The Top 10  Most Difficult Countries for Identity Verification

The Top 10  Most Difficult Countries for Identity Verification

Download Report

    n-img-roi-cross

    Before You Go, Schedule Your Free Demo Today

    Valid Invalid number


    Note: Fields marked with an asterisk(*) are mandatory.

    n-exit-img-roi-cross

    Thank you for your demo request

    We appreciate your interest and look forward to discussing how our solution can meet your needs. Expect to hear from us shortly with scheduling details.

    Close

    us

    2a03:2880:f800:6::

    How Businesses Can Avoid Identity Verification Fraud in 2019?

    Credit Card Fraud

    With a bulk of customers using online services, businesses wish to digitise their operations and provide online modes of payments for their customers. Amidst this digital integration arises the threat of credit card fraud and what business must do to protect themselves from it. The figure for worldwide card fraud losses crossed the mark of 31 billion US dollars in 2018. Although consumers suffer in the worst way through credit card scams, businesses are not far behind and can suffer just as much – if not more.

    Fraud Prevention tips for Consumers

    Every now and then, almost every entity including governments, banks, financial institutes and businesses issue numerous credit card fraud detection tips for consumers. Individually every credit card user must be smart and vigilant enough see some obvious warning signs for fraud;

    • Beware of phishing scams – never click on links provided via e-mail; they tend to have malware.
    • Beware of social engineering scams. Banks, governments and online retailers never ask people for their personal information (ID card numbers, account or credit card numbers, passwords and PINs) via e-mail, phone calls or direct messaging.
    • Keep your personal information secure and avoid giving out any potential identity information on social media platforms. Block your stolen credit card as soon as possible and report the theft.

    As technology has advanced at an exponential rate worldwide, credit card fraudsters have found better and yet more sophisticated ways to commit credit card identity theft. Thus it is equally important for businesses to implement equally advanced fraud prevention measures. Individually every business may not be able to develop sophisticated and effective online fraud protection. In recent years, however, the fraud prevention industry has made impressive breakthroughs in this regard.

    Apart from such anti-fraud solutions, companies also need to take some active measures to prevent identity theft on their end;

    Monitor Your Transactions

    In a world dominated by consumers, most of them have moved away from cash payments and are increasingly using online payment modes. Although the use of EMV chip cards has made it difficult for scammers to commit credit card fraud, they can still find ways around them. For this purpose, it is important for businesses to monitor their transactions, both online and physical. There are a number of warning signs in a transaction that can alert you as to whether it is a fraudulent one.

     

    • Check to see if the billing and shipping address for the transaction same or different. If so, then why?
    • Also, evaluate the average order size for the nature of your business. If any transaction is larger than the average amount, check to see why.
    • Be careful in case the order has been requested overnight.
    • Be in the lookout if a large number of orders have been placed through the same credit card.
    • Beware if your address verification provider cannot verify the shipping address of the customer.

    It is understandable that no business can verify each and every single one of its transactions individually. Particularly if the transaction volume of the business is large, manually verifying each transaction can take an army of human labour. For such situations, it is advisable to avail the services of a verification service provider that can authenticate both the identity as well as the address of every transaction through an automated procedure.

    Implement Damage Control if Credit Card Fraud Happens

    The only way businesses can completely eliminate online credit card fraud or identity fraud is to not accept credit cards or online payments at all. This is obviously impossible as almost every consumer owns a credit card or prefers to shop online. Therefore, entirely eliminating fraud is an unlikely scenario for businesses as well as consumers. Businesses should be vigilant if any cases of card fraud surface. Firstly, it is always advisable to report the crime to the relevant authorities to take the appropriate action. You should always cooperate with them and provide them as much information about the crime as possible.

    Also, be responsive to customers who have been affected by the fraud and provide them with any assistance you can. Listen to their case vigilantly and try to compensate them in any way you can.

    Modern Credit Card Fraud Prevention Tools

    The market for fraud prevention solutions has expanded over the years. Amidst the solutions currently available for credit card fraud protection, Shufti has emerged as a leading Know Your Customer or KYC verification service provider. It is the best credit card protector for any business and provides a number of verification services to businesses.

