Ask a Veriffian: What’s top of mind during Internet Safety Month?

As part of our Internet Safety Month activities, we’ve asked some Veriffians to take some time to reflect on the state of internet safety and what this month symbolizes and means for them. A couple of key themes have emerged:

The Fraud Race: how to stay ahead

“The recent AI boom has provided a wealth of tools for businesses to predict methods of fraud and bolster their defenses – but they’re not the only ones who benefit. As much as businesses are trying to predict fraudulent behavior and adjust their approach to stopping it, fraud actors are likewise able to leverage AI to predict those predictions and stay ahead. Sophisticated fraudsters have already been using combative neural networks for some time to probe fraud prevention solutions for weaknesses. AI tools also allow for automated attacks en masse – and even if only a miniscule fraction of them work, that’s still a free victory for criminals that requires little to no effort. Companies cannot afford to let their fraud prevention tactics and solutions grow stale, and must regularly assess and update them using the latest AI tools to stay one step ahead – because that’s what the people trying to defraud them are doing.”

David Divitt, Senior Director, Fraud Prevention and Experience, Veriff

But is there a way to still onboard more new users without sacrificing fraud prevention?

Identity verification is a must

“Just as companies’ security arsenals have grown over the years, the amount of publicly available tools for fraudsters have also increased – particularly with the recent explosive growth of AI technology. As much as a business invests in its cybersecurity defenses and resources, failing to place sufficient priority on IDV can mean it’s all for nothing. Data breaches will persist since criminals have the capability to resell the data to multiple buyers, and it is frequently utilized for blackmail as well. A significant data breach becomes unnecessary when a fraudster can easily impersonate someone with authorized access. Whether it impacts a business’ top-line growth through missed profits and unconverted customers or their bottom line due to fraud-related expenses, failing to prioritize fraud defense is a risk that no organization can afford to take.”

Janer Gorohhov, Chief Product Officer and Co-Founder, Veriff

Balancing friction with security for customers

“Friction is one of the largest pain points in the identity verification (IDV) process for online users. Companies who want to safeguard their users and protect themselves from fraud and money laundering risks should look for proven IDV solutions that deliver strong defenses balanced with an effortless and inclusive customer experience. If there is too much friction in the IDV process, and users are asked to follow numerous steps or complex instructions to verify their age and identity, you risk losing them as a customer. Which is tricky, because on the other hand, some friction in order to detect and deter bad actors can often be beneficial when used in the right way. But at the end of the day, to best understand your customer so that you can safeguard them online, the IDV process must be as simple and intuitive as possible, irrespective of your users’ technical competence, location, device of choice or language.”  

David Divitt, Senior Director, Fraud Prevention and Experience, Veriff

Give customers the choice they want

“As consumers rely more on digital services, the expectation for businesses to meet security standards without compromising user experience and keeping the bad actors out has been increasing. As a result, online identity verification has become an essential part of any digital service. Organizations have many options at their disposal for how to approach verification, be it for users and customers, employees, or otherwise. It is essential for companies to find the right balance between risk appetite and the industry specifics. While some may implement their own proprietary methods, many turn to third-party vendors to support their onboarding and verification workflows. These solutions should be intuitive enough and easily maintained at scale, making them as easy to use as possible irrespective of their technical competence, location, device of choice or language.”

Raul Liive, Head of Product, Veriff

Taking action to better protect the elderly online 

“While digital adoption by seniors is lower than other demographic groups, they can still be some of the most vulnerable online users as they may not be as familiar with certain technologies as other age demographics, or have the same perception of risk. Because of this, seniors are becoming an even more attractive target for fraudsters, and we will likely see digital elder abuse fraud continue to increase. Organizations must take action now to help prevent fraud and build and maintain trust with older generations - whether it’s through the types of security features they offer (i.e. implementing solutions that are easy for anyone to use and safeguard older users with anti-fraud and security features at their core) or the way online safety measures are communicated to their older customers. It is critical that we make sure senior online users are not being left behind in the online safety conversation.” 

Sital Shah, Senior Product Marketing Manager, Veriff

At Veriff, we’re working hard to make the internet a safer place for everyone. Thank you to those who contributed their thoughts, and wishing you all a happy and secure Internet Safety Month.

Learn more about our approach to internet safety and how IDV is driving innovation in online security in business like yours.