| These days' people tend to make their payments | | | | for them to accurately validate each payment. These |
| using their credit or debit card. Everything is done | | | | can be used from a browser based user interface or |
| electronically and though we may still use cash as a | | | | as a web service. They can be accessed through a |
| form of payment, we also rely heavily on making | | | | hosted service with many not needing any |
| transactions via our cards or internet transfer. The | | | | investment in any extra hardware. |
| only problem with this kind of transaction is that | | | | Each of these services secured and would need |
| there is very little in terms of validating the payment | | | | authorised individuals to have full access to the |
| details and the authorisation of the payment. These | | | | account details. These allow for validation of bank |
| payments are being made automatically; from one | | | | account numbers and sort codes, bank branch details, |
| bank to another therefore there is no guarantee that | | | | ID checks on payers, financial repost from individual |
| details provided by the payer are valid. | | | | companies, converting bank identification codes and |
| Real time software and programs are normally used | | | | validation of international bank account numbers. |
| to validate electronic payments made in the UK or | | | | The risks of fraud and theft have risen over recent |
| Europe. The validation process works by checking | | | | years and companies are very cautious in keeping |
| account details, credit card numbers, pin verification | | | | important information and details well protected. The |
| etc. This can further check for a valid identification of | | | | figures have been estimated to 1 in 4 people in the |
| the individual namely for setting up direct debit or | | | | UK alone, making it imperative to make the |
| standing order payments. This is one method of | | | | necessary provisions for protection. This further |
| protection against potential payment fraud and helps | | | | proves the reasons behind carrying out full ID checks |
| in gaining information on various accounts and | | | | upon acceptance of any financial details from any |
| company reports. | | | | client. Luckily as modern technology has developed |
| Most companies prefer to use a quick and easy | | | | companies are able to make full checks and conduct |
| online facility that will tell them whether the payment | | | | validation procedures resulting in a more informed |
| has been verified within a matter of seconds rather | | | | decision on accepting financial details. |
| than minutes. Some online programs require these | | | | This will also help to alleviate potential risks of fraud |
| companies to subscribe to their applications in order | | | | and quickly respond to any possible threats. |