Best line of defence against identity theft and fraud

IDUX is a smart new digital identity ecosystem allowing businesses to build mutual trust throughout the entire customer journey, while guaranteeing end-to-end privacy and security.

Netsafe data confirms that incidents of identity fraud in New Zealand increased by 86 percent in the past financial year. Incidents of investment fraud are up 37 percent over the same period.

With an increasing number of Kiwis accessible online and more information about us easily available, scammers are increasingly using social engineering tactics – such as pretending to be other people (sometimes work colleagues) or organisations – to trick people into giving up personal information, or getting them to perform certain actions that could harm their personal and financial reputations.

Identity fraud and account takeover fraud happen when a cybercriminal gains access to personal information and uses that information for malicious intentions.

When fraudsters take control over an existing account, they gain access to financial tools and sensitive information, often leading to unauthorised transactions, credit card fraud, criminal funding, and even creating new accounts.

All this happens when a cybercriminal gains access to a service because the fraud tools implemented can’t confirm whether the real-world identity exists or if the individual is the true owner of that identity and genuinely present. IDUX avoids this scenario, only allowing legitimate users to access your business’s service securely.

How IDUX provides peace of mind for SMB owners

Smaller businesses, with less resources for implementing protective measures and significant time and resource constraints compared to larger businesses, are often easy prey for fraudsters and scammers. Self-employed people and small-business owners report more than twice as many scams as larger businesses. These scams can range from false billing to online fraud.

Fortunately, the IDUX SaaS and hosted solution is directly targeted at the needs of small businesses. The key benefits for business owners include:

• Reduced fraud losses – Confidently verify customers to meet KYC/AML/CTF compliance and prevent fraudulent users taking over legitimate customer accounts through authentication processes.
• Minimise manual verifications – If a customer’s ID document fails verification, the ecosystem automatically requests an alternative reliable source document, saving businesses time and money.
• Reusable KYC (Know Your Customer) – Remove repeat verifications when a customer signs-up or opens a new account with subsidiary companies. 
• Simple integration – Customers are able to easily integrate through the low-code SaaS/hosted solution, which means businesses could start verifying customers within hours. 
• Ensure data protection, privacy and accountability – delivering the highest global standards and regulations, IDUX is certified and adheres to the highest global industry standards (ISO27001, SOC2 Type-II, SOC3) and regulations (GDPR, CCPA).

Easy to apply and manage

IDUX integration is quick and easy. With detailed documentation and customer support you can begin securely verifying your customers within hours.

Engaging this innovative new digital identity solution provides peace of mind across a wide range of transaction scenarios, such as: age verification (for age-gated products and services), opening bank accounts, loan applications, online payments, education verification, Government ID verification, proof of address, and complying with global KYC and AML regulations.

It’s all about the customer, and trust

IDUX is all about helping businesses have confidence in who their customers are while also building trust in how they handle and process customer information.

It’s important to remember that fraud rates have increased thanks to the pandemic and the resulting increase in the number of remote transactions. Fraud techniques have become more sophisticated. With easy access to consumer data and the latest technological tools at their fingertips, cyber-criminals have been able to exploit system vulnerabilities with increasing success.

During the past two years, the world has witnessed a growing shift in relation to people harnessing the power of the Internet for both entertainment and basic needs. The growth in digital financial services and online banking has increased the number of potential attack vectors, driving up instances of digital identity fraud. And unsurprisingly, this has also coincided with an increased requirement by governments to better regulate and monitor the digital world. Businesses are under pressure to meet heightened privacy requirements and maintain security standards, all while complying to local and global regulations. This requires businesses to view digital identity as a strategic core to their business.

IDUX, built on a future proof identity strategy, provides a high-tech solution to fight fraud, specifically identity fraud, which is at the baseline of all other types of fraud. It is highly profitable for fraudsters to devote time and effort to disrupt identity proofing solutions. Hence, we need to think and design ahead of fraudsters. Specifically,  with everything going online amid COVID-19, there is an increased demand in verifying the identity of online users.

It’s more important than ever for your business’s identity verification solution to be ahead of the fraudsters. IDUX is built by using an adaptive approach with a privacy-by-design and identity-first security as the core values. This will help businesses to drive top-line growth and reduce fraud impacts.

You can obtain confidence in the identity of your customers, while providing them peace of mind on how you will handle and process their sensitive information.

To learn more about the IDUX digital identity solution go to: www.idux.com.au