Richard Angus, CEO of The Finance Team: safeguard your business against identity theftJana Engelbrecht
Identity theft is a growing concern in our digital age. With the evolving landscape of technology, it has become an integral part of our lives. If you’d asked someone 20 years ago if their identity could be stolen, the response would likely have been dismissive. However, the reality today is vastly different. Instances of identity theft are on the rise, affecting people from all walks of life.
Richard Angus, CEO of The Finance Team, gives some pointers on identity theft and why we should be concerned about it.
Undeniably growing concern of identity theft
Identity theft is a complex problem that’s challenging to quantify, but it’s undeniably growing. “Most individuals only discover they’ve fallen victim to identity theft much later, often years after the incident. Syndicates obtain personal information, open bank accounts and commit various fraudulent activities. The victims remain oblivious until they attempt to apply for credit or a job. It’s a widespread issue that affects everyone, from the general public to business owners.”
Identity theft not only impacts individuals but can have far-reaching consequences for financial institutions like banks and retail facilities. “The financial sector has been at the forefront of adopting biometric solutions to combat identity theft. For example, when you enter a bank today, they often verify your fingerprint against the Department of Home Affairs to ensure that you are who you claim to be. This level of authentication is a vital step in eliminating identity theft in the financial sector,” explains Angus.
Biometric technology in fight against identity theft
“One effective way to combat identity theft is through biometrics. Biometric technology, such as fingerprint recognition, has become a cornerstone in the fight against identity theft. Larger banks are already using it to ensure that the individual presenting themselves for a transaction is indeed the legitimate account holder. Moreover, the retail sector is following suit and we can expect to see more widespread adoption of this technology. In a world where security is paramount, biometric authentication is a game-changer.”
Reduce the risk of fraud
Smaller businesses are also not immune against identity theft. Angus says, depending on your business activities, you should consider adopting a credit bureau service that uses biometric authentication. “This service ensures that clients or employees are genuinely who they claim to be, thus reducing the risk of fraud. Implementing biometrics for internal processes, especially those related to payments, can also safeguard your business. By having strict controls and authentication methods in place, you can protect your finances from costly errors or fraud.”
Identity theft is a real and present danger. Business owners and individuals alike must take the necessary steps to protect their financial interests. Implementing biometric solutions and staying vigilant can go a long way in safeguarding your financial well-being.