For businesses, globalization means overcoming geographical barriers and providing customers the opportunity to connect from anywhere across the globe. Particularly due to digital transformation, more and more industries are automating their business processes in an attempt to go global.
For a company to sustain itself in a highly competitive market, robust identification and verification services are considering the top priority. Performing online identity verification streamlines the customer onboarding process and ensures high levels of security without compromising customer convenience. With financial crimes such as data breaches, identity theft, phishing attacks, malware, and account takeovers on the rise, strong identity verification procedures have become the need of the hour.
How Identification and Verification Services Work
Digital identity verification refers to the process of varying customer identities online. By validating customer details provided online either in the form of ID documents, biometric information, or both, businesses can easily filter out fraudsters and authenticate that their customers are actually who they claim to be.
In today’s tech-oriented world, identification and verification services can take numerous forms. These include:
1. Biometric Facial Recognition
This technology enables businesses to verify their customers remotely through liveness detection systems and video-based authentication
2. Document Verification
Verification of identity is done through official ID documents, from which data are extracting through OCR scanners. This way, forged, modified, or fake documents can be easily identified within minutes. Once document verification verifies the customers are also requiring to provide a selfie, against which the provided documents are cross-checked to ensure validity
3. Address Verification
This involves the verification of a customer’s residential or business address with the help of documents. Such as an updated bank statement, utility bill, passport, etc.
4. Consent Note Verification
In this form of identity verification, customers are asked to show a hand-written consent form in real-time through a selfie or video. That is scanned through facial recognition technology. This helps companies ensure that the customers they onboard are legitimate and not bots.
5. Two-factor Authentication
Before allowing customers to log in to an online platform, identity verification service providers automatically send a unique code. To the customer’s mobile device, through which it is ensure that only authorize users are trying to gain access.
Why Do Businesses Need It?
There are numerous advantages of identification and verification services that businesses worldwide can benefit from :
- Saves time and resources: Decreases the number of resources spent on hiring skilled labor. By automating and digitizing the customer onboarding process.
- Enhances customer experience: Online identity verification enables businesses to provide a convenient customer. An experience by eliminating the need to physically visit a facility and wait in long queues. This way, not only can customers be verified remotely, but a better rapport with the customers can also be built.
- Customer-oriented approach: Providing numerous options for identity verification gives businesses an edge over their competitors. And also highlights their customer-centric approach which ultimately enhances the brand’s reputation.
Why do Customers Need it?
Listed below are some of the advantages that identification and verification services offer to a customer:
- Enhanced user experience: When using facial recognition for identity verification, a customer can be identified. Through a selfie or a video within minutes which leads to a smooth customer onboarding process
- Convenience at its best: AI-powered identity verification solutions enable faster onboarding. Through automated systems, which leads to a convenient and secure digital journey
- Higher level of privacy: Advanced verification services involve facial scans instead of passwords to secure account access. As biological characteristics cannot be fake, it lowers the likelihood of sensitive data being stolen. For financial crimes such as account takeovers, identity theft, and data breaches
Picking the Perfect Identity Verification Service Provider
Before selecting an identification and verification service provider, the following things need to be considered:
- Businesses need to make sure that their service provider complies with regulatory obligations. To avoid facing hefty fines and penalties on top of reputational damage
- Choosing a third party that can provide support to all customers, regardless of where they are located. Is crucial for businesses that aim to expand their clientele
- A digital identity service provider that offers geolocation-based services. Should be preferr as it adds an extra layer of security which leads to fraud mitigation
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