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As a business, you have a responsibility to not only make sure that any sensitive or high-level information you deal with is protected, but also that the services you provide are being provided to the right people. If information or services your company handles gets into the wrong people’s hands, it may not not only lead to direct monetary loss for your business, it could lead to consequences for others and damage your reputation as a whole.
With so much information circulating online, it is in many ways easier than ever for people to commit fraud. In 2020, there were 4.8 million fraud and identity thefts reported by the Federal Trade Commission — a 45% increase from 2019. However, while there may be more ways than ever before for people to commit fraud, there are also more tools available that are designed to help businesses prevent fraud and ensure both their data and services are going to the right people. Identity management tools are one of business’s greatest resources in securing their business and reducing the risk of loss or identity theft, and you can access some of the best identity management tools in a public and private records database.
What are identity access management tools?
Identity access management tools are tools designed to help businesses manage and verify the identities of everyone in their business, including vendors, customers, and other third-parties. Identity management tools may include identity verification solutions, big data search analytics, and a customer identification program. Identity management tools may also be tools that control access to certain information with permission settings. Any tools that confirm people’s identities and ensure information and services are being provided to the right people can be considered identity management tools.
Any organization looking to reduce their risk and improve security can benefit from identity management tools. However, they are particularly useful for businesses like corporations, healthcare, and financial institutions that have stricter regulations for compliance. If a business that needs to follow regulations doesn’t implement proper identity management systems and a crime like fraud occurs or information is shared with the wrong people, they may be held liable by the government or regulating body.
Government organizations , and insurance companies can also benefit greatly from identity management tools because they often are handling sensitive information. Identity management tools help make sure that information is going to the people it’s supposed to be going to — protecting both themselves and the people their customers.
- Identity access management tools help ensure that the right people are accessing the right business information by verifying the identities of each party and managing access.
- Identity access management tools can include ID verification, customer data enrichment, and customer identification programs.
- Businesses that are regulated may be required to use access management tools, however they are useful for any organization handling sensitive information.
What do identity and access management tools reveal?
Identity management tools can reveal certain identifying information about people that can be used to verify their identities and the information they have provided before onboarding them, sending information to them, or providing services to them. For example, identity management tools could cross-check information like their name and address, with other information like their phone number using append software.
Ongoing monitoring tools also reveal information that can be used for identity management because they allow you to know immediately if any information about your customers has changed. For example, if their phone number or address changes and they forget to update you with the new information, you’ll want to know right away to avoid accidentally sending information to the wrong place or losing contact with them.
- Identity management tools may be used to verify identities and personal information by cross-checking information across multiple sources.
- By verifying information, you can be sure that you’re providing information to the right people using the right contact information.
- Ongoing monitoring identity access management tools help ensure you stay up-to-date on any changes that could affect someone’s access, like a change of address.
What do I need to get started with using identity management tools?
To get started using identity management tools, you can use a public and private records database like Tracers. Tracers not only provides simple and straightforward identity verification and authentication tools, but they can be easily integrated into your own platform with our custom API integration. Tracers can also help you control access of information with permission and user settings.
With over 42 billion public and private records pulled from thousands of different sources in Tracers, you can easily confirm the information that is provided to you and verify that you have the most accurate and up-to-date picture on everyone who interacts with your organization. You can also use batch processing options if you’re looking to scrub a high-volume of records at once to update lists of contact information for all of your consumers.
Get started with Tracers today to see the best software for identity management in action.