It’s International Fraud Awareness Week this week and we want to remind everyone to continue to be aware of the risk of fraud and to stay cautious with your personal and business details.
We often hear about fraud perpetrated on individuals in the news, whether it’s investment scams, credit card fraud or superannuation fraud, however these same frauds can also have a significant effect on Australian businesses. Research by PwC revealed that over one-third (35%) of Australian companies have been affected by fraud between 2018 and 2020. Almost one in five has been asked to pay a bribe.
With increased globalisation and a reliance on technology for business processes, combined with the upheaval and circumstances surrounding the COVID-19 pandemic, has come an increased risk of fraud in day-to-day operations. Australian businesses need to increase their awareness of this risk and utilise services and technology to mitigate the risks and protect their business from potential losses.
Fraud, and particularly identity theft, can affect almost all business processes, from hiring staff to choosing reliable suppliers to providing your goods and services to real customers. Individuals posing as people they are not can mean a business hires incompetent and dishonest staff or provides goods to people who have no intention of paying. It can mean dealing with suppliers who are not who they say they are or cannot truly supply the goods they say they can. Identity theft is becoming increasingly common and costs Australia upwards of $2.5 billion a year.
To combat this risk, conducting official identity verification checks is a vital step as it minimises the chance that individuals are presenting themselves as someone they are not and protects your business from losses.
Technology can be used effectively in this battle against fraud. There is now advanced technology available to detect and prevent identity fraud, and to help businesses prevent the aforementioned situations.
The identity verification app that does it all quickly and conveniently
When you’re looking for leading software to verify and confirm a person’s identity, InstaID+ is the clear choice.
It’s a simple app that helps speed up and ease the process of conducting identity verification checks by using the latest facial recognition technology to accurately analyse and match a prospective tenant’s supplied selfie with their passport or driver’s licence photos. This can then be cross-referenced against database information to confirm other details about the person, like criminal history, credit history, and employment status.
InstaID+ technology combines:
- Document analysis for applicant authenticity
- Document verification for applicant validity
- Biometric verification for applicant ownership
- Liveness detection for applicant ID
By simply sending a link to the individual, which can be accessed directly from their mobile phone, these checks can now be done quickly and easily by the individual supplying some basic information and photo ID. The information is then matched to a range of reliable data sources that will be able to verify their identity.
This automated process and our reliable data sources mean you can be assured of the identity of the person and avoid any fraudulent individuals. We also offer full customer support to ensure that individuals are able to successfully navigate through the process and complete their checks as soon as possible. Results are then provided in real-time.
Find out more
Protect your business from fraudulent individuals and financial losses. With no setup or ongoing fees, InstaID+ is easy to implement in your processes and we provide end-to-end customer support to ensure an effective verification process.
Get in touch today to see how InstaID+ software can help you minimise risk. Contact email@example.com