Building Security and Trust: Verifying Identification and Payments

Verifying identification is the first step in mitigating fraud.

The Digital Economy

There is no doubt that we are in the digital era. As of early 2023, Forbes states that only 9% of Americans use cash as their preferred method of payment. In contrast, an overarching 91% of individuals use debit and credit cards during transactions. Therefore, businesses must verify all forms of identification (ID) and payment. Proper verification training among employees fosters trust and mitigates risks for both businesses and consumers in an economy that is primarily executed through a simple swipe and/or push of a button.

Safeguarding Against Fraud

Verifying the identity of individuals is the first step in preventing a fraudulent transaction from occurring. Whether it is via an online transaction or an in-person purchase, ensuring the individual is who they claim to be is fundamental. Confirming the identity not only prevents a criminal act from occurring, but it can also save a business from a surplus of penalties and fines.

Building Consumer Trust

Trust is the cornerstone of any transaction. Whether it is a business-to-business (B2B) or business-to-consumer (B2C) exchange, a client needs to feel protected in knowing that their information will be safeguarded. Verifying ID and payment details ensures a peaceful customer experience and a positive boost to a company’s brand.

Regulatory Compliance

A multitude of governing bodies have constructed strict measures around transactions to protect both the seller and purchaser. Adhering to these rules is both a legal requirement and ethical business practice. Ignoring ID and payment verification can result in consequences such as legal repercussions and financial penalties.

So, what’s next?

In the digital age where identification and currency can be replicated, it is important to be on top of things. Prioritizing identification and payment verification not only offers legal compliance and risk mitigation, but also fosters a safe environment and extends a company’s positive standing. Consult with a security expert now to strengthen your verification processes!

How Can Sapphire Risk Help?

Tony Gallo and the team of experts and consultants at Sapphire Risk Advisory Group have worked to secure medical marijuana and recreational cannabis businesses in 36 states. Follow us on social media to stay up to date with more security best practices and cannabis industry updates!