subject: Fraud Identification And Fraud Monitoring Services Are Important To Your Business [print this page] Fraud identification may be defined roughly as a consumer based solution that monitors an individuals personal identity. Companies often spend much of their hard earned profit on subsidised bad loans, false claims and uncollected bills. Very often this occurs as a result of individuals who represent themselves under different identities.
Fraud identification services to the rescue
Fraud identification services can merge, standardise, and cleanse and de-duplicate customer records. Even if the records are spread out across the organisations and entered from separate service centres, you will be able to identify such individuals.
The workings of fraud identification
Fraud identification or fraud monitoring services are capable of monitoring more than 400 data sources. It can monitor changes to names, phone numbers, date of birth and even social security numbers.
Identity definition today works out to name, address, date of birth, passport details and references. An individual could change these details every time he/she transacts with you as a new customer.
Conventional software cannot identify these discrepancies. These identity elements mentioned above may be tweaked just slightly. They will not appear in a regular text search or in a sort list.
If the data in your organisation is not centralised, the risk of such instances may be manifold. For instance, if an individual goes to different service centres to initiate a new relationship every time, each entry is entered in a separate database.
In such a situation, fraud identification is the only sensible resort that businesses have.
