The rising number of data breaches, chargebacks, identity theft, and account takeovers has made identity verification a pressing need in the digital world.
Synthetic Identity fraud has seen a surge more than ever. As per shufti pro news, identity theft has become the number one scam after the corona pandemic happened. Companies, around the globe, are investing much in identity verification solutions. Clients, due to the corona restrictions, have turned to digital means of almost everything and they need privacy, data protection, and an enhanced experience. Besides this, the gradually developing regulatory landscape has made it hard for firms to ensure compliance and valid identity verification results. In the coming years, businesses would be liable to conduct identity verification whenever they onboard a client.
Future of Identity Verification Service
ID verification is the procedure of validating an individual by comparing their personally identifiable information with the person claiming that identity. Considering the pace at which companies are shifting to the digital world, identity verification has become a pressing need to avoid fraudsters and provide clients with a seamless experience. The identity validation market has progressed from physical authentication to digital customer verification via artificial intelligence-based Saas Products. Predicting the future, it is safe to say that robust identity verification solutions hold a great place in different online sectors.
Identity Verification Services Go Beyond Client Authentication
Gone are the days when identity authentication was only carried out by showcasing the identity card while entering the club or presenting a driving license for proving age to the officer. The progress in technology and the ever-changing needs of clients make identity verification go a step further than just doing digital onboarding of customers. It is a compelling tool that conducts simple client authentication to complex business screenings and virtual biometric verification.
KYC – Protecting the Firms from Fraudsters
The Know Your Client (KYC) has gained much popularity in recent years due to the increasing number of identity theft, data breaches, account takeovers, and other criminal activities. Considering a surge in fraudulent activities, regulatory bodies have made KYC compliance an obligatory thing for all the firms that deal with money. Identity verification and client due diligence are the least compliance responsibilities of the reporting entities.
Identity theft protection is an integral part of the KYC procedure that enables companies to onboard legitimate clients or validate the already working employees in real-time. The best way to satisfy the compliance requirements is to select multi-layered verification through various identity authentication solutions (like address verification, document identification, biometric screening) for client validation. A multi-layered authentication process provides a faster, simple, and seamless user experience while eliminating human errors.
KYB – Protecting Legit Firms from Shell Companies
In the digital world, identity verification is not only applicable to human beings. The fact is, it’s not only humans that pose a threat to businesses but corporations are also terrifying which forms the basis of KYB procedure.
Biometrics identity verification system helps companies detect shell firms and protect them from becoming trapped by criminals, also enabling them to defeat aggressors. Furthermore, with the European Union’s strict policies for client due diligence and the requirement of FINCEN to be cautious of Ultimate Beneficial Owners (UBOs) before making a relationship, KYB has become an absolute necessity.
Age Verification – Protecting the Firms from Minors
Access to online services and goods has never been easy as it is now in the age of digitization. Easy access to online services has pushed youngsters into darkness, not unjust the kids but their parents and linked companies are suffering too. Identity authentication plays a key role in enabling firms to adhere to age verification laws via real-time digital age verification.
Unlike conventional age checks, artificial intelligence-based age verification that uses face and document verification services validates individuals before they get access to any of the age-restricted goods or services. Due to the progress in technology, age checks have become quicker and offer accurate results to make sure that the customers of legitimate age are availing of services.
Identity theft, account takeovers, chargeback, data breaches, and many other criminal activities are prevalent these days. The reason is either the firm lacks identity verification services or is using solutions that are not upgraded. Binary checks are no more an option to deter fraud. AI-based ID verification is what serves as a great tool to keep criminals at bay. Moreover, with robust verification solutions, online sectors can prevent themselves from heavy fines. Thus, due to these reasons, several corporations are taking global investments like Shufti Pro funding, just done by Updata Partners.