Identity Verification as a Means of Reducing Exposure to Fraud
Performing identity verification (or an identity check) can help to ensure a given individual or business in question is an actual person or business and is in fact the person or business entity they say they are. In order to help protect your business' reputation in today's marketplace, performing identity verification prior to entering into a business transaction with another individual or business is becoming more and more common. One of several causes of identity theft and business fraud is doing business with someone who is not who they say they are. This risk can be reduced through the diligent practice of identity verification. Assuming the proper tools are used, performing identity verification can be amazingly simple and efficient.
Verification On the Web
Many identity verification services can be easily accessed via a secure website. Prior to entering
into a business or financial transaction, you simply input the customer's personal
identity information into the identity verification website. To perform an identity
verification of an individual, one typically enters the individual's name, Social Security Number,
address, date of birth, driver's license and telephone number. To perform an identity verification
on a business, one typically enters the company's name, tax identification number, address and
telephone number. Regardless of whether an individual or business' identity verification is
being performed, additional identity data elements may be input into the id verification system.
The identity verification service then automatically searches numerous databases in an attempt
to match one or more identity elements. Whether or not the inputted data matches with the same
personal information contained in other databases, a report with the results is returned. Based
on these results, the company conducting the identity verification should decide whether or not
to move forward with the business transaction or relationship.
Automated Verification
Investing in an automated identity verification program can provide you the tools needed for
quick and easy identity verification. Being able to positively confirm an identity could help
protect your business from the unnecessary risk of fraud. By staying vigilant in your identity
verification checking prior to entering into business relationships, you can take steps to proactively
manage the risks associated with a business transaction. The MARI Identity Verification Service
provides you with easy to read, color-coded identity check results that list the identity verification
search results as high, moderate or low risk.
