55 million critical information leakage and the significant risk that your company must face

There is no denying that the Internet has become an integral part of people’s everyday life. whether interaction using social media for updates on information and activities. Moreover, Conducting online financial transactions and online purchases, for instance, buying tickets and accommodation or gaining access to numerous services. Before granting access or privileges, the service provider must require the personal information to conduct the identity verification (E-KYC) process. To avoid false accounts, the organization could enhance the security criteria for system access. E-KYC also enables convenient and expedited access to a variety of services.

In addition to the Internet’s advantages, there are also drawbacks. For instance, the hacking group “9Near” has acquired the personal information of more than 55 million Thai citizens, including their names, national ID numbers, residences, and telephone numbers. Hence, all businesses are at risk from this group of individuals. This may result in the creation of fake accounts without the owner’s consent. The data might be used to commit fraud or conduct other online activities without the permission of the data owner

4 threats to your business caused by the leakage of data of 55 million individuals

Unauthorized and illegal use of a person’s data to gain access to a system, create an online account, or conduct online transactions. The action may negatively affect businesses and customers in a number of ways, including: 

1. Financial loss

If there is a fake account, the company may be required to pay for more audits, to address the issue, and to prosecute the occurrence. The company may be forced to reimburse customers whose losses were caused by the information leak.

2. Reputation harm

Fake accounts may cost the company more than just financially; they can also impact your customer trust, including your online reputation and customer confidence. As a result, this may have an effect on the company’s attractiveness as well as its long-term brand image.

3. Legal Damages

The presence of fake accounts may have an impact on how the business complies with regulatory and legal obligations, creating the impression of recklessness and might face legal consequences. In addition to the time and money spent on the trial.

4. Marketing damage

By claiming another person’s account with a fake ID, the company may encounter damages on marketing campaigns by allowing the wrong individual to redeem discounts, and coupons or obtain other privileges, blocking the actual customers from using the service as they should.


Protect your business from fake accounts by digital identity verification (E-KYC)

AppMan E-KYC has been developed to provide digital identity verification services to prevent illegal activities such as fake accounts and transactions. The technology uses various electronic means such as ID cards, personal data, and biometric data like facial recognition to verify the identity of individuals. This prevents people from deceiving others, which includes the following :

1. Fake account, Spammer, Scammer

The OCR technology can extract information on ID cards, which will then be verified against the databases of the Department of Administrative Organization (DOPA) and the Anti-Money Laundering Office (AMLO) to determine if the card is real or fake.

spammer is someone who sends unsolicited messages without approval from the receiver, usually for commercial advertisement purposes.

Spamming is generally considered to be unethical including fraudulent online activities. Call centers, online platforms, and other applications can be targets for spamming as well.

2. Identity Theft

Digital face-to-face technology has made it possible to verify a person’s identity remotely, using a video call along with face recognition technology and biometric technologies that are easy, quick, and up to international standards.

Identity Theft  is a type of crime in which someone steals another person’s personal information with the intention of using it for fraudulent purposes for example opening accounts, making purchases, or engaging in other financial transactions resulting in financial loss and damages.

3. False Identity

Fake identity can be prevented by meeting customers on-site with well-trained employees and then verifying their identification using an ID card reader.

False Identity refers to the use of a fraudulent identity by an individual to misrepresent themselves with the objective to mislead and to deceive others that one is another individual or organization.

The risk of not using E-KYC can be high, and businesses may face several consequences, including financial loss, reputation damage, and long-term consequences of the business. Without effective identity verification processes, businesses are more vulnerable to fraudulent activities, such as identity theft, fake accounts, and document fraud. 

Therefore implementing E-KYC to verify customers can help mitigate these risks and provide a secure and reliable customer experience, which is critical for the business’s long-term performance and growth.

Contact our experts.
Let us enhance your business with E-KYC solutions.

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