Customer security should be of the utmost important to your business. Anything less is asking for countless people to jump ship and leave you in the dust.
As a business you’re constantly looking for ways to protect the information of your clients. From bank account number verification to enhanced due diligence, every little bit matters in creating confidence. With account fraud one of the most rampant and difficult crimes to deal with in the United States, a proactive attitude is your best chance at coming out on top. Make 2018 the year you decide to put your foot down and deny malicious third parties access to your brand and, by extension, the trust of your client base.
Here’s what an electronic check verification and bank account number verification system can do.
Fraud is a frustrating issue. It sucks up hundreds, even thousands, of dollars in an instant and can completely decimate a customer’s confidence in their establishment of choice. Recent studies have discovered credit card fraud accounts for 15% of all identity theft fraud, with 2017 being a particularly bad year for banking clients and a good year for malicious third parties. This same year saw the largest American credit Bureau, Equifax, suffering a breach that exposed the personal data of over 145 million people.
What kind of information is lost during credit fraud and identity theft? Too much. Social Security numbers are frequently used to draw money and use resources, while addresses and phone numbers can leave entire families worried about their security. Even medical information can be used against people with enough digging. Javelin Strategy and Research found 15 million consumers in the United States were victims of identity theft back in 2016, costing a collective $16 billion. The saddest detail is that much of this could have been easily avoided.
There are multiple steps you can take to keep your clients safe. These can be implemented from the ground up and re-examined on a rolling basis in light of bugs or outdated strategies. A recent study revealed just 55% of businesses are merely ‘somewhat confident’ in their ability to detect fraudulent activity, compared to 40% who are very confident in their protection strategies. How do you think your customers feel when even a tiny lapse in your verification process can completely grind their life to a halt?
The bank account number verification is a reliable way of ensuring unwanted parties don’t get their hands on outside information. It’s a simple step that can’t be easily circumvented and will go a long way in providing a much-needed barrier. Following the introduction of the microchip equipped credit cards back in 2015, these have now become more difficult to counterfeit and pushed criminals toward new forms of account fraud. This can include a thief opening a credit card or account with a victim’s name or other stolen information.
There’s no such thing as too secure when it comes to the information of millions of people under your care. A recent study across a group of consumers from varying backgrounds found 65% stating they appreciate security protocols when finalizing a transaction online because it makes them feel protected. Identity theft is notoriously subtle, as well, and can only become noticed after the fact. It’s been found 15% of consumers who were victims of NAF only became aware after viewing their credit report.
Security isn’t a one and done deal, but a series of steps. How can enrollment fraud solutions or a more advanced bank account number verification system protect everyone involved?