March was fraud awareness month, but fraud occurs every month of the year. For this reason, I wanted to arm businesses with important statistics about fraud and what actions they can take to stop it. Several industries can see a considerable decrease in fraud by utilizing a “multi-layered” approach. This includes solutions which tier identity verification and identity authentication. Below are some of the ways ID scanning does this:
- ID Verification: Incorporate ID scanning solutions that ensure that the ID is a valid, government issued ID with correct formatting of barcode features, ID number, etc.
- ID Validation: Utilize higher level vetting to validate the identity of the individual. This includes running the ID against government databases such as OFAC and many others.
- ID Authentication: Authenticate the ID with a check ID for proper security features, holograms, etc. to ensure that the ID is not a fake
Did you know?
88.3% of identity fraud is committed using a fake ID. This number is alarmingly high especially when you consider that over the past six years, fraudsters have stolen $112 billion. This comes down to $35,600 stolen per minute. (AmericanBanker.com)
$2.40 is the amount every dollar of fraud cost merchants in 2016, this is up from $2.23 in 2015. (LexisNexis)
Fraud’s percentage of revenues rose from 1.32 percent to 1.47% in 2016. This revenue is extremely high for retailers and continues to be a growing issue for the retail industry. (LexisNexis)
These statistics are unnerving to say the least. But, as you read, IDScan.net can help. We provide complete solutions with both hardware and software that help users ensure that an ID is properly verified, validated and authenticated.