In today’s world internet has changed the way how organizations as well as individuals do their businesses. Internet, about a decade ago, was a tool but now it has evolved into a way of life. With more and more people going online to transact every conceivable businesses, security is of paramount importance.
Identity theft is one among the serious problems that we face online. We were until recently used with paperwork for any identity verification. ID evidence such as passports, driving licenses or utility bills, was the only way to confirm identity. This process is usually lengthy and paper documents are unreliable as they are easily forged often requiring for staff to analyze and validate every information.
Against this back drop, Experian a global company, is dedicated to helping organizations and consumers make commercial and financial transactions with greater confidence. Experian uses Authentication Solutions, an electronic, risk-based approach to validate and verify customers. A customer’s biographical data, given at point of purchase, is compared against their authoritative data sources. This data is compared and validated against 1 billion records that Experian holds to verify the anecdote of any consumer.
Checking and proving an individual’s identity is a challenge for both the public and private sector. It looks at the number of electronic records the individual can be matched against, how far back in time they go and the processes that were in place when the records were created. An authentication decision is then given in seconds, with no need for paper-based proofs. This has created a total fraud prevention by ensuring the following are adhered to while any authentication is validated. By accessing names data from the Electoral Register, a full address –along with the name of the person(s) living there – can be returned from as little as a postcode and premise name / number.
This means that the name and address are quickly verified at point of capture, providing an accurate starting point for the identity check. Once the name and address details have been verified, further biographical details are captured on the applicant. Via an internet or leased line connection, these details are then validated against Experian’s data sources to prove that the identity exists. This authentication method builds total consumer confidence since a great volume of data is processed to identify the correct consumer and in the process pick out any suspect transactions. This creates a sense of freedom, ease, identity protection and above all a secure environment in doing online business.
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