With the age of digitization and the anonymous internet space, it has become really easy for people to hide their identities and exploit businesses for their malicious intents. The prevalent cybercrimes have made cybersecurity a hot topic these days. Various criminal activities such as account takeover, identity theft, phishing, money laundering, etc. have an everlasting impact on businesses. Companies that do not take measures or lack robust identity verification solutions are badly impacted by fraudsters as evident from Shufti Pro news. So, businesses are looking for solutions that verify individuals while not compromising their experience. This is where digital identity verification solutions proved to be a great bet.
Digital ID verification services authenticate an individual quickly enhancing customer satisfaction. Unlike conventional verification solutions which took much time and effort to complete, online verification solutions are smart and provide frictionless verification in real-time. The advanced identity verification service that uses artificial intelligence is accurate when compared to manual verification methods that are prone to human errors.
The Rise of Online Identity Verification Services for Companies
Cyber attackers are becoming sophisticated these days which has led businesses to adopt solutions that can deter fraudulent activities in the best possible way they can. Digital identity verification is a great solution that serves as a shield against such fraudulent activities in the age of digitization. With the complex nature of criminal activities, identity verification solutions have become advanced. A biometrics identity verification system is what proves to be a stronger security measure to deter an increasing number of sophisticated fraudulent activities. So, identity theft protection solutions when put in place, authenticates that the individual is actually the one who they confess to being before the firm starts to do their business activities.
As fraudulent activities are increasing day by day, so is the demand for solutions to deter them. Instead of visiting the entity in person, users want to get themselves verified digitally. Manual verification methods have become obsolete due to the time and effort they require. And the fact that they are prone to human errors has made digital identity verification solutions a new norm in the modern age. Regulatory authorities have made identity verification mandatory for every company to tackle synthetic identity fraud including money laundering, identity theft, account takeover, data breaches, terrorism funding, etc.
Types of Online Identity Authentication Solutions
Here are different types of verification solutions to tackle the increasing number of sophisticated criminal activities.
Biometric Verification Solution
Biometric screening is carried out to conduct customer due diligence through one type of biometrics like fingerprint scanning, facial recognition, iris scanning, palm recognition, etc. The advanced authentication procedures check the identity of an individual in no time. The liveness detection feature verifies the presence and originality of the individual to tackle any kind of spoofing attacks.
Document Verification
Online document validation is the procedure that first scans the given document and then checks whether it is genuine or fake. For document verification, the user is asked to upload a picture of their documents, and all the information is retrieved using OCR technology.
Address Verification
Users are asked to provide proof of their residence or business location while opening up their bank account or before shipping their goods etc. The documents for address verifications which includes bank statements and utility bills are then scanned with OCR technology to check the authenticity of an individual.
Two Factor Authentication
It is a remote user authentication in which they are sent an auto-generated personalized code before they can access any particular resources.
KYC and KYB Checks
The regulatory authorities have made KYC and KYB checks an essential thing for businesses due to the increasing number of scams such as identity theft, data breaches, etc. Running these verification checks secures clients’ sensitive data and prevents businesses from shell companies.
AML Screening
Anti-money laundering procedure is done to monitor accounts, and identify and report financial crimes to the relevant bodies. AML screening is a great bet for companies to prevent themselves from money laundering, terrorism funding, and many such heinous crimes.
Final Thoughts
The use of internet services has given rise to fraudulent activities leading to reputational and final losses each year. Considering the situation, the regulatory bodies have made Identity verification a mandatory thing for businesses. It does not help firms in smooth digital onboarding, but also provides them with enhanced security. Moreover, by having digital identity verification solutions in place, the firms can prevent themselves from heavy non-compliance fines. So, many firms have started accepting investments such as Shufti Pro funding, just done by Updata partners.
