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The Benefits of Verification Services

Did you know that there was a 73% increase in identity theft cases from 2019 to 2020 and this number is not expected to go down? During the loan process of any business verifying customer information is a must. We have put together this guide to share the top benefits of verification services so that you can make an informed decision of your own loan process. 

Read on to learn why customer verification is so important.

Deters Fraud

One of the main benefits of third-party verification such as credit assure program is that it truly helps deter fraud. No one wants to be known as the company that accidentally allowed money laundering or identity theft for not taking the extra steps to verify identities. 

Federal Compliance

Some companies are not aware that there are privacy and federal laws in place to help protect people’s identities. In the event, that a company does not implement customer identification processes correctly it can be in violation of these laws. 

If you were to not verify a person’s identity 100% it can lead to unlawful transactions. This can lead to criminal prosecution, large fines, or a combination of both. 

It is best to not assume that the customer gave you all the correct information. Instead, consider using a system that will require the customer to verify via photos and videos to prove that they are who they say they are. 

Better Reputation

Potential customers do not want to deal with a company that they can’t trust. This is why by using a verification service, you can establish a better reputation that will help make your clients trust you. 

When someone feels that all their private information is being kept confidential and is not part of a data breach you will surely earn people’s trust. Although building a strong identity verification process can be a bit of a headache, it will benefit your company in the long run. 

This will give customers assurance that you care about their information.

Monitor Transactions

When you have a system in place to verify identities it will also help report suspicious transactions as they come up. With certain verification systems, firms can capture details such as geolocation and IP addresses. 

These types of transactions will help you understand how customers behave and if there is any unusual activity from that customer the system can report this activity and help catch any fraudulent business. 

Ready to Level Up Your Verification Services?

Now that you learned the top benefits of verification services you can make an informed decision if this is the right process for your business. With fraudulent activity in the rise, it is more important than ever to not only keep your own company safe but also your client’s identities safe. 

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