The development in the technology is accumulating queries regarding identity theft and scammers crossing the boundaries by staining the reputation of businesses worldwide. The personal and financial information of digital users is also acquired through phishing attacks and data breaches nowadays. By this, scammers get a chance to create duplicate identity copies of the clients that seem to look like real individuals and misuse them for their own illicit activities. This becomes a challenge for online marketplaces to eliminate such issues, for that reason identity verification services are introduced. The online ID verification process is considered as the proficient way of client identification which can extract out all illegal activities performed by fraudsters and comprehends whether a person is the same as it is supposed to be or not. Visit Fortifid for Business and Identity Verification.
What is Identity Validation?
Identity verification is a process of an individual’s identity authentication for security objectives and helps filter out fraudsters. There are different means to identify an individual such as in-person interviews, biometric verification, and document attestation. In the digital world, identity is a defined trait of a person which is connected with their physical characteristics. Identity validation is an important procedure that is accommodated for verification of customers offline or online.
Is ID Card Verification Solution Important?
Yes, identity card checking is a mandatory concern for businesses to safeguard their client’s personal data and secure them from identity theft like impersonation fraud and account takeovers. This averts criminals from using false identities for their purpose. It supports eliminating scams and helps businesses to work with KYC (Know Your Customer) and AML regulations.
AI-enabled Digital Identity Verification?
Online identity verification is a convenient way of identification that is performed through AI-powered solutions (artificial intelligence). In which businesses are authorized to attest to the authenticity of documents and biometrics of clients. In this, an individual is supposed to show his face verification on camera, his ID card and then a system verifies the identity in real-time. This not only verifies the information of identity documents but also checks the authenticity through advance checks and then the face is shown on camera to match and confirm the identity on the documents to eliminate the doubt of scam. Reliability and accuracy should be in documents that are also traced through the process of artificial intelligence. Identity verification of the user’s document is vital to check the authenticity of documents by analyzing the tampering, holograms and photoshopped.
Manual or Digital Identity Verification?
To meet the standard of contemporary clients it is a necessity to avail digital identity verification instead of manual checking. Traditional identity verification solutions have more chance of error as it requires time and is performed by humans. Physical presence and documents are required in manual verification. On the other hand, this digital identification is an effortless way to know identity validation in which an individual can easily avail the services online anytime by staying at home according to their ease through biometrics authentication and identity documents.
Significance of Identity Verification Solution
Identity verification is very helpful as it ensures the security of clients’ information through the know your customer (KYC) standards which is an important part of know your business operations. Online identity verification assures the usage of KYC in the following industries:
- Healthcare industry which includes pharmaceuticals, healthcare, clinic, and hospitals.
- The fintech sector is an online loan provider, financial technology provider, and online loan/mortgage provider.
- Financial industries such as investment planners, banks, and non-banking financial entities.
- E-commerce stores such as online shopping stores, B2B, and B2G systems.
- Travel industry like hotels and airlines.
Walkthrough of Online ID Verification:
There are several steps to be followed for the verification of identity in digital spaces, such as:
- The process starts with the registration of yourself online with your name and date of birth
- Then submit the identity proof-verification documents such as ID card provided by the government, passport, and driving license for the authentication of documents.
- Then analyses on the personal data such as name, date of birth, address, and nationality are performed
- After that user has to submit the live photo to compare it with the documents to proceed with the process
- The procedure of identity verification ends with the results which are shared with the users in real-time
Advantages of identity verification
Security of clients is an important task to work upon and for that identity verification is mandatory which have uncountable benefits, such as
- Fraud prevention
- Secure Customer onboarding
- KYC/AML Compliance
In a Nutshell
Concluding the whole conversation it is assumed that verification of identity cards is compulsory for all organizations as it helps them to recognize the fake persons who are covered under the identity of real and innocent individuals. Those scammers are dangerous for the reputation of the businesses, for that reason identity verification services are implemented in the systems for the safety from fraud entities.