Advanced problems look for advanced solutions. The digital world is prone to fake identities spreading in social media, online user accounts dating sites, etc. These fake profiles are the cause of proliferation in crimes that correspond to both financial and cyberattacks. The online businesses, therefore, have one solution that is to onboard a clean customer base. Filtered traffic would help eliminate the bad actors and onboard only the ones that have a real identity. For this, ID verification of online customers is crucially important.
Online ID verification can be done through various methods. The following are some common ones:
- Document verification
- Biometric authentication
- Consent verification
- 2-factor authentication
- AML screening
- Video KYC
Document verification is done by asking the remote user to upload the official ID document and the system will employ AI technology to extract the data from the document in real-time, check the authenticity and verify the individual.
Biometric authentication identifies a person against unique characteristics a person holds and perform evaluation against one or more distinctive biological traits. Through smartphones, mobile ID verification is done in for example face verification is the most common way of identity authentication.
The assurance level should meet the risk mitigation purpose. Among all the identity verification methods, the one should be chosen that aligns perfectly with the business. For example, a digital payment system providers hold a mobile application through which online customers can make transactions and transfers in an online world. For this, the system should be fast and secure to establish equilibrium in the customer experience and security of the platform. For such systems, biometric authentication systems fit better. Through the online facial recognition ID verification system integrated with the system, customer identification can be performed.
High level of security with ID verification
The digital platforms face several challenges, from the ease of use in operations to the security walls against fraudsters. The platforms avoid time-consuming and onerous tasks that frustrate online users and increase the process abandonment rate. However, the use of optimized ID verification solutions in the systems for customer identification act upon the need for retailers and businesses. For example, the online ID verification through documents employ AI, machine learning and other underlying technologies through the whole identification process becomes seamless. The ID verification software is getting scalable by their customizing power against business needs. Now each industry operating under the scope of digitization can ensure high-level security into systems.
Meeting compliance with no overhead
Financial businesses have another challenge of meeting compliance in the digital world. It is quite easy in businesses dealing with customers in a physical branch. However, in the digital world, compliance with the Know Your Customer (KYC) and Anti-money Laundering (AML) regulations has now become easy through ID verification API integrated with the system.
The user experience will remain intact with the goal of onboarding a clean customer base that can ultimately deter the risks of digital fraud and cyber crimes such as identity theft, account takeover, and payment scams.
Robust and secure ID verification services can help businesses verify their customer in seconds. By delivering seamless and quick services to customers, a user-friendly interface can decrease the overall process abandonment rate. While ensuring compliance as well as security of the platform, this combination helps deliver more online customers in a frictionless manner such that it satisfies all customer and regulatory requirements.
