Identity Verification
Identity Verification - Combating Identity Fraud
Identity fraud now costs the UK economy almost £2 billion per year and is rising. In the US nearly 10 million people were affected by the crime last year alone.
The theft of a person’s identity can be devastating, personally, to the consumer – but it also has dramatic effects on business. The use of false identities to open bank accounts and borrow money or to buy high value goods which can then be sold on results in hidden costs to all of us. .
How can a business offer competitive prices and service levels while trying to fend off the rising tide of identity fraud? How can it cope with the demands of consumers for instant service via Internet or call centre sales channels but ensure full compliance with industry regulations?
GB Group was the first organisation to realise that verifying a consumer’s identity is an entirely different process from verifying their credit status. Its first product, URU™, jointly developed with BT, quickly proved that by including a robust electronic identity verification check, it is possible to reduce fraud levels by as much as 70% while simultaneously increasing customer acquisition rates.
However, you do business with your customers and we can help you design an application process that will maximise customer acquisition and protect your business against identity fraud in a consistent, compliant environment across all channels.
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