CAROL CHRIS
IDENTITY PROOFING, IDENTITY VERIFICATION AND FRAUD PREVENTION by Carol Chris, Regional General Manager for Australia and New Zealand, GBG
Identity theft and fraud cause some of the biggest
and prevention methods. Business leaders need to
business challenges and financial losses in Australia.
ensure they are getting the foundations of their fraud
According to the Australian Cyber Security Centre
prevention approaches right, and this process starts
(ACSC), cybercrime is now so commonplace that
with understanding the importance and role of each
Australians are being targeted by cybercriminals
step in the process.
every seven minutes. Fraud was the most frequently reported online crime, accounting for 27 percent of incidents.
IDENTITY PROOFING VERSUS IDENTITY VERIFICATION Identity verification is the entire process of confirming
Online fraud is often the result of a stolen online or
an identity genuinely matches the person claiming
digital identity being used to illegitimately access
to be linked to that identity. This process can involve
funds, purchase products, open accounts, connect
taking and verifying personal information such as
with someone’s network, conduct scams and more.
a name, date of birth, addresses and other relevant
Identity proofing and identity verification are critical
factors specific to the individual. This is also referred
parts of any digital onboarding process—particularly
to as ‘know your customer’. It comprises a range of
for financial institutions—to help prevent fraud and
compliance and regulatory requirements in certain
mitigate the risk of fraud.
industries, particularly the financial services industry.
However, with technology and fraud evolving rapidly,
Identity proofing is one part of the identity verification
it can be difficult to keep up with the latest solutions
process. While it was once common for a customer
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