Criminal threats are skyrocketing because of the availability of advanced techniques. Fraudsters forge the documents and hide their identities by using fake credentials. This way they bypass the identity verification. Businesses experiencing identity theft face various other consequences like reputational damages, non-compliance fines, and customer dropoff. Moreover, criminals commit data breaches and use the information to impersonate their identities.
Therefore, industries need accurate identity verification solutions to secure their operation from criminal threats and ensure legitimate customer onboarding. The AI-powered solutions are not prone to human error and verify customers in real-time. This way industries can not only save operational costs but also provide security to customers. The blog further discusses the stages and benefits of digital ID verification solutions.
Identity Verification Service – Types of Stages in the Process
Digital transformations are taking over every industry compelling them to introduce online operations. Simultaneously, it is increasing various challenges like legitimate customer onboarding and identity verification. According to Shufti Pro News, criminals often use fake documents and credentials to initially onboard the platforms. Later on, they carry out their illicit activities.
Therefore, industries can not rely on identity verification only at the time of registration. They should monitor their customers to detect and prevent unforeseen threats. For this, AI-powered tools are the industry’s reliable solutions because they provide accuracy at every stage of customer verification. The stages that industries go through include:
Verification of Customers’ Identities
According to Shufti Pro News, regulations mandate industries to perform authentic Know Your Customer (KYC). The process includes a better understanding of customers while verifying their identities. The AI-driven biometric identity verification system helps industries identify customers by scanning their faces. This provides an additional layer to the verification process. Cirmainsl may succeed to forge documents but can not replicate facial features.
Furthermore, the system asks for a real-time selfie with documents like ID cards, driver’s licenses, and passports to cross-verify facial features. Furthermore, the digital verification services allow access to global databases that help industries match faces against sanctions and Politically Exposed Persons (PEPs) lists.
Legitimate Customer Onboarding
Customer onboarding is an important step for industries because it aids in attaining a huge user base. Furthermore, industries are going digital and attracting global customers to expand their operations. However, they can not leave identity theft protection unattended. According to the Federal Trade Commission, there were over 2.1 million cases reported in 2020, among which imposter scams were the most common.
However, industries having the combination of document validation and facial verification, are less likely to fall prey to imposters. Here, the AI-driven customer identification solutions provide liveness detection which verifies the claim that the user is actually present behind the screen. Furthermore, OCR technology extracts information and speeds up the document validation process. Ultimately, industries can ensure legitimate customer onboarding.
Authentication of Customers
In today’s world, cybercriminals are getting technologically equipped which decreases the reliability of usernames and passwords for login. Therefore, industries need to ensure that authentic customers are using their services. For this, they need authentic digital onboarding solutions, otherwise, they will face customer dropoff.
Moreover, the data security and privacy of the clients’ information is the topmost priority of industries. According to regulations, it is also an obligation to prevent data breaches. Therefore, Shufti Pro Funding indicates that industries need to incorporate accurate verification solutions to provide an improved and secure customer experience.
Benefits of Digital Onboarding and Customer Verification Solutions
Where criminal threats are skyrocketing, AI-powered digital onboarding solutions are providing accuracy to industries. These solutions are robust and involve fewer errors which makes them more reliable than traditional verification methods. More of the benefits include:
Safeguards Industries’ Reputation
Customer experience is the prime concern for industries. This is because if they do not provide enough privacy and security to customers, they are less likely to stay. Constant dropoff, illegitimate onboarding, identity theft, and data breaches will not only bring reputational damages but also lead to hefty non-compliance costs. Therefore, industries need online verification solutions to restrict criminals’ access and ensure an improved customer experience.
Fraud Detection and Prevention
Industries lacking authentic identity checks will have to face various criminal threats. For instance, financial crimes, medical scams, and fraudulent purchases. This is because criminals are using digital methods to easily dodge the verification process. However, with authentic verification and risk-assessment solutions in place, industries can prevent criminal threats. AI-powered identity verification services provide access to global databases that offer further authenticity.
In a Nutshell
Identity verification solutions are uplifting the levels of security in industries’ operations because it authorizes legitimate customers. AI-powered ID verification solutions provide liveness detection and authentic customer identification which minimizes the chances of fraudulent onboarding. This is because these solutions detect spoof attacks in time and prevent such entities from bypassing the verification process. Hence, industries can not only comply with regulations but also enhance customer experience.