2021 VIEW FROM THE TOP: Melissa

View From the Top by Bud Walker Melissa VP, Enterprise Sales & Strategy

Online Identity Verification is Key to Meet the Promise & Threat of Digitization

The COVID-19 pandemic accelerated the growth of online activity for the retail, finance and cryptocurrency sectors, and an increase in fraud.

In working with our customers, we’ve seen credit card fraud, chargeback phishing and identity theft as common threats for retailers. Financial institutions were undoubtedly one of the hardest hit sectors in 2020, and are always at risk especially as suspicious activity is harder to spot with more consumer online engagement. Digital currency exchange markets need to be aware of AML and CFT vulnerabilities as markets like Forex are a wide platform for global money laundering. The same goes for cryptocurrencies that have gained a lot of popularity recently. Due to its anonymous and transparent nature, it is easier for fraudulent activity and money laundering acts to pass through undetected. Technology Review highlights that approximately 2.8 billion USD were laundered using crypto exchanges.

With robust global economic recovery expected this year, organizations must have solutions in place to both take advantage of increased digitalization as well as the threat of fraud. Online identity verification is now widely utilized. Organizations can rely on innovative technologies, like Melissa’s
Personator Identity Verification solutions, to cross-match address, name, phone, email and identity from multiple in-country sources to guarantee the person on the other side of the screen is truly who they say they are.

For more than 35 years, our team of Address Experts has delivered superior address management, data cleansing and global identity solutions to the marketplace, driving business value through improved data accuracy.