To combat the escalating issue of fraud, consultants must possess advanced knowledge of ID verification and data quality technology. Barley Laing, UK Managing Director at Melissa, provides guidance on how consultants can effectively aid clients in developing robust fraud prevention strategies.
Research from Consultancy.uk indicates that fraudulent activities cost UK businesses approximately £158 billion annually, with cybercrime expected to rise as services shift online and the cost of living crisis persists.
Consultants play a critical role by advising clients on robust fraud prevention strategies. Laing highlights the significance of obtaining verified, clean customer contact data as the foundation for sound data governance and effective ID verification. Clean data is essential as contact details deteriorate rapidly due to various factors like address changes and typographical errors.
Laing suggests the use of address autocomplete or lookup services for accurate address data during the onboarding process. Consultants should encourage clients to maintain, consolidate, and deduplicate their databases for effective data quality and fraud prevention. Data suppression, highlighting moved or deceased individuals, also contributes to cleaner data.
Advanced technology, both on-premise and via SaaS platforms, facilitates real-time data quality management. Consultants should guide clients to adopt identity verification services, such as SaaS electronic ID verification (eIDV), which cross-checks user data in real-time to prevent fraudulent activities. This approach ensures not only know your customer (KYC) but also know your business (KYB) checks, enhancing fraud prevention across various sectors.
In conclusion, consultants equipped with a comprehensive understanding of cutting-edge ID verification and data quality technology can effectively assist clients in countering fraud and safeguarding their reputations and financial stability.
By FCCT Editorial Team
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