Fraud prevention is an active and complex topic of discussion across many different industries, one that shows no signs of losing the spotlight. It's easy to understand why-as more and more businesses and financial institutions move their transactions online, the anonymous nature of the Internet continues to enable fraudsters and identity thieves.
Using continuously evolving methods of stealing, hacking, and coercing personal information from consumers and business persons alike, cybercriminals seem to constantly remain one step ahead of those in the information security industry and the fraud prevention tools they develop.
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In response to the widespread call for fraud prevention, millions of businesses have taken the preventative measure of investing in fraud prevention systems in order to keep their transactions legitimate and their businesses compliant with all federal and international identity fraud and money laundering regulations.
However, these systems often only provide id verification functionality-an incomplete solution that still leaves businesses vulnerable. In this article, we'll explain why all fraud prevention systems must have both id verification and id authentication functionality in order to efficiently protect businesses and provide an adequate return on investment.
Verification Versus Authentication
ID verification is the process of checking to see if one or more points of data are true. Anyone who has ever been asked to show a photo ID or passport has had his or her identity verified. But, in a world where identifying documents can be forged with amazing accuracy, it isn't enough to simply request these documents.
Additional steps must be taken in order to make sure consumers are who they and their documents claim that they are. ID authentication is the process of asking questions, cross-referencing trustworthy sources, or taking other additional measures of confirming someone's identity.