The chaotic, global crisis has created the advent of new digital channels, revolutionizing almost all industries – social networks, gaming, travel, groceries and food deliveries, health and wellness, and even dating applications. Due to this, the threat to digital fraud has significantly increased in the past years.

Global statistics revealed gaming, travel and leisure as the top sectors greatly affected by digital fraud attempts, building up at 393% and 155.9%, respectively, in the past year. Evidently, this has resulted from the steep rise in digital transactions following the global pandemic hit.

The ever-shifting fraudulent machinations tend to follow where larger industries are more concentrated, if not rapidly growing. It is as if these fraudsters have delved too far to carry out their schemes, taking advantage of people’s vulnerability when it is most chaotic.

The Key in Battling Fraud is Identity Substantiation

Suppose you don’t know the person you’re dealing with in a person-to-person business transaction. In that case, it is not unusual to ask for proof of identity such as an ID or other credentials that vouch for their identity. In a virtual transaction, digital identity works by identifying whether a set of digital credentials can vouch for one’s identity to conduct a transaction successfully.

However, although virtual transactions have brought convenience to most people, swindlers and fraudsters have unfortunately taken advantage of these.

Digital fraud has brought more damage than we can possibly imagine. Its effects haven’t just stretched the financial losses of industries; it has immensely damaged consumer confidence and businesses’ operations and reputation. Over the years, anti-fraud technologies have evolved to meet these recurring and growing cybersecurity risks through identity proofing.

Identity proofing technologies function by comparing consumer-provided data against a database of personal and digital data. Nowadays, these data are being used in ways that require information about persons and are stored in computer systems to be linked in their unique identities for use in several online transactions.

The identity proofing process helps businesses ensure the integrity of a person’s submitted information regarding their identity and enable them to verify genuine users apart from those fraudsters.

Q-Wallet: Security Storage for Identity and Personal Information

Digital users and consumers may have performed several security measures in their online profiles and transactions, such as audience limitation and password management. However, audience limitation may still not guarantee protection, nor is password management identity management.

A feasible, convenient, and secured digital data storage system embodies Q-Servi’s Q-Wallet platform. It enables users to securely store personal information, where they get to choose what information and with whom such information can be shared.

From IDs, COVID Certifications, school records, proof of insurance, and employment records, personal data storage can now be secured with this advanced technological storage development.

Q-Wallet makes it possible for personal data or information to be available through the encrypted Q-Wallet app on your mobile phone. You and your family members have secured access with data control at the tip of your fingers.

As the world slowly paces towards opening borders and industries again, businesses can safely rely on this for staff and customers. Ensuring online safety remains at the top of everyone’s priority, thereby making technological systems essential to maintaining lesser physical contact transactions.

Outsmarting Fraudsters Made Possible

With the continuous rise of digital services in almost all industries, businesses are expected to keep up and outsmart these people behind every fraud machination. The availability of secured technological storage should help provide customers and users with a seamless onboarding experience and service, which creates a positive impression.

It is essential to make users feel that with every click to “Confirm” and approval of “OK”, consumer trust is built up. As digital transactions continue every day, how stakeholders plan to combat digital fraud will definitely make a difference in the success of the digital transformation journey.

To learn more about how Q Services can help your organisation, get in touch via the contact form: