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Every day, smartphone-wielding consumers are interacting with the economy in a variety of ways, from mobile banking to shopping at local stores and online shopping sites.
How To Protect Identity Theft
Identity theft occurs when someone uses your personal information (your name, Social Security number, date of birth, etc.) to impersonate you, usually using that information to steal from you.
Identity Theft Protection: Protect Your Good Name
Chief Information Security Officer Manju Mude Oportun says, “These online fraudsters and criminals are increasingly aggressive and sophisticated in using technological advances to their advantage.”
Tip #1 — Protect your personal information: Do not respond to emails, texts or phone calls asking for details to confirm your identity unless you have verified that the request is legitimate.
Tip 2 — Choose unique passwords: Try to choose different passwords for each site you use. Avoid using any part of your personal information (such as your first name, last name, pet name, address, or date of birth). Use a mix of words, letters, numbers and symbols to steal your password from criminals. There are also apps that can safely store all your passwords.
Tip 3 — Use Alerts: Many financial institutions will send emails or text messages when transactions are made on your accounts. Sign up for text message alerts so you know when your credit card has been used and any activity on your accounts, such as withdrawals or deposits.
Identity Theft Prevention: How To Protect Yourself From Predators And The Dangers Of Identity Theft! Ebook By Greg Mason
Tip 4 — Protect your mobile devices: Use passwords on your electronic devices. Use a banking app rather than a mobile browser for banking.
Tip 5 — Be mindful of what you’re posting on social media: Be careful when posting information on social media that can be used to identify you, your family, and your location. Social media quizzes and puzzles can reveal a lot of private information about you, even if they seem fun or harmless. from frequent data breaches and employee fraud to lax identity theft prevention measures. In 2017, there were 1,579 data breaches that exposed 179 million records held by businesses. According to the same study, account hijacking was the most frequent identity theft method used by online identity thieves and it took at least a few months for a user to find out that someone else had stolen their identity.
The smart question to ask here is, what does a business have to do with a user’s stolen identity? Well! It’s important to understand that today’s workforce has many assets – financial or administrative – that identity thieves can exploit for personal gain, ultimately causing losses to businesses. Also, the stolen identity can be used in a famous job posting to get a job. According to the Federal Trade Commission, the most common types of identity theft are:
Source: Federal Trade Commission
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Now, you don’t need a degree in cybercrime or special expertise in identity theft protection to understand the dangers of corporate identity theft. Most companies use credit cards for business expenses and the 2nd most common form of identity theft is employment fraud, which means that in the absence of reliable KYC verification, job candidates can use a stolen identity to get a job they’re not fit to fill and fake personal information to get a job. who can guess about the true intentions of a candidate who uses it.
We understand that there is still a lot of confusion in the business community, especially Small and Medium Businesses (SMBs), who should use OCR-based ID verification and KYC solutions to prevent fraud and protect against identity theft. Most of them are stuck on the cost expenses that need to be allocated for KYC verification, but they need to assess the value of the financial risk that each KYC verification frustrates. It is better to spend a moderate amount on a KYC software than to lose a large portion of your income through identity theft or online fraud.
There are many other scenarios that can be mentioned here to explain the importance of Identity verification services, but today we want to discuss the need for Digital KYC in the recruitment process and internal operations of a company. We’ll cover online fraud prevention practices that can not only protect your employees’ individual identities, but also help secure your companies’ business interests.
Businesses and companies operating around the world collect personal information from their employees. From the interview stages to the recruitment and payment of payments, there are several points in the life cycle of a business where personal information is collected and in the event of a change (e.g. address, phone number, emergency number, etc.), the employer. wants employees to update their personal file with the required departments (accounts, HR, administration, etc.)
How To Prevent Identity Theft
Having the best identity theft protection available for internal operations makes it more difficult for companies with remote operations to meet a centralized governance model for branches and offices located in different cities. For multinational companies with operations spanning several continents, things become even more complicated, making the threat of identity verification more real than ever in the modern age of data breaches and dark web-based data black markets. All these companies require ID Verification and KYC verification to hire employees with genuine credentials, but also to take identity theft protection measures to secure employees’ corporate and personal information.
All over the world, companies and businesses are taking strict measures to ensure that all of their employees’ personal information is protected. Identity theft prevention requires that only a certain number of employees have access to this information. Company employee financial information is also protected in both hard copy and soft copy to ensure that the record is kept safe in case any of the two records are damaged in a natural or digital disaster.
Most companies not only take steps to apply all necessary checks to prevent any identity theft attempts, but also engage in practices to protect their employees from identity theft. To achieve this, regular training sessions are held to ensure that employees are familiar with the concept of identity theft, how online identity theft prevention works and what they can do to ensure that their personal or professional information is not compromised. wrong hands
One of the most common methods of ensuring that employees’ personal information is not compromised is to ensure that Social Security Numbers (SSNs) or other important ID numbers are never published on employee IDs, receipts or insurance cards. Any identity thief will have their work cut out for them if they ever get hold of such a trivial but informative document.
Protecting Yourself Against Identity Theft
In terms of identity verification and fraud prevention tactics, the entire system is more than a “House of Cards.” One wrong move and the entire online fraud prevention system can come down like a sandcastle.
Biometric verification is the preferred form of verification for most companies that perform functions such as Check Out Attendants to provide secure access to centralized resources. Now, it’s an ideal identity theft protection solution for on-site verification, but for remote workers trying to access centralized resources, biometric verification requires a higher budget if you’re only using traditional means of biometric verification, i.e. fingerprints or iris scans. It will require special smartphones or special hardware with fingerprint verification capabilities to perform iris scans.
Face verification is a much more reliable source of biometric verification, requiring no special hardware equipment. A phone camera or webcam can be used to recognize unique facial features of a checking employee. Shufti Pro is a perfect KYC verification and online identity verification solution that provides facial verification using Artificial Intelligence. You can use it with document verification to provide complete identity verification, not only for an existing employee, but also for a newly hired employee, whether on-site or for remote roles. The remote recruitment process becomes fully automated and secure for companies with the help of Sufti Pro’s identity verification services.
Businesses with a centralized database or knowledge base that only a select few need to access can certainly take help with ID verification. To make the process hassle-free and easier. Companies are already demanding the integration of OCR technology into KYC