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Ireland’s Businesses Reap Rewards from Fraud Detection Software as Figures Show Alarming Rise in Fraudulent Activity

Fraudsters posing as customers have left many Irish businesses reeling, with nearly 46% of companies experiencing some form of fraud within the last two years. However, a leading identity verification solutions provider has announced that its cutting-edge technology can help secure the perimeter without adding extra friction for real customers.

Regula’s Fraud Detection Technology: A Game-Changer in the Fight Against Fraud

Regula’s seamless identity document and biometric verification solutions have been hailed as a game-changer in the fight against fraud. The company’s advanced document verification and biometric data checks effectively safeguard businesses, profits, and reputations by distinguishing real customers from fraudsters.

Alarming Rise in Fraudulent Activity Globally

According to PwC’s Global Economic Crime and Fraud Survey 2022, fraudulent activity is on the rise globally, with Ireland being no exception. Regula’s technology leverages AI algorithms to analyze the whole page of a document and detect any mismatches in data from the visual zone, MRZ, NFC chips, barcodes, and holograms.

Seamless Customer Experience

The company’s SDKs allow businesses to combat fraud without adding extra friction to the customer onboarding workflow, enabling real customers to enjoy a seamless experience while fraudsters are left at the door. Regula’s comprehensive database includes over 14,000 identity document templates from 251 countries and territories, ensuring that its technology is globally applicable.

Traction in Ireland

Regula has already gained traction in Ireland with several prominent businesses adopting its solutions. “We pride ourselves on operating to the highest standards around test security,” said Farzana Ashraf, CTO & SVP, Products & Services at Pearson VUE. “One of the challenges we faced was designing an efficient process to validate IDs as authentic and valid – no matter which country in the world they come from. Regula’s technology offers global coverage and fast verification of government-issued identification documents.”

Partnerships and Success Stories

The company has also partnered with several leading event organizers, including GSMA, to provide effective ID reading solutions that support event security requirements.

High-Risk Sectors: A Prime Target for Regula’s Technology

Regula’s cutting-edge technology is particularly relevant for businesses operating in high-risk sectors such as financial services, e-commerce, and digital advertising. According to Permission.io CEO Charles Silver, “Digital Advertising is ripe for a change. Big tech exploits user data, and click fraud is estimated to grow into an $87 billion business in 2021. Regula’s technology can help address these issues by providing superior targeting and better ROI on considerable spend.”

Conclusion

As the Irish economy continues to grow, businesses must remain vigilant against fraudulent activity. Regula’s innovative solutions provide a vital tool in this fight, enabling companies to secure their perimeter without compromising customer experience.

Learn More

For more information on how Regula can help your business, please visit [website URL].