Every business wants to avoid fraud, but the complex methods used by fraudsters can sometimes make this difficult. Fortunately, there are some steps that can be taken to ensure it can minimise the risk associated with fraud.
Liveness checks embrace technology and allow businesses and organisations to verify the identity of someone using document verification and biometrics. Given that most people have access to a smartphone and carry out a majority of their tasks using the device, it makes sense that companies can benefit from liveness checks.
Customers Can Open Finance Accounts Easily
In the past, checking the authenticity of a person could take several weeks and be costly in some instances.
Fortunately, this is no longer the case, as liveness checks ensure customers can open accounts easily and quickly. Not only does this improve the customer base for a business, but it also ensures those signing up for an account are not becoming frustrated when waiting long periods for a response.
Job Applications Can Be Streamlined
The hiring process consists of several checks, and although there are elements that need to be carried out manually, companies can streamline basic applications with liveness checks. As well as ensuring job applicants can be given feedback regarding their application sooner, liveness checks can deter those wanting to make a fraudulent application.
The streamlined process that liveness checks allow ensures businesses can invest time where needed in the recruitment process and enables the right talent to be sourced easily.
A Company Can Perform Continuous Customer Checks
It is not only the application process that can be streamlined via the use of liveness checks, but it can also perform continuous monitoring to ensure customers’ accounts are compromised. If a person loses their smartphone and there is little security in place, then accounts may be breached easily.
However, ensuring liveness checks are part of the logging-in process ensures that customers are always protected, even when they can’t find their device.
Businesses Can Avoid Fraud and Money Laundering
Fraud comes in several guises, and a business must do all it can to safeguard itself from nefarious online activity. Fraudsters have made several attempts in the past to open accounts in other people’s names to acquire funds or make investments in a company using money from illegitimate sources.
Not only can liveness checks help protect its business and customers. In many instances, fraud can mean businesses have to increase the price of their products and services to cover their loss. Introducing liveness checks helps deter fraud and provides an additional layer of security between a business and potential customers.
How a Third-Party Agency Can Help Regarding Liveness Checks
Businesses and organisations are keen to avoid fraud and other criminality whenever possible, so they will require prompt service when instilling liveness checks. Online document verification can be one of the most important elements of liveness checks, and using a professional third-party agency ensures they are completed correctly and quickly.
Furthermore, the time saved when outsourcing liveness checks means a business can focus on expansion ratchet than attempting to verify several documents using dated methods.