The world has become a global village. Everything from grocery shopping to buying homes and cars is done online. Even if you’re not an e-commerce company, you probably have an online presence. This means that your customers are also shopping on your site, which makes it more important than ever to protect your brand and user data with an identity verification platform and authentication solution. This is why the most transformative way to protect your business from fraud, scams, and identity theft is by leveraging a comprehensive identity verification platform.
Identity theft
While identity theft is not a new phenomenon, it’s still a major issue. Identity-related complaints have increased and there are plenty of ways for you to protect yourself from fraudsters and other criminals who want to steal your personal information. As such, it’s important to remember that some people just won’t listen. If you’re ever unfortunate enough to be victimized by identity thieves—or anyone else who tries to compromise your privacy—it’s important that you know how best to proceed.
You should report this incident immediately if:
- Your Social Security Number (SSN) has been compromised;
- A court order has been issued against you or your hospital records have been accessed without authorization; or
- You suspect that someone else may be using one of these documents in an attempt at impersonation.
Undetectable fraud
Identity theft is a growing problem that affects both individuals and businesses. It’s also one of the hardest types of fraud to detect, prosecute, and prevent.
Identity theft can occur when someone steals your personal information (like your name and Social Security number) to open new accounts or make purchases with your money. It’s easy for thieves to get this information from the data you share online or from the documents you carry around with you every day—and it happens all the time across multiple industries.
The first step toward protecting yourself against identity theft is understanding how it happens, who’s most at risk, and what steps you can take to protect yourself going forward.
Digital economy services
The digital economy refers to the online marketplace, where people can buy, sell, and exchange goods and services. Digital economy services are those that help facilitate the use of digital assets in this marketplace. Digital assets such as cryptocurrencies are stored in a blockchain ledger and can be exchanged using smart contracts. The creation of these digital assets is called tokenization; it involves converting real-world items into a token (or representation) using blockchain technology. This process makes it possible for organizations to offer unique tokens that can be used for transactions on the platform.
An identity verification platform allows businesses with physical locations (such as restaurants or retail stores) to accept cryptocurrencies from customers without any additional hardware or software requirements at the point of sale (POS). The business then receives fiat currency through an exchange like Coinbase Commerce or BitPay; once converted into fiat currency, these transactions have been verified by an identity verification service provider through its API integration into your POS system at no additional cost.
Conclusion
When you’re looking to protect yourself from identity theft, there are a lot of ways to go about it. However, identity verification platforms have proven themselves time and time again as being one of the most effective methods for protecting yourself against fraudsters who want access to your personal information. By implementing an IDV system into your business practices, you’ll be able to ensure that your customers aren’t getting scammed by criminals posing as legitimate customers—which could lead directly back home to you.
