ID verification is now a crucial part of every industry. While moving online, they are getting exposed to various challenges. Where they are streamlining the operations, fraudsters are trying to reap benefits simultaneously. They deprive consumers of their rights. As of 2020, customers lost over $56 billion to identity fraud. This calls for digital industries to bring in effective identity theft protection mechanisms to accurately verify customers.
Modern criminal threats require robust digital services to better compete with fraudsters. Therefore, industries should invest in identity verification solutions to further minimize the chances of their vulnerability. This way they can improve customer experience, uplift reputation, comply with Know Your Customer (KYC) regulations, and ensure security. The blog provides insights into how digital solutions enhance industries’ operations.
Digital Onboarding Solutions – Efficient Checks to Combat Identity Fraud
Businesses’ shift to online platforms has increased their chances of vulnerability and exposure to criminal threats. For instance, minors are illegitimately onboarding gambling sites, whereas adult offenders are impersonating to reap financial gains. This is why fake customers are the most pertinent scenario industries are currently facing in the digital era.
Moreover, technological advancement is making the way for cyber-criminals and helping them dodge the ID verification process easily. Due to this rise in synthetic identity theft, customers and businesses are on the verge of losing billions. This can further lead to industry-based reputational damages and a complete shutdown. This is why they need to bring in effective verification services that not only safeguard the reputation but also restrict fraudsters’ access.
The AI-powered identity authentication solutions are a sure way to mitigate criminal risks. They provide state-of-the-art services that are hard to breach. With its tools like liveness detection, biometrics, and cross-verification across global databases, digital identity theft protection solutions address modern-day problems. These multi-layer identity verification solutions further help digital industries in the following ways:
Ensure Compliance with Global Laws
Global regulatory bodies are mandating industries to build efficient KYC programs in order to differentiate between fraudsters and legit customers. The AI-driven solutions provide capable services that mitigate the chances of identity theft while using less operational cost.
They provide authentic verification of both information and dockets to address all loopholes that may remain in case of manual checks. The identity verification services further safeguard industries’ databases from external breaches. This is also another obligatory standard.
Guards Reputation of Industries
Physical markets are moving to e-stores which on the contrary is making them a victim of cybercriminals. Incidents like data breaches, identity fraud, false claims, account takeovers, and various others are forcing digital industries to incorporate better identity authentication solutions.
In the chaotic situation triggered by the pandemic and digitization, AI-embalmed services are the guarding angels for industries. Moreover, a minor backlash in complying with the KYC laws will expose businesses to hefty fines. Industries, however, can minimize the chances by employing identity verification solutions.
Minimizes Human Error
Manual verification checks are outdated as they are incapable of identifying the technologically advanced attempts criminals make. Due to the involvement of human interpretation, it further involves chances of inaccurate results, data discrepancies, human errors, and much more. Ultimately, traditional identity authentication methods are no more reliable as they also drive industries to hefty non-compliance fines.
However, on the contrary, the biometric identity verification system provides accuracy while involving minimal errors. With their increased accuracy rate, online solutions are taking over the IDV world. As they use advanced technologies, incorporating them makes identity verification easier for industries. They are cost-effective and less time-consuming which saves businesses a huge amount of resources.
Along with the rest of the other advantages, online identity authentication also provides security to customers and databases of industries. They secure them from external breaches that fraudsters commit to avail illicit benefits. While digitization is streamlining processes for both industries and cyber-criminals, identity verification services are placing shields to restrict fraudsters. Ultimately, digital industries can ensure they are assisting legit consumers and not some imposters.
As per Shifty Pro News, fraudsters use fake or stolen details to either open accounts, make online purchases, avail health benefits, launder money, access confidential information, and worst of all fund organized crimes. On the other side, ID verification solutions provide efficient gates that allow access to only authorized customers. This helps industries uplift client experience while providing them data privacy and security.
Identity verification services are the modern solutions that help industries to ensure legit customer onboarding. Where fraudsters use sophisticated ways to bypass authenticity checks, these services place gates in their way. The AI-driven identity verification services come with multiple checks such as biometric recognition, document validation, and liveness detection. Hence, this makes them the result-driving solutions for digital industries.