaction or application process using a multi-pronged approach to ensure effective and efficient verification.

To find out more about how to improve your identification verification processes or chat about any of our other products, check out our product page or get in touch to speak to one of our experts today.   

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