ID verification critical to protect at-risk consumers

Identity theft continues to be the most prevalent financial crime in the United States and abroad, especially as more businesses and consumers shift their data from physical records to digital copies. Between increasingly high numbers of data breaches and continued challenges when protecting physical records, companies need to make up a lot of ground to optimize ID verification practices.

Forbes recently reported that a new study from the Family Online Safety Institute and Hart Research revealed that the 68 percent of teens who responded to a survey cited personal information privacy as their biggest concern going into the new year. The survey outlined some of the more specific concerns of younger consumers and parents, and revealed how at risk teens are when it comes to identity theft.

This year, 43 percent of the respondents stated that the privacy of their personal information was of some concern, up from the 35 percent recorded in last year's iteration of the survey, the source explained. According to the news provider, this might actually be a good sign, as it shows that teens are becoming more conscious of the risks that lie waiting in the digital realm.

Forbes noted that concerns about online privacy and reputation management were far more prevalent among the respondents than worries about physical safety. Businesses too should become more concerned about the protection of consumer data and expand upon existing ID verification policies to avoid being the source of an identity theft occurrence.

Companies will need to ensure that all employees understand how to safely manage financial data, as well as which procedures need to be completed for secure physical records management. By taking a comprehensive approach to consumer security, businesses can avoid the significant issues that come with identity theft.