The technology industry is one of the fastest-growing there is, and while that's hugely beneficial in many ways, it also comes with its pitfalls. Knowledge is power and those with a good grasp of new advancements can either go one or two ways. Thankfully, the majority of people involved in this industry are interested in promoting technology and using it for the greater good - i.e. to enhance our lives or save time. 

However, there are some individuals out there who use this knowledge to exploit businesses and individuals. And for this reason alone, the need for companies to find ways in which to keep their business safe it's becoming more and more vital.

Various different technologies have been developed in a bid to help protect your business from these fraudsters, and for many, it couldn't have come soon enough. One of the main focuses over the past few years has been around Voice as a Service (VaaS) technology. 

A Brief Intro Into VaaS

In a nutshell, VaaS is a kind of system that enables businesses to verify and authenticate their client's identities efficiently online. It's becoming more and more prevalent in call centres across the globe and is a fantastic way to onboard new customers without too much disruption to the business.     

One platform that appears to tick all the boxes when it comes to providing a good VaaS service is IDnow. This KYC (Know Your Customer) solution is an amazing multi-regulatory ID verification platform that offers plenty of benefits (and peace of mind) to its customers including the following:

• Easy to use. The IDnow platform has been developed to a high standard ensuring ease of use for all. It's simple to integrate into existing infrastructures and is completely user-friendly.

• Flexibility in operation. Not every company has the same requirements. With this program, you can choose what works best for your business with operating models to suit from fully serviced platforms to self-service solutions.

• Tight compliance. A high level of legal compliance is offered to meet the requirements of many European countries (and beyond).

• Extensive coverage. The IDnow platform is available in more than 30 different languages.

Identity fraud is a big problem right now, anywhere. According to the 2021 Identity Fraud Study by Javelin Strategy & Research,  last year in the US, around 49 million consumers fell victim to identity fraud, costing Americans nearly $56 billion. In the UK, cybercrime and online fraud losses equated to more than £34 million in losses incurred by the British public in 2020. 

But, it's not just the USA and UK who are suffering. Fraud rates remain high globally. From data gathered by PWC, it was confirmed that out of all the respondents from across 99 territories, around 47% had experienced some kind of fraud in the past 24 months, with 6 being the average number of fraud reports per company.

These are staggering figures and are certainly not to be taken lightly. But, thanks to companies such as IDnow investing time and money in developing robust, secure, and user-friendly VaaS platforms, there is light at the end of the tunnel.