Prevent Identity Theft from Affecting Your Bottom Line by Utilizing Identity Verification.

The White Paper Series
Identity Theft
Utilizing Identity Verification to Face the Challenge of Identity Theft
ELECTRONIC VERIFICATION SYSTEMSIdentity Theft The White Paper Series 2
Identity Theft: Contact
Contents Information
Utilizing Identity Verification to Face the Electronic Verification Systems03Challenge of Identity Theft 10200 Linn Station Road Suite 372Louisville, KY 40223
How Identity Theft Impacts Business 04 Phone Number866.491.5665What Is Identity Verification? 05 Email Addresscontact@electronicverificationsystems.comApplication and Use of Identity Verification 06
The Benefits of Identity Verification 07
Choosing an Identity Verification Vendor 08
Identity Theft: Conclusion 10
Identity Theft: Resources 11
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www.electronicverificationsystems.comIdentity Theft The White Paper Series 3
Utilizing Identity
Verification to Face the
Challenge of Identity Theft
Identity theft is and has been a clear Identity theft, therefore, poses a who uses some form of identity and present danger for consumers serious challenge as the business verification will be able to determine and businesses alike. This practice world moves further and further away if a potential customer is who he or of making purchases, running up from traditional brick and mortar she claims to be and if there are any bills, and even committing crimes establishments and into the virtual red flags raised that might indicate using someone else's name has world of the Web. It has become vital identity theft.regularly topped the Federal Trade for businesses to be able to know Commission's (FTC) annual list of and accurately identify who they The following white paper will consumer complaints. In 2008, are doing business with-a difficult provide an overview of identity 312,982 or 26% of all FTC consumer proposition when building business verification, including what it complaints were related to identity relationships and trust online, where a can provide, how it authenticates theft, up from 258,427 in 2007. face-to-face meeting with a customer a consumer's identity, and According to FTC calculations, an is impossible. what to look for in a potential identity is stolen every 4 seconds. identity verification vendor. This The FTC also estimates that 1 in 6 One means to combat identity theft document will also explore the Americans will be a victim of identity is through the use of an identity damage that identity theft can theft this year alone. verification solution. A business cause to your business.
"Identity theft has been on top of the FTC's list of
consumer complaints for the past several years."
www.electronicverificationsystems.comIdentity Theft The White Paper Series 4
How Identity
Theft Impacts
Businesses
Identity theft's annual prevalence are not only out the cost of the on the FTC list of complaints reflects fraudulent transaction, but also "A business
its rapid rise to prominence as one the additional amount charged to can be out of the fastest-growing crimes in the restore the funds to the victimized United States. Its criminal impact is consumer's account. the cost of a not limited to the borders of America. A global identity theft marketplace In addition to this direct financial fraudulent sale has grown with consumer credit card hit, identity theft can also hurt information, Social Security numbers, businesses in other ways. The risk of plus the cost
and other personal data being sold in identity theft, for example, has led of refunding large numbers. some online consumers and banking customers to limit their online the money to Identity theft has had a devastating activities. This reduced activity can effect on individual consumers, but lead to a business seeing a drop in its a consumer's this type of fraud has also inflicted own sales as consumers cut back on damage on businesses as well. For their online purchasing. credit card."
example, when a business accepts a stolen credit card or number, it Taking the steps necessary to can lose money from charge backs. recognize transactions that use Banks not on... [download for more]