Identity-based fraud costs South African business billions of Rands. A leading local retail group reportedly suffers losses of up to R12 million a month. A South African vehicle finance company reports that 60% of credit applications has had documentation problems, with 30% of applicants supplying fraudulent identities.
The local healthcare industry also reports losses of as much as R13 billion a year, much of which is directly caused by identity fraud.
In order to counter such huge losses and combat identity fraud, XDS has developed a powerful identity fraud prevention service called Identicate.
Based on digital fingerprint verification, Identicate creates a link that matches demographic data (e.g. name, address, ID number) to fingerprint data and is the fastest, most accurate way to authenticate consumer identity.
Identicate allows sharing of fraud data which is urgently needed to reinforce security and minimise risk. As a potent antidote to fraud, Identicate also highlights identity fraudsters and protects both suppliers and consumers.
Identicate makes it simpler and faster for us to ensure accuracy and safeguard data for both consumers and businesses who need such information. It will also protect South African businesses by ensuring that accurate identity-based information is rapidly available to avoid the increasing losses caused by many identity fraud schemes.