How To Prevent Frauds with Identity Authenticator In 2023?

The rate of fraud has become quite scary in the past few years. Every time you watch the news there's a new story about someone scammed of their life savings by a poser. Scammers and fraudsters have no mercy. They prey on the strong and the weak without caring what they do to earn a living, and they must be stopped.

Fortunately, there's something you can do to keep fraudsters at bay. Using an identity authenticator is an excellent way to check for the identity of anyone you interact with to avoid falling prey to fraud.

Let's learn about identity authenticator and how to use it to prevent fraud.

What Is Identity Authentication?

Fraudsters use every trick in the book to hide their true identity by stealing or pulling a fake one out of a hat. Fake IDs and aliases are not just something out of the latest episode of the Blacklist or a James Bond flick. They are something you have to deal with every day if you want to combat fraud. Identity authentication is your first line of defense against fake identities.

Identity authentication tools help you confirm the true identity of anyone you are interacting with online or physically. With such tools, you can weed out any scammers who use fake ID documents and fake names to commit fraud. Identity authenticators work in different capacities to spot all kinds of fraud which start from simple password theft to fabricating false personas.

How Identity Authenticator Helps To Prevent Fraud 

1. Verify Phone Numbers And Emails

The most common tool for identifying people to avoid fraud in 2023 is using multifactor authentication via phone numbers and emails. In the present generation, it is very difficult to find someone who doesn't have a phone number or an email address.

All you need to do to confirm someone's identity is to send them a code via email at their registered address or a call on their phone. Your alarm bells should go off immediately they take longer than a few minutes to show you these codes. There's a strong chance that they are not who they claim to be.

2. Facial Recognition

Facial features are one of the most unique forms of identification you could ever have. Facial recognition can help you be sure you are constantly dealing with the right person. Facial recognition can tell the difference between twins who look virtually alike to the naked eye. Advanced facial recognition software uses iris detection to identify someone and can also tell the difference between a real person and an AI image.

If you think that fraudsters can use photos and videos to fool facial recognition, then you've probably never heard about liveness detection. Liveness detectors can tell whether the image a facial recognition system is scanning belongs to an actual human being by looking for small imperceptible signals in movement. With facial recognition, the chances of someone fooling you are quite low.

3. Knowledge Based Authentication

Knowledge-based authentication, or KBA, depends on the assumption that there are certain secrets that only the valid owner of an account or identity would know. When using KBA, you only need to ask the user to answer some questions, and you will soon know if they are really who they say they are.

You might have come across KBA at different points in life, like when you wanted to reset the password to your old Facebook account and had to say your mother's maiden name.

However, the best kind of KBA questions is random ones that come from information you can generate in real-time. This is called dynamic KBA. Common dynamic KBA questions include:

1. What was the last purchase you made on your credit card?

2. Who was the principal in your senior high school?

3. Which of these correspond to the 3rd, 4th, and 5th numbers of your SSN?

It is tough for a fraudster to guess the answers to these questions, so it's an excellent way for you to prevent fraud.

4. Verifying Government ID And SSN

One of the tricks fraudsters use to fool the system is giving fake IDs and social security numbers. The best way to beat such tricks is by counterchecking the ID number and SSN with existing government records. Verifying the existence of those records will help you tell whether someone has the true identity they claim to have. It's not enough for you to check that the record exists. You must also check whether all the details match just to be sure!

5. Criminal Background Checks

The last way you can avoid falling prey to a fraudster is by running criminal background checks. A criminal background check is a type of check that evaluates government criminal records for someone's sordid past. If you find something shady from a criminal background check that the suspicious person was trying to hide, then you can use that as concrete evidence that person can't be trusted.

Final Thoughts

We all have a duty to prevent fraud from growing as fast as it has in the past few years. Our first line of defense against fraud is Identity Authenticator. Identity authenticator helps us keep track of everyone we interact with to avoid being the main character of those scary fraud stories. Tyr out identity authenticator today and contribute to the fight against fraud.