Getting online is what every new startup is looking for. Most users in today’s world thrive on making an impact online whether personally or officially, especially in the era of the pandemic real-world interactions were mostly restricted resulting in a heavy increase in the online community. Even offices developed new policies of hybrid working systems which greatly relied on remote working using the internet. Starting from the traditional approach of business, most organizations are attempting to move online.
According to the surveys conducted in the US, during the era of the pandemic, the revenue of the e-commerce industry increased at a pitching rate with $102.08 billion added to the sales online in 2020.
With so many finances getting online the fraudsters are also getting digital with improved ways of scams and attacks. The online system is not fully protected as criminals have created new techniques for online thefts and money laundering.
To tackle this issue most businesses have reported to the cybercrime authorities for a complete inspection of digital platforms. The most important check almost every industry performs to prevent money laundering and the digital scam is the Identity verification solution.
What is Identity Verification?
Identity Verification is a process of guaranteeing a user identity. It is carried out on every new registry application from the new unregistered user. The Identity verification process makes sure that the user is that specific person who it claims to be. Identity verification is a major part of KYC compliance which acts as a protective authority against digital frauds and money laundering. It is also a security measure that is performed in accordance with the AML (Anti-Money Laundering) compliance. Modern accretions of identity verification are being developed such as shufti pro funding.
Online Identity Verification Solution
There are several identity verification methods major industries use to verify the identity of the user. With new technologies such as Artificial Intelligence and Machine Learning, the identity authentication process has evolved into online identity verification.
Most tech firms use online methods for the digital onboarding of users. Some online identity verification methods that are effective are discussed in this blog.
Age Verification
Age verification check is compulsory before starting any verification process. It is the initialization of the identification procedure by which the user age is determined by the system. The Age verification process is carried out in multiple ways such as Liveness detection, and other security questions.
Documents Verification
The documents verification process is the second installment of the Identity Verification solution. It is carried out by uploading legal documents and paperwork online to be checked by the system. The digital document verification is completed with the help of OCR (Optical Character Reading) technology.
Biometric Identity Verification
With the introduction of biometrics in digital platforms, the attackers are highly reduced. The fraudsters cannot exploit the system as it is secured by biometric characteristics such as fingerprints and facial recognition. Old methods of passwords and pins are replaced with online biometric verification. The identity verification system is backed up by a biometric identity verification system as it is efficient in identifying the real users.
Address Verification
The identity verification process is incomplete without a valid physical address of the user. The address verification service comes into play for this purpose. It is carried out for identifying customers’ addresses with the help of digital technologies such as geo-location and OCR document verification. With a verified address businesses can trade with clients in a much more secure way.
Multi-Step Verification
This method of identity verification provides a new layer of protection from identity thefts and scams by creating several steps of evaluation whenever a user tries to access the system. Most of us have seen this verification in action on social media websites which always opt for two-factor authentication on every new activity from a user.
Consent Verification
The new identity verification solution is the consent verification solution by which the user is asked for their consent on different steps of business interaction such as legal agreements and privacy policy. The consent verification is mostly carried out by biometric means or by video proof from the user to eliminate the risk of identity theft.
Conclusion
The major reason for most of the crimes online is the fake identity of the user. Fraudsters mimic real user actions to get their credentials such as pins, and passwords from the online system and use those credentials illegally to affect the whole digital system. As per shufti pro news more than millions of accounts fall for identity theft every year. For this reason, all the major businesses, offices, and organizations always opt for the Identity Verification service before any onboarding process of a new user, product, or even a new service from the outside world.
Also read: Trends4tech.com
