Elimination of In-Store Credit Application Fraud
Learn how a consumer electronics retailer utilized Identity Authentication to stop in-store credit fraud perpetrated with fake ID Documents.
What are the dangers of in-store credit application fraud and identity theft to businesses?
Financial Loss
In-store credit application fraud and identity theft can result in significant financial losses for businesses.
Fraudsters may use stolen identities to open fraudulent accounts or make unauthorized purchases, leading to financial damages that can be challenging to recover.
Damage to Reputation
When businesses fall victim to credit application fraud and identity theft, it can severely damage their reputation.
Customers may lose trust in the business's ability to protect their personal information, leading to a decline in customer loyalty and potential loss of business.
Legal Consequences
Businesses that fail to adequately protect customer information and prevent credit application fraud may face legal consequences.
They may be held liable for any financial losses suffered by customers and could also face regulatory fines or penalties for negligence in safeguarding sensitive data.