identity verification

Identity Verification Service- Fraud Prevention

The online market has been flourishing every day in the last few years. It is now a long time ago that people used to visit banks, retailers, or health care providers in terms of registering themselves. Today, all these tasks are conducted online over the internet, consuming less time with more authenticity and efficiency. 

Online identity verification is now the most necessary part of a business that operates on digital platforms, as in-person identity authentication is a major obstacle. The government of the USA is developing worldly programs to authenticate and verify citizens. Public services want to make ID verification easier for laymen who have little or no knowledge of the digital world.

Below is a glimpse of how the world is implementing biometric identity verification systems in their businesses.  

How does the online identity verification service work?

To apply online identity verification services anywhere, businesses have to integrate the software into their web assets. After the installation, the business has to go after the following steps.

  • Real-Time Selfie Video Analyzer 

The user is asked to capture a selfie while looking into the camera and keeping their head to chin centered on the canvas. Actually, the identity verification system captures a video selfie in under a second, unbeknownst to the user.  During the capture process, the system extracts biometric data from the user’s facial features and then confirms the identity, proving it to be real. This gives a sure-call to the businesses’ identity theft protection.  

  • Capturing the Identity Verification Document

After the real-time selfie video analysis process, the next step is that the user has to capture neat and clear images of his/her national identity document.  Once a user uploads the document, under the process of verification, the system extracts data to confirm its validity and reduce fraud risks. 

The Importance of Identity Authentication for Businesses 

A maximum of commercial procedures and transactions are carried out digitally on the Internet. Organizations are playing a very important role in this revolutionary world of digitization in operations. Likewise, ID verification is a necessary step to build formal commercial and labor relationships. It actually reduces the risks and increases trust.

47% of US citizens claim to be victims of serious cybercrimes, which is why it is important to keep user data secure and encrypted. ID verification guarantees that the people behind these remote procedures are legitimate and are performing what is assigned to them. Recently, Shufti Pro News stated that the Identity Management System will double up its efforts to tackle identity theft in the capital market.

Improve Your Company

Identity verification services enhance the security that customers prefer. Organizations are introducing and integrating the latest, more efficient, and resistant to phishing technologies. Thus, it has a positive and great security impact on users. These systems also recognize identity theft in real-time, which makes them more secure and reliable. 

The following are the key points that can help your business with these security integrations:

  • Improve the customer experience

Almost all businesses rely on artificial intelligence and machine learning today. Online identity verification services streamline the process, saving unnecessary travel and letting businesses communicate with their clients.

  • Reduce cost

Operational costs tend to decrease after businesses integrate these advanced ID verification systems into their systems. Businesses can enter new markets to expand their client base because all international barriers are removed.  

  • Prevent fraud

These identity verification services reduce the risks of data theft. It prevents unethical access to clients’ personal and sensitive data. As soon as the client provides data, the technology encrypts it, and the system validates it to prevent synthetic identity fraud. 

ID Verification – Diverse use cases

  • Telecommunication Companies 

These companies use digital ID verification systems to sign up a new customer with a current service agreement, such as a mobile phone contract.

  • Automobile Dealership

It is now possible to have a remote test drive and purchase experience of a car after registering as a buyer via identity authentication. 

  • Social Media 

The user is only allowed to sign up for a social media platform if he has passed the identity verification phase. 

  • Online Banking 

Online transactions through banking apps are always allowed after identity authentication etc. 

Conclusion

Having the capacity to correctly and thoroughly identify clients and staff can help safeguard a business against fraud. In some regions, a digital agreement cannot be legally enforced unless it is accompanied by a secure identity verification method. Customers will feel more at ease with reliable verification processes, and you will have additional options to build your business. The digitization of the identification process lowers risk, boosts confidence, and ensures legal validity and compliance. Therefore, Shufti Pro Funding indicates that Online Identity Verification systems should be integrated into almost all businesses to prevent unethical access and fraud.

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