Sunday 24 October 2010

Why should businesses move to Electronic ID Verification?

Most businesses today still rely on manual application processing and identity verification. On the other hand, identity theft is on the high. There are more online businesses than ever before selling goods. From the consumer’s perspective, an average consumer is very aware of the identity theft and majority are apprehensive about disclosing confidential information to businesses online. Online retailers, especially the small to medium size businesses have little investment or understanding of the risks associated with identity theft. This is because the retailers outsource the credit card processing to third parties thereby transferring the risk to someone else. Or have they really transferred the risk?

Most small and medium size financial institutions rely on paper based applications with applicants required to submit paper documents (passport, utility bills, etc.) as proof of identity. There is a difference in perspective as applicants generally do not feel comfortable in submitting paper based documents. Delay in submitting the paper documents can cause the business a new customer. Paper based procedures also open the doors for fraudsters to submit forged documents.

All of the above mentioned practices, beliefs and difference is perspectives create a market place that is ripe for the identity thief and intelligent fraudster.

The solution is to move the paper based application forms to digital workflow based forms with electronic verification of identity. The workflow based forms provide cost savings in paper and human resource and also fulfils compliance requirements. The electronic verification of ID eliminates the need for paper documents for customer due diligence. It eliminates the risk of a fraudster submitting forged documents and fast tracks the process of identity verification.

If you require help with converting a manual paper application form to an electronic workflow based form or integrating with electronic ID verification, Tabaq Software has the solution for you. Tabaq has successfully converted paper based procedures into workflow based procedures and also partner with identity management providers to provide a completely integration solution.

To get more information on electronic ID verification and workflow based forms, email sultan.noori@tabaqsoftware.com.

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