ID Verification: Trust Us, It’s Needed and Here’s Why

Between 2020 and 2021 alone, at least 55% of Australians over the age of 15, were exposed to a scam. In just 2021, $2 billion was lost due to some type of scam. When you think about the amount of interference by the government and even law enforcement, all of this still happened. This has shown many Australians how important it is to pay close attention to the apps they use, the websites they visit, and to whom they send money.

Scams Are Hard to Identify

Did you know that there are 133 fraudulent apps on just the Apple App Store? This doesn’t even include any other digital marketplaces that people may use. Although Apple does conduct an analysis of its marketplace, there are still many scams that slip through the cracks. There are even 84 apps that require subscriptions but are fraudulent on the platform that are continuously scamming users who aren’t aware of the damage being done. 

This goes to show that unless there are clear signs of a scam it can be tough to identify which apps are legitimate and which aren’t. There are even more websites that present people with the same problem. The thing is, there are a few tell-tale signs to help identify a scam, especially when it involves money.

How to Identify a Scam When You See One

Identifying a scam can be hard especially if the user interface doesn’t look out of place and seems reliable at first glance. To keep you ahead of this issue, consider doing a few things:

  • Pay close attention to the URL of the website
  • Pay attention to repeated spelling mistakes across the main web or app pages
  • Ensure that if you are using money on the platform, it has identity verification capabilities

Verifying that a person is who they say they are is always the first step in identifying and preventing scams.  

What Is Identity Verification?

Having an ID verification system in place is a way to mitigate fraud and preventable financial losses. Identity verification, also known as authentication, is the process of confirming a user’s identity. It is commonly used by websites to ensure that the person logging in isn’t just a real person, but who they claim to be. There are a number of ways to accomplish this.

Whether you’re logging into your bank account, emailing your friends, or buying something online, identity verification can be a useful safeguard against fraud. 

By verifying your identity before you complete any actions on a website, you can help prevent impostors from using your information or getting hold of someone else’s information that you may be sending money to.

Protecting the Way You Handle Money Can Be Easy

At least 11% of Aussies between 2020 and 2021 experienced a form of personal fraud. The increase in fraud throughout Australia was impacted by the rise in credit card scams and this is one of the reasons so many people are skeptical about finance platforms. By using a safeguarded platform like IOU Cash, identity verification is always used to give you and anyone that you send money to more peace of mind. 

By bridging the gap between mates acting as lenders and borrowers that are both concerned about financial health and protection over their funds, IOU Cash is making money lending significantly safer among friends and family members.

We have built the solution for you.

IOUcash offers no misunderstandings, no lengthy paperwork, and no loss of relationships with streamlined peer-to-peer lending, because it, should be just that…mates helping mates.

Be one of the first to use us to get a digital IOU. Pre-register now!

The Cash Mag

Helping everyday Aussies do better with cash.