Identity Verification: The Relevance Of Fraud Detection Tools For Business

More customers equal more revenue, which obviously means more profits. However, for many businesses, more customers also mean more measures for compliance, completing Know Your Customer (KYC) and Anti-Money Laundering (AML) rules, and much more. It is, however, important to understand that KYC is more than just about compliance – It is more about protecting your business from fraud. Thankfully, there are fraud detection tools available now that enable companies to keep up with compliance and ensure security against fraudulent activities at the same time. Companies like MicroBilt have come up with their own suite of services that are useful and handy for varied verification needs.

In this post, we are discussing further on ID Verification & Authentication tools and how these can help in preventing frauds and eventual revenue losses.

KYC doesn’t have to be complicated

Today, businesses are constantly being fooled in many ways. More often than not, criminals create shell companies for money laundering, and documents furnished are submitted in a way that frauds aren’t detected for years. That doesn’t have to this way anymore. KYC compliance is easy, as long as the verification is done effectively. ID Verification tools can help in getting information from varied trusted sources, so that businesses can be proactive about their processes. It is more about being sure of who you are doing business with.

What does MicroBilt offer?

MicroBilt has a suite of tools aimed at easing ID Verification & Authentication. Counted among the best identity verification service, the company has three basic tools, which can be further customized for clients to suit specific needs. Here’s an overview of their incredible profile –

  • ID Verify. This tool relies on more than a few trusted data sources to verify as many 60 aspects of PII of a person and also assigns what they call ‘a fraudulence risk score’, so businesses can decide on whether they want to do business with that individual.
  • Watchlist Search. This is one of their advanced tools, which looks out for an individual on Federal OFAC watchlist. Watchlist Search can be incredibly useful for many businesses that are involved in lending.
  • ID Authenticate. The third tool is ID Authenticate, which can be integrated into call centers, as well as, websites. ID Authenticate relies on a series of questions, which are asked to an individual to verify their identity. This form of identification works for certain sectors, and the questions are such that only the person is expected to know the answers.

In summary

There is no denying that businesses are at a greater risk of being duped by fraudsters, and verification tools from companies like MicroBilt can be a step ahead. This is more like doing a background search before taking any decision. Real estate, financial institutions, traditional and offbeat lenders, employers hiring people – almost all sectors and industries are likely to need such tools, and kudos to MicroBilt for coming up with solutions that are directed towards these businesses. They also have custom solutions for selected requirements.