Digital KYC – Protecting All Generations from ID Fraud

Risky Behaviours Leading to Higher ID Theft Cases

The bigger question is, why are perpetrators successful in fooling people? Be it a 24-year old tech-savvy or a 50-year old, why is the number of identity theft cases increasing? The following few risky behaviours are the reason:

1. Using One Password for Multiple Accounts 

Same password for different accounts is one of the most common mistakes that people commit and often lose sensitive information to fraudsters. Moreover, the passwords are short phrases or very common numbers that are easy to crack. 

2. Not Reconciling Bank Statements 

Although reconciling bank statements is a boring job, it is important that you do not miss it at any cost. Let’s suppose you checked the statement last month and missed checking it this month. After a month or two, you find out someone’s messing with your accounts and you have lost a lot of money in the meantime. Clearly, you are a victim of credit card fraud (the most common form of identity theft). 

Suggested: New Account Fraud – A New Breed of Scams 

3. Shopping Online On Unreliable Marketplaces 

The online shopping trend is definitely the best thing one could ask for, but what about the downsides of this development? Shady marketplaces have significantly increased because it is an easier method to acquire confidential data. Bad actors ask for bank account information and Personally Identifiable Information (PII). A Javelin Strategies Report revealed that identity theft, account takeover fraud, pharming, and silent fraud are the growing threats for online shoppers and businesses.  If people continue to carelessly shop from unreliable e-stores, these criminal activities will continue to increase. 

ID Theft – A Problem for All Generations

Over time, identity theft has been a problem for a long time. From conventional methods to digitally acquiring information, methods for ID theft have evolved. Here’s a statistical overview of identity theft being a problem for all the generations. 

The Federal Trade Commission (FTC) revealed the following statistics for identity theft in different age groups in 2020: 

What Can Businesses Do to Protect Consumers of Different Generations?

Protecting consumers from being a victim may sound like a difficult job, but you can always win their trust and identify bad actors through identity verification. Validating every customer during the onboarding process makes it a lot easier for you to onboard the right customers in no time. Furthermore, it builds trust among consumers that they are dealing with a legit business. 

How Can Shufti Help?

Shufti’s Know Your Customer (KYC) verification is a solution that is right for all generations. Doesn’t matter if you are dealing with millennials or generation Z. Verifying the identities of every customer and helping you onboard legitimate customers is not a problem. Within 30 seconds, you get 98.67% accurate verification results. Moreover, the results are stored in the back office as well for future case building. Apart from top-notch identity verification, Shufti is also GDPR and PCI DSS compliant, ensuring full data privacy and security of all your customers. 

Need more assistance on our Know Your Customer verification? Get in touch with our experts right away!