Protecting organisations against identity fraud
Wherever you are in the world, there are fraudsters and there is identity fraud.
Whether it is a fraudster that makes up a completely fictitious identity or one that impersonates the identity of a real person, the impact of these actions resonates around the various parties, directly or indirectly, involved.
In response to the problems of identity fraud and the associated money laundering and terrorist financing that is often linked to it, regulators around the world have taken steps to tighten up their local Anti Money Laundering (AML) regimes.
Overview
Authenticating customers on a global basis with Universal ID Check
The more enlightened regulators have taken a risk-based approach to enforcing their AML controls, allowing organisations to adopt controls that are proportionate to the risk involved.
These regulators readily recognise the value of electronic data in allowing more robust measures of identity to be undertaken, while at the same time reducing the cost; fundamental factors in a risk based approach.
Experian has embarked on a programme to deliver identity authentication services, utilising electronic data around the world, to those countries that have the demand and the data to support such services.
These services are designed to help organisations be compliant with the regulators and also to address the issue of identity risk.
They allow organisations to reduce costs and fraud losses, complete the fulfilment process faster, reduce ‘drop offs’ - when individuals drop out of the process when asked to present documents - and generally improve the customer experience.
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