The Latest Options for Identity Verification in 2018

credit card security

The EMV liability shift is still the biggest change that has occurred within the payments industry over the last few years. While the entire process ended up taking longer than most people predicted, the outcome seems to be a success. Switching to chip and PIN readers across the US has resulted in a significant decrease in physical credit card fraud.

Although that’s very good news for both consumers and retailers, it doesn’t mean this problem is completely solved. Since EMV has made it much harder for scammers to use stolen credit card numbers in person, many of these criminals have migrated online. Given the number of high-profile data breaches that continue to occur, the pool of stolen card numbers has grown incredibly large.

Because digital fraud is currently a huge problem with no clear-cut solution, card providers and other technology companies are working very hard to come up with ways to combat it. If you’re wondering what solutions are currently available and which are the most promising, keep reading to get a look at the top three options:

  1. OCR

Even though this technology has been around for some time, what makes it an interesting option for verifying transactions is it’s become much faster and more accurate. It’s now possible to request documents for upload without creating too much user friction. OCR makes a lot of sense for verifying larger transactions.

  1. Blockchain

Despite the peaks and valleys of cryptocurrency, steady innovations within blockchain continue to show its real potential. As this technology continues to mature, it will become an even more seamless option for verifying all types of digital transactions.

  1. AI

Instead of thinking of AI as a type of robot, what it really is in the context of transaction verification is a type of binding mechanism. The powerful processing abilities of AI means it can look at different options and create a type of cohesion that verifies with as much trust as possible.

What These Options May Mean for Your Business

While there are some very interesting identity verification options on the above list, they are all quite technical in nature. That means it’s unlikely for a merchant to implement any of them on their own. Fortunately, that’s not necessary to reap the benefits they can provide.

If you want to ensure that all of your payment channels are protected by the latest security standards, having the right processor on your side will make it easy. By working with a trusted processing company, you can ensure that your security and verification options don’t ever fall behind.

To learn more about which processors are leading the way, take a look at our list of the highest-rated credit card processing companies.

Posted on Wednesday, September 5th, 2018