Veriff’s biometric analysis ensures customers are who they say they are and can protect both businesses and their customers from identity theft by making it a nightmare for fraudsters to use stolen data.
Ashley Nelson, January 27th, 2022
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Happy Data Privacy Day! A holiday, as you can imagine, is very important at Veriff. We have a front-row seat to the ever-growing online world, which means more and more personal information is living online. With an increasingly digital world comes a host of bad actors looking to infiltrate private data of both individual people and corporations.
According to ProPublica, corporations lose about $200,000 every time they incur a data breach — and the burden is even larger for individuals. The cost of identity theft for taxpayers has been in the billions, seeing up to $250 billion in losses for unemployment insurance breaches alone.
Veriff’s biometric analysis ensures people are who they say they are and can protect both businesses and their customers from identity theft by making it a nightmare for fraudsters to use stolen data.
Here are 3 ways Veriff’s Face Match protect our user’s data:
Veriff's biometric analysis increases safety across the board, saving customers and businesses both time and money. For more information about Face Match, head to our website.
EDD in banking involves gathering information in order to verify the identity of customers and calculate the exact level of money laundering risk each customer poses. During the EDD process, the customer is asked for a much greater amount of information than they are during the CDD process, as this information can be used to mitigate the risks involved.
When carrying out due diligence, a financial institution must determine whether they should perform customer due diligence (CDD) or enhanced due diligence (EDD). This is because FATF guidance suggests that companies should adopt a risk-based approach to due diligence that reflects the specific level of risk that each individual customer presents.
Synthetic fraud is incredibly dangerous and is a major problem facing the financial sector. Unlike third-party fraud, where an entire identity is stolen and used to defraud enterprises and victims, synthetic fraud frequently has no specific consumer victim.