Online businesses are going to find that the year 2019 brings a lot of promise for online revenue with platforms like Amazon and social media gaining a larger audience than ever. Mobile-based users are the basic driving force behind this new wave of digital commerce whether it is online shopping or digital services such as IoT or cloud-based services, the large scale adoption of the new tech will create tremendous opportunities for the tech world.
No wonder that the most highly valued companies in the world are all tech giants at the moment.
With an increased number of clients, the risk of scams and frauds also increases substantially.
This is the same reason why regulations are being strengthened to protect the end-users from digital scams. In order to increase the
Digital Compliance Solutions
Unfortunately, online businesses and companies using digital platforms to increase their revenues were not fully prepared to fight online fraudsters. Compliances were required to be followed but ironically for digital business, most of the companies opted for manual compliance measures that were not only counterproductive to their overall business needs but created lot more problems for the businesses rather than ease of doing business, inviting multi-million dollar fines.
This is where digital compliance solutions can come in handy for the online business. They are not only cost-effective but these solutions also provide the ease of red-flagging the suspicious users much more quickly as compared to manual screening checks.
RegTech
Regulatory Technology or RegTech is not a new concept but several businesses have not been able to totally comprehend the importance of this cutting edge form of technology. A lot of that has to do with the regulatory approval required for RegTech to be implemented as a formal alternative or source of following a particular official policy.
But as the times are changing and authorities are becoming more aware of the utility of such technical products, RegTech adoption must witness an unprecedented rise in the number of users around the globe.
KYC verification and identity authentication are the most formal method of RegTech to identify the importance of RegTech in the modern age. Several companies have integrated RegTech and more will do so in 2019, so if you are also looking to follow regulations put forward by your concerned regulator, make sure to check out RegTech that can serve your best interest.
User Verification Solutions
Most of the online frauds and digital scams either originate from users registering with fake information or by getting hold of personal information of authentic users, something that is not hard to find these days of frequent data breaches. So it is very important to authenticate the true identity of an incoming user.
Otherwise, a business can be held liable for a cashback request, supporting an identity thief or even worse for being used as an accomplice for criminal elements defrauding the common internet users.
Such issues can easily be resolved with user authentication solutions that offer multiple identities and document verification services. Shufti Pro is one clear example of such a service that offers KYC services tailored to the individual needs of its customers. Several of these services are using modern-day tech in order to counter identity theft and account takeover from fraudulent entities.
These services diligently check the authenticity of the personal information provided by a user for opening an account or availing a service through identity and document verification. Top of the line KYC service providers even provide proof of verification to their customers in order to make sure that no user was declined service without a valid reason.
Secure Access to centralized Resources
This aspect has a lot to do with the in-house practices adopted by an online business. Companies that use centralized resources to connect multiple departments or to provide communication among different regional offices must use this method to prevent online fraud and scam. In one stance, a popular internet service provider has to sustain losses ranging into millions of dollars due to easy-to-crack passwords being used by one of the team members to access these centralized resources.
Reckless policies and overlooked data security practices can lead to a serious online scam. So it is important to use appropriate checks to ensure the overall stability and safety of centralized resources.
Corporate espionage is at all-time high and digital security cannot be taken the light of recent attempts to hack into proprietary information and databases. Let 2019 be the year that online businesses can come together to adopt a systematic approach against digital scams and online frauds.