Every day, many people try to get inside a company’s sensitive data and use it for their gain. Usually, they can do it by hacking into the company’s framework or fooling one of their customer service representatives by acting like they are their actual clients.
Fortunately, businesses nowadays can hire an identity verification service to prevent people from doing fraudulent activities. However, some business owners still need to learn more about identity verification because of the different myths they still believe in. Therefore, it is best to understand the myths to avoid any issues that could harm your business.
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Myth #1: Your online personal information is less secure
One myth some businesses believe is that doing business online is not safe because hackers are continually finding ways to improve their craft. They do not know about the different companies trying to combat cybercriminals by using efficient security systems, like creating an identity verification system.
Nowadays, businesses that deal with clients every day have an effective identity verification system that lets them weed out the potential criminals trying to steal personal information from their actual clients. While some processes may be lengthy, you can expect heightened security of protecting your personal information from getting stolen and misused by the wrong people.
Myth #2: People can easily pose as an actual client when talking over the phone
Another myth that prevents people from getting an identity verification service is they think it will not work because people can still do fraudulent activities over the phone. You might have seen or heard people trying to sound like the actual client and using their personal information to get ahold of their valuable assets from a business.
It is why businesses train customer service representatives to learn the security protocols when talking to a client over the phone. Then, they utilise the identity verification system, making it easier for them to do the verification process and provide better customer service. In most cases, fraudsters cannot even go past the second stage of the verification process because they fail to answer correctly.
Myth #3: It is okay to lose a few clients because their personal information got breached
You can find many businesses going bankrupt or closing down because they think losing one or two clients is okay because their valuable information got stolen by fraudsters. You should know that many security organisations penalise businesses up to millions of dollars because of the many fraudulent activities that have been happening.
Even a sizable financial institution got fined a billion dollars in US money because of the many cases of money laundering activities, and it was not the institution’s fault. They failed to verify whether they were doing business with a legitimate client, which made them lose billions in the process. So if you think you do not need an identity verification process, you have to think about the costly fines you will face without it.
Myth #4: You do not need an identity verification system
You might think that asking a few basic security questions is enough to determine that you are talking to the actual client. Anyone can find a person’s name or address using the internet, so you have to increase your identity verification process by talking to experts. It is best to never start a business that deals with clients every day if you do not have an effective identity verification system.
Make sure to remember the several myths about identity verification mentioned above, especially if you have a business that deals with a client’s valuable information. Maintaining integrity is crucial if you want to keep your business running for a long time.