Nearly 70% of all telecom fraud originates as part of the subscription process, and companies must examine and cross-check customer-provided data as part of the onboarding process. Client identity management has taken on a heightened role in recent years as government regulations now require communications firms to verify the identity of anyone who receives credit (as in the case of bill-later services). Under the US Patriot Act, companies must also check the account opener’s name against government-provided lists of known or suspected terrorists or terrorist organizations. Red Flag regulations require companies to instill identity theft protection programs, including written policies, procedures and controls—including an independent audit function and compliance officers to review and measure program effectiveness. Beyond compliance, identity verification also plays a role in a company’s marketing success as the ability to accurately identify customers makes it easy to recognize whether this is a new account, an existing client or a returning customer
Posted on: Mon, 17 Jun 2013 05:48:04 +0000
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