New Trends in ID Verification

In the last five years, the id verification industry has experienced a boom as the digital world continues to churn out new technologies. Widespread Internet usage and the advent of more sophisticated mobile technologies have shown us the myriad benefits of maintaining a fully connected lifestyle — but they’ve also mandated a more secure way to conduct business online.



Today, there are several ways for organizations to protect their online interactions. Let’s take a look at a few:



Email Verification

Email verification is one of the most ubiquitous forms of fraud prevention but also one of the most vulnerable methods for fraudsters to abuse. With email verification, users are asked to provide a valid email address as part of a member sign-up process. The automated system then sends a validation email to that address with information for finalizing the sign-up process.



The vulnerability in email verification results from this method’s dependence on the user’s email server to maintain account security. If a fraudster gains access to a valid email account, this verification method would not prevent that person from using the account to initiate fraudulent transactions.



Bank Account Verification

Bank account verification offers a bit more protection than email verification, but consumers may perceive this method as being too invasive since it allows money to be pulled directly from the user’s bank account. For bank account verification, the system pulls a specific dollar amount from the bank account and waits for the user to log into the account to approve the transaction. Once the system establishes this process and the user’s account, it will be able to pull money from that account for future transactions without authorization.



Similarly to email verification, this method relies on the security of a third-party to verify the user. In this case, if a consumer’s online banking credentials are compromised and a fraudster accesses the account, bank account verification could not prevent the identity thief from conducting fraudulent transactions.



Mobile Text Message Verification

As more smartphones hit the market, new verification strategies taking advantage of these devices will continue to emerge. For example, some organizations use text message notifications to drive their verification processes. This system attempts to verify users by sending a confirmation code to that person’s cell phone. The customer responds by entering that code into the appropriate field on the website.



Unfortunately, text message verification has no way of ensuring that the person receiving the text message is the genuine account holder. Therefore, it’s quite possible for the text message to be intercepted by a fraudster, who could then use the information in conjunction with the consumer’s account credentials to commit fraud.



How EVS Separates from the Pack

While each of these verification strategies may prevent some fraudulent transactions, EVS has engineered more efficient fraud prevention solutions that take the fight against identity theft to the next level. EVS uses a broad, multi-function system to verify consumers’ identities more accurately. With so many checkpoints, the likelihood of an identity thief being able to proceed with fraudulent transactions is reduced dramatically.



What gives EVS its greatest advantage, though, is the ease of using its solutions. An EVS client has the freedom to select specific verification products for his or her needs, and from there, EVS can implement these products seamlessly into the client’s current systems. And, because EVS acts as a single provider of these tools, EVS clients can retrieve all the verification information they need with just a single query. With comprehensive solutions, customized implementation, and 24/7 customer support, EVS clients experience broader protection and more efficient service day in and day out.