June 29, 2022

ID Verification Services – Putting An End To Prevailing Identity Thefts 

ID Verification Services – Putting An End To Prevailing Identity Thefts 
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Identity verification is becoming a necessity in this rapidly evolving world of today. The reason for this is the increase in identity thefts. Criminals are using advanced methods to make their fake identities look legit and manual verifiers are incapable of identifying such imposters. Therefore, regulatory authorities oblige every business to carry out authentic ID verification before registering any customer. 

Identity authentication is a crucial requirement for businesses if they want to retain their worth and prevent unforeseen reputational damages. Identity verification is an essential part of the Know Your Customer (KYC) standard – a regulatory obligation. If businesses fail to comply they face hefty penalties. This is why companies need to incorporate advanced solutions to verify customers’ identities accurately. Here, the digital identity verification services have made the process seamless by automating operations.

Identity Verification Services – Different Involved Stages to Restrict Criminals

Identity theft is increasing with every passing day and to match their pace, businesses need to perform digital verification of customers. This way they can readily identify criminals and imposters in real-time. Also, they can enhance security and data privacy while resulting in building a reliable reputation. Hence, businesses need hard-to-dodge verification processes. These involve the following stages:

 

Verification of Customers’ Identities 

Regulations mandate that businesses should verify their customers before onboarding and assisting them. This is to access the risk factor and prevent fraudulent activities. The KYC digital onboarding process includes validation of govt-issued documents like ID cards, passports, driver’s licenses, and others. Further on, the business’s services use a biometric identity verification system to verify facial features, detect liveness, and cross-check provided information.

 

Legitimate Onboarding of Customers

Customer onboarding is one of the most crucial steps in a business’s uplifting process. This involves the verification of customers’ identities and defines how their journey will be. If the businesses lack authentic verification processes there are fewer chances of identity theft protection. This is mainly because the firm is using advanced technologies like deep fakes and face masks to dodge AI-based systems. However, if businesses are holding on to improved solutions there are fewer chances of their exploitation. 

Here, AI-powered services are the most reliable because they offer a mixture of facial verification, validation of information, and liveness detection. It fetches results after cross-verifying the data within global databases. And to access the risk factors, it matches the identities against sanctions and PEPs lists. Ultimately, the digital verification solutions not only automate the operations but also minimize the chances of human error.

 

Authentication of Registering Customers 

Where onboarding is a crucial stage, authentication of customers is equally important. This is because the businesses should ensure that they assist legit customers and not any imposters trying to reap legitimate benefits. Moreover, the traditional two-factor authentication is no more reliable, rather businesses need to adopt AI-based multi-factor verification. 

Therefore, Shufti Pro Funding indicates that ID verification solutions not only guard the verification but also ensure a positive and long-term customer relationship. All in all, companies can ensure compliance while retaining their user base. 

 

Benefits of Identity Verification Services – Curbing Various Criminal Threats

Among other aspects like verification and authentication, falls data security and privacy. The automated operations will not retain a customer if there are high chances of data breaches. According to the stats by Forbes, there were over 300 cases of data breaches. This greatly leads to the drop off of potential customers because they will abandon the process in the initial stage or after onboarding. This is where AI-powered solutions take over and provide businesses with improved and secure services. More of the benefits include:

 

Enhances Customer Satisfaction and Improves Experience

Companies in line to bring digitization should keep some points intact. For instance, assuring data security, securing loopholes for preventing fraud, and inculcating a user-friendly process. These are the pivotal requirements to retain a customer and attract them globally. As per Shufti Pro News, customers are less likely to stay put on a platform that is prone to data breaches or has extensive processes. Also, the companies that ask for a lot of information and that too repeatedly will somehow lose their customers.  

Therefore, businesses need robust and advanced digital onboarding solutions. They should employ a biometric identity verification system to minimize the hassle of repeated information submission. Ultimately, companies can improve Business-to-Customer (B2C) experience.

 

Addresses Unforeseen Threats and Prevent Criminals Risks

If a company is lacking authentic ID verification there are increased chances that they will have to face criminal threats. These include data breaches, exploitation of benefits, illicit activities, money laundering, financial crimes, and synthetic identity theft. Therefore businesses should adopt digital identity authentication solutions to ensure there is no illegitimate entity registering on the platform.

 

Concluding Remarks

Digital identity verification is changing the ways businesses authenticate customers. This is because the criminals are coming up with advanced methods that are to be addressed in time. Therefore, companies should employ identity verification services.