A thief steals a young woman’s purse, and her identity, while the 28-year old is on her lunch break. By the time she leaves the office that day, the fraudster has already racked up a hefty phone bill, after getting a birth certificate, driver’s licence and new mobile phone, in his victim’s name.

Criminals stealing personal or financial information details and using that information illegally for their own benefit is known as identity fraud. In the past year, Baycorp Advantage’s experience indicates the incidence of such fraud has risen around 50% in Australia, said our national consultant, fraud services, Richelle Grant.

And as the volume of on-line financial transactions increases, so too does the potential for more fraudulent activity. Without rapid access to vital data and decision support services, it can be hit and miss to determine if potential customers are in fact who they say they are.

An accessible and comprehensive database with valuable information that has been used to fraudulently obtain or evade credit is critical for organisations such as banks, finance and telecommunications companies, who are increasingly confronting identity and application fraud. Many financial institutions are now accessing the Baycorp Advantage Fraud Database , which contains in excess of 50,000 such Australian records.

“Businesses need to be increasingly vigilant that the person they are doing business with is actually who they say they are. The sheer quantity and quality of information on our Fraud Database, combined with our sophisticated software, allows our customers to make quick, highly informed credit risk decisions before they commit to a financial relationship with a potential customer,” said Mrs Grant.

Learn more about Baycorp Advantage's range of identity verification services.  Alternatively contact us via our website.