Identity theft fraud: how to prevent it?

According to the National Banking and Securities Commission, Mexico ranks second in Latin America in identity theft, behind only Brazil.

Identity theft has been a serious problem in our country for many years; all it took was a trip to the local stationery store to get a copy of an official ID, throwing away personal documents with sensitive information, or even losing your wallet to become a potential victim of this crime.

What is identity theft?

For thousands of Mexicans, having to pay a loan they never applied for, discovering their bank accounts have been emptied, or having to respond to a summons for fraud they didn't commit has become a terrible reality in recent times. When someone uses another individual's personal information or even acts on behalf of a company to obtain a benefit or commit a crime, we are talking about identity theft.

These crimes can irreversibly damage a person's assets, although the situation worsens when identity theft is committed. against a company This can lead to the loss of hundreds of jobs or years of work, as many of these expanding businesses close their doors due to fraud that wiped out all their assets.

How big is the problem?

According to the Bank of Mexico, Our country ranks eighth in the world in identity theftFrom 2016 to 2017 alone, the number of reports of this crime tripled, and it is estimated that 90% of identity thefts committed in the country are carried out through the use of digital technologies.

Whether through fake emails seeking to obtain banking information or through a new customer fraudulently posing as someone else to defraud a company; The methods used to commit this crime in digital media are diverse and multiply at an alarming rate., therefore it is necessary to take precautions.

What can you do to prevent identity theft fraud?

There are basic recommendations we should all follow to avoid becoming victims of this crime. Browsing sites with security certificates and trusted networks is essential. Not sharing passwords or other banking information via phone calls or email forms is also essential.

However, when it comes to companies, carrying out rigorous processes to validate the identity of a person either company with which you are going to do business, can reduce the possibility of fraud by up to 100% in any relationship, not only with your clients, partners or prospects, but also applies to your collaborators, where it is essential to deal with trustworthy people.

How can you protect your business?

Your Identity is a comprehensive solution that implements rigorous security processes and the most advanced technology to guarantee the identity validation process of a person, establishing proven strategies in the processes of Know Your Customer (KYC) and Know Your Business (KYB).

It has various validation services that, when implemented in your processes, you will be able to know for sure Who you are dealing with when establishing a new relationship with your companyEach of them is a proven solution to prevent and mitigate fraud in Mexico, reducing losses, saving costs, and avoiding many problems for the proper functioning of your business.

If you are interested in learning more about them, you can schedule a call and we will be happy to help you.