    It is a SaaS product that provides document verification, address verification and facial recognition services to businesses. Shufti Pro’s AI-based authentication software can verify customers within seconds. Credit card fraud prevention has never been easier. Through customer verifications, businesses can ensure that each of their transactions is legitimate.

    Recommended For You:

    Fraud Prevention through Secure Payment Processes

    Related Posts

    Blog

    Smart Growth in Uncertain Times: Powered By Shufti

    Just five years ago at the onset of the COVID-19 pandemic, the global economy was struck by the h...

    Smart Growth in Uncertain Times: Powered By Shufti Explore More

    Blog

    AI Document Verification 2025

    Why This Matters in 2025 Digital onboarding is booming, but so is document fraud. The global iden...

    AI Document Verification 2025 Explore More

    Blog

    How to Combat Document Forgery in 2025 and Beyond

    Why This Update Matters Digital document forgery is no longer a fringe threat it strikes every fi...

    How to Combat Document Forgery in 2025 and Beyond Explore More

    Blog

    Age Verification Laws & Regulations Worldwide: 2025 Update

    Introduction Online platforms now face unprecedented pressure to prove users’ ages. From preventi...

    Age Verification Laws & Regulations Worldwide: 2025 Update Explore More

    Blog

    Expanding the UX Lens with Lisa Kleinman

    Creating a UX experience can feel like a paradox: users are more diverse than ever, yet they expe...

    Expanding the UX Lens with Lisa Kleinman Explore More

    Blog

    Inside Innovation at Shufti: Visual Heatmaps That Help Instantly Spot Document Tampering 

    In the complex landscape of identity fraud, the smallest details can make the biggest difference....

    Inside Innovation at Shufti: Visual Heatmaps That Help Instantly Spot Document Tampering  Explore More

    Blog

    Verifying identity in India

    Verifying identity in India Explore More

    Blog

    From Abandoned Carts to Loyal Customers: Rethinking the Onboarding Experience

    Website abandonment is a silent revenue killer for online businesses. Whether it’s an unfin...

    From Abandoned Carts to Loyal Customers: Rethinking the Onboarding Experience Explore More

    Blog

    Smart Growth in Uncertain Times: Powered By Shufti

    Just five years ago at the onset of the COVID-19 pandemic, the global economy was struck by the h...

    Smart Growth in Uncertain Times: Powered By Shufti Explore More

    Blog

    AI Document Verification 2025

    Why This Matters in 2025 Digital onboarding is booming, but so is document fraud. The global iden...

    AI Document Verification 2025 Explore More

    Blog

    How to Combat Document Forgery in 2025 and Beyond

    Why This Update Matters Digital document forgery is no longer a fringe threat it strikes every fi...

    How to Combat Document Forgery in 2025 and Beyond Explore More

    Blog

    Age Verification Laws & Regulations Worldwide: 2025 Update

    Introduction Online platforms now face unprecedented pressure to prove users’ ages. From preventi...

    Age Verification Laws & Regulations Worldwide: 2025 Update Explore More

    Blog

    Expanding the UX Lens with Lisa Kleinman

    Creating a UX experience can feel like a paradox: users are more diverse than ever, yet they expe...

    Expanding the UX Lens with Lisa Kleinman Explore More

    Blog

    Inside Innovation at Shufti: Visual Heatmaps That Help Instantly Spot Document Tampering 

    In the complex landscape of identity fraud, the smallest details can make the biggest difference....

    Inside Innovation at Shufti: Visual Heatmaps That Help Instantly Spot Document Tampering  Explore More

    Blog

    Verifying identity in India

    Verifying identity in India Explore More

    Blog

    From Abandoned Carts to Loyal Customers: Rethinking the Onboarding Experience

    Website abandonment is a silent revenue killer for online businesses. Whether it’s an unfin...

    From Abandoned Carts to Loyal Customers: Rethinking the Onboarding Experience Explore More

    Take the next steps to better security.

    Contact us

    Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

    Contact us

    Request demo

    Get free access to our platform and try our products today.

    Get started