Customers are the backbone of any business. No matter which industry are you working in, you need to have customers to be successful and competitive in the busy market. It is essential that you know your customer so you can provide them with the best service you can. You need to know who they are, what they want, what your business can offer them, and what you can do to attract them. Not only knowing your customer is one of the most important steps you need to take to make sure your business stays successful, but it can also help keep it safe. By implementing proper KYC verification tools like the ones by SEON, you can protect your business from fraudsters that are trying to exploit it for their own financial gain. From using people’s naivety and their trusting nature to exploiting faults in the system, fraudsters do not shy away from any opportunity to realize some financial gain.
Fraudsters are extremely good at staying innovative and up to date with the newest trends when it comes to their malicious actions which is why you need to do the same. Any anti-fraud solution you have in place needs to be optimized and able to continuously adapt to keep up with fraudsters. The best and most effective way to beat a fraudster is by staying one step ahead of them because that way you are not just reacting to fraudulent actions but you are preventing it from ever happening and affecting your business.
There are various types of frauds that might impact businesses and it is important not only that you are aware of the dangers you are facing, but also what you can do to protect yourself from them having a disastrous financial impact on your business. As we mentioned previously, the key to growing your business and keeping it safe at the same time is knowing your customers. By knowing who your customers are and what makes them tick you will be able to create a detailed business plan and targeted marketing strategies which will help you grow your business and keep it successful. At the same time, you can use this knowledge to distinguish between fraudsters and customers.
By using cybersecurity tools whose goal is to gather as much information as possible about the customers you will be able to discover patterns of your customers’ legitimate behavior and identify any red flags that might show up during your interaction. And best of all, you can do it without causing user friction as it means that clients will not have to fill long and boring required forms since you will already have that details.
By using KYC tools like device fingerprinting, email lookup tools, or data enrichment you can collect data about your users by using your internal databases but also data from the third parties creating a unique profile for each customer and by doing so recognize any discrepancies that might arise while they are accessing your network.
For example, you can discover that out of a sudden your repeat customer changes their address or their IP address is not matching the home address they provided, or you can even find out if the customer’s email address was ever put on a blacklist due to suspicious activities related to it. It can even help you weed out the possible new customers by checking the age of the email and confirming if it is an established email or maybe was just recently created or even if their email is connected to any social media platform. By noticing these possible red flags or warning signs you can activate a secondary level of protection such as multi-level verification and additionally verify the identity of your users confirming if they are who they say they are or if they are a fraudster.
Knowledge is essential and the more information you have it will be easier to make more informed decisions in any aspect of your business, from protecting it from malicious actions to creating a unique targeted marketing campaign. The sooner you accept that knowledge is a power you can use in a fight against fraudsters, the sooner you can start protecting your business.
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