Identity verification is a critical part of running a business that processes payments. It ensures that the person who is making a payment initiated the payment on their behalf, and not through fraud or an unauthorized third party. Identity verification software helps you prevent these types of fraudulent payments by verifying users’ identities more efficiently than ever before.
Learn about how identity verification works
To get started using identity verification software, you first need to understand how it works. Identity verification software uses biometric data to verify the identity of an individual. For example, if you use a fingerprint scanner to verify your identity in person or online, then you are using identification technology. This kind of technology is used in many industries including banking and finance but also healthcare and education as well.
In addition to being used for online transactions, this type of software can also be used in real-time situations such as when logging into an ATM or accessing your bank account on a mobile app.
Identify which areas of your business you want to secure
As a company, you will have different areas of your business that are more vulnerable to fraud than others. Before getting started, it’s important to identify those areas and then determine how they can be protected using identity verification software.
For example, if you run an e-commerce website or an online store then anti-fraud software may be useful for identifying and preventing fraud within this area of your business. On the other hand, if you have employees who deal directly with customers regularly (such as in retail stores), then employee theft prevention tools are likely going to be more appropriate for protecting that part of your operations.
Research identity verification software vendors
Before you sign up for an identity verification software, it’s important to find out as much about the software vendor as possible. That way, you can make sure that the company is a good fit for your business and that they have the resources needed to help you achieve your goals.
When looking for an identity verification software vendor, here are some of the things you recommend:
- Make sure that their product can do what it says it does—and more. You don’t want to get stuck with a product that doesn’t meet all of your needs. The best way to test this is by requesting an online demo of their software (or if they don’t offer one, ask them why). If they’re hesitant about showing off their technology in action or seem unable or unwilling to answer all of your questions during the demo call, consider moving on.
- Find out how long they’ve been in business and how many clients they’ve served over that period—the longer they’ve been around and the larger their client base is, the more experience they will have had running their business efficiently and effectively than new startups might have yet achieved.
After you identify the right identity verification software, it’s time to get started. The first step is to create an implementation plan with your vendor. This will ensure that both you and your team are on the same page about how best to use their product. From there, you can begin building processes and procedures around identity verification so that it fits into your workflow seamlessly—and protects your customers from identity theft at the same time.