Fraud Mitigation
Not Every Transaction is Innocent
Many organisations, particularly in Financial Services and Insurance sectors are constantly looking at mechanisms to reduce fraudulent activity on user accounts. From initial KYC (Know Your Customer) enrolment, to user authentication and transaction validation, there are many risk areas for organisations.
Removing the password actually increases security for organisations by eliminating the capability to share credentials or perform brute force attacks on infrastructure, additionally phishing emails are irrelevant since the user has no password to replay to the attack. Password removal helps mitigate against fraudulent access.
How to Achieve Peace of Mind?
Contextual awareness is a key variable for user access and transaction approval. Being able to determine an users claim of identity through multiple factors, eliminating the password and validating contextual information such as physical location and user behaviour allow organisations to make intelligent decisions for access control and reduce fraudulent activity.
As an established security company, Veridium can help reduce fraudulent activity in many ways.
Know Your Customers with Veridium 4F
Veridium 4 FingersTouchlessID for KYC (Know your Customer), provides organisations with a unique and reliable solution to capture user fingerprint biometric data using mobile phone technology. Users can now be reliably and remotely identified through a mobile application by capturing fingerprint data and matching that fingerprint to National fingerprint databases or AFIS systems. Our solution provides organisations immediate validation of a user identity using biometric matching as a proof of identity to bring increased levels of security for user onboarding, particularly for remote on-boarding where client travel is restricted. Biometric validation of user identity dramatically reduces fraudulent sign up to services.
Leading Platform for Passwordless
VeridiumID provides a secure platform for user authentication. Once a user has enrolled into a customer service, VeridiumID delivers modern, passwordless strong authentication for access into those services.
Veridium’s default solution also delivers strong MFA (Multi Factor Authentication) adding further levels of assurance of user identity when accessing systems or performing transactions. With Veridium’s InMotion, User Behaviour Analysis providing further confidence to the identity of the individual, organisations can again help reduce fraudulent activity.
