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Importance of ID verification for business transactions

Sep 11, 2012 Dave King

Importance of ID verification for business transactions
Many high profile cases of identity theft circulating through the media in recent months have illustrated the importance of proper ID verification practices. Businesses need to ensure they are going about all of the necessary requirements as established by government regulators, as well as industry-specific best practices, to protect clients and staff from this clear threat.
 The Pagosa Springs SUN recently reported that businesses have ample resources available to deter identity theft, especially through proper ID verification practices. According to the news provider, business owners should consider regularly changing passwords that protect personal and payment information, be it of consumers or staff members. Further, passwords for business bank accounts should be regularly assessed for efficacy, and changed multiple times throughout the year. Registering a business on state and federal databases will help to keep fraudulent transactions from occurring both during the company's tenure and after it no longer operates, the source explained. Government agencies, especially the Better Business Bureau and Federal Trade Commission, offer further guidance and tools to help keep identity thieves at bay. Simple steps, such as checking acceptable forms of identification before finalizing a transaction, can be extremely effective as well.