The growth of online transactions is changing the way businesses operate. However, identity verification is still handled manually in many organisations, requiring a customer to go away and collect certified copies of identity documentation, required to participate in face-to-face meetings - or possibly send copies of identification documents via mail. This process results in a paper trail that requires internal resources to manage, and this ‘double handling’ of identity data can subject an organisation to potential fraud.
Another issue for concern is the quality of the customer experience. A poor customer experience – characterised by the collection of 100 points of ID – can be the difference between converting a potential customer and losing them to a competitor.
Veda’s IDMatrix™ is an advanced electronic verification service that not only verifies customers’ identities, but can also include a thorough fraud assessment in just a few seconds. Veda has access to the Government’s Document Verification Service (DVS), an authorised channel to match passports, Medicare cards, visas, citizenship certificates and driver licenses. Electronic identity verification removes the need for customers to provide identity documents or to be physically present to show such documents typically required for manual processing.
This electronic process also comes with an integrated fraud component, whereby detailed fraud checks can be customised to meet your organisation’s business and compliance needs.
Benefits to you
- Maximises your customer conversion rates
- Improves the online experience
- Provides a comprehensive fraud assessment
- Helps meet strict compliance requirements under the AML/CTF legislation
- Provides much more than identity verification
- Certainty of data accuracy by accessing the Government’s DVS for a small fee
- Can be tailored to suit individual information requirements
- Select your own delivery channel
As an added advantage when using ID Matrix™, organisations can access Veda’s proprietary identity data also known as ‘credit header data’, the largest and most comprehensive in Australia.