With growing problems of identify theft companies are
increasingly turning to electronic means of verification.
“Paper-based verification is an expensive process, costing on
average around £25 per application and taking up to two weeks to
process,” said John Cannon, verification expert at Callcredit.
“It is for this reason that new electronic verification has been
introduced. The cost drops to a few pounds and the checking time is
dramatically reduced, lessening the risk of losing customers in the
two-week window.”
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By GlobalData
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