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A recent report by the Australian Competition and Consumer Commission (ACCC) has revealed that Australians lost a staggering $3.1 billion to scams in 2022. The actual losses are believed to be even higher. These alarming figures underscore the pressing need for businesses to adopt robust identity verification solutions to protect their customers and prevent fraud. ScreenlyyID, an innovative identity verification company, offers comprehensive solutions that can help Australian businesses reduce the risk of scams and fraud. Hence scam losses with robust identity verification tool.

In this blog post, we’ll discuss the findings of the ACCC report, scam losses with robust identity verification and how ScreenlyyID’s advanced solutions can help Australian businesses address this critical issue. 

The ACCC Report: A Closer Look at the Problem 

According to The Guardian, the ACCC’s Scamwatch received over 286,000 reports of scams in 2022. 10% increase compared to the previous year. The $3.1 billion loss reported is only the tip of the iceberg, as the ACCC believes that many victims do not report scams. Also, the actual losses are likely to be much higher. 

“The record losses reported to Scamwatch are only the tip of the iceberg. Many victims do not report scams, particularly those who have been tricked into parting with their money or personal information,” said Delia Rickard, the ACCC deputy chair. 

The most common types of scams reported in Australia include investment scams, dating and romance scams, and remote access scams. These scams often rely on deception and manipulation, targeting victims’ trust and personal information to commit fraud. 

The Role of Robust Identity Verification for Scam Losses

In scam losses with robust identity verification, identity verification plays a critical role in preventing scams and fraud. Ensuring that only legitimate users can access online platforms and conduct transactions.  By implementing robust identity verification processes, businesses can: 

Protect customer data and prevent identity theft 

Scammers often use stolen personal information to impersonate legitimate users and access their accounts. A secure identity verification solution can help businesses protect customer data by ensuring that only authorized users can access sensitive information. 

Minimize the risk of fraud and scams with Robust Identity Verification

By verifying the identities of their users, businesses can significantly reduce the risk of fraud and scams. A robust identity verification system can detect fraudulent activities, such as the use of stolen credit cards or the creation of fake accounts. Prevent scammers from exploiting the platform.

Enhance trust and credibility 

Customers are more likely to trust businesses that prioritize their security and privacy. By implementing a reliable identity verification solution, businesses can demonstrate their commitment to protecting their customers, fostering trust and loyalty. 

How ScreenlyyID Can Help Scam Losses with Robust Identity Verification

ScreenlyyID offers state-of-the-art identity verification solutions designed to help businesses combat scams and fraud. Our platform combines advanced technology and comprehensive verification methods to provide a secure and reliable solution for businesses in Australia and around the world. 

Document verification 

ScreenlyyID’s document verification feature enables businesses to authenticate various types of identity documents, such as passports, driver’s licenses, and national ID cards. Our AI-powered technology quickly and accurately verifies the authenticity of these documents. Ensuring that only genuine users can access the platform. 

Biometric authentication 

Our biometric authentication feature uses facial recognition technology to match a user’s selfie with their identity document. Providing an additional layer of security. This feature not only verifies that the person submitting the document is the rightful owner but also minimizes the risk of identity theft and fraud. 

Multi-factor authentication for scam losses

ScreenlyyID’s multi-factor authentication (MFA) feature adds an extra layer of security to the identity verification process. Requiring users to provide additional forms of verification, such as a one-time password (OTP) sent via SMS or email. MFA helps businesses protect their platforms against unauthorized access and reduces the risk of account takeover by scammers. 

Customizable verification workflows 

Our platform allows businesses to create customized identity verification workflows based on their unique requirements and risk tolerance levels. This flexibility ensures that businesses can strike the perfect balance between security and user experience, while also keeping costs under control. 

Real-time reporting and analytics 

ScreenlyyID provides real-time reporting and analytics to help businesses monitor the effectiveness of their identity verification processes. This feature allows you to gain valuable insights into user behavior, and identify trends. Also, make data-driven decisions to enhance your security measures. 

Global coverage and support 

Our affordable identity verification solution supports businesses operating in multiple countries, with support for a wide range of languages and identity documents. This global coverage ensures that you can provide secure and reliable identity verification services to your customers, no matter where they are located. 

Conclusion: Scam Losses with Robust Identity Verification

The alarming $3.1 billion loss to scams in Australia underscores the urgent need for businesses to adopt robust identity verification solutions. ScreenlyyID’s advanced identity verification platform provides a comprehensive and reliable solution for Australian businesses. In order to protect their customers and prevent fraud. 

By implementing ScreenlyyID’s state-of-the-art identity verification features, businesses can significantly reduce the risk of scams. Enhance trust and credibility, and ensure compliance with regulatory requirements. With our customizable verification workflows and real-time reporting and analytics, businesses can tailor their identity verification processes to suit their specific needs. Make data-driven decisions to improve security. Hence, scam losses done with robust identity verification.

Our Identity Verification products offer Document Validation, Biometric Facial recognition and liveness tests to ensure a real person is on the other end.

Our anti-money laundering products also fully integrate into any custom workflow, as well as providing our own out the box workflow and tooling.

These are accessible via our suite of easy to integrate public APIs, or via our SDK ready to drop into your product or use as standalone.

Don’t let scammers take advantage of your business and customers. Contact ScreenlyyID today to learn more about our identity verification solutions and how they can help you protect your business from the growing threat of scams in Australia. Together, we can work towards reducing the staggering losses caused by scams and create a safer online environment for everyone.