With the rise in advancements in technology, businesses opt for digital onboarding platforms to perform work efficiently. According to Research and shufti pro funding, the digital platform provides the optimal solution to help businesses grow on an advanced level. Identity theft and illegal activities stain the business image by following the illegal procedures. Fraudsters impersonate customers’ identities and later use them for their purposes. Online markets take it as a challenge to eradicate these issues. That’s why the identity verification system got introduced. The record of digital users gets identified and verified to prevent data breaches and fraud attacks.
The online identity verification service is reviewed as the most practiced way of customer identification. It helps extract all the information to prevent fraudsters from playing any games to steal the data. As technology improves day by day, illegal activities get advanced as well. Frauds like money laundering, identity theft, terrorist financing, data breaches, and account hacking are happening on an advanced level. As per shufti pro news, KYC solution services are the way to prevent such happenings.
How Do You Define Identity Verification?
Verifying identity is a process of validation and authentication for safety purposes to prevent fraudsters. Individuals can be verified through different purposes like in-person interviews, document verification, and biometric identity verification systems. In this technological modern era, identity is defined as traits that are connected with people’s physical characteristics. Hence, an identity verification solution is a process that accommodates customers both offline and online.
The Digitization of Identity Verification
The online platforms have a massive amount of data representing billions of people’s information. A biometric identity verification system is crucial for the majority of the sectors because it prevents sensitive data from spreading over digital platforms like social media, or other websites. The protocols of cyber security should be enhanced in such a way that they can protect the user’s credibility so that the extraction of data by fraudsters is nearly impossible. Fraudsters analyze the business’s security system and search for any loopholes. After finding the loopholes, they breach the data and steal the information to use it to their advantage. They can then have access to sensitive data and use that data for fraudulent activities.
ID verification is developed by software companies modernized with regulatory compliance. These solutions verify the user identities during the procedure of digital onboarding that identifies any suspicious activity that would harm the company in near future. Digital identification services consist of both KYC/AML compliance that might be beneficial for companies based on digitization.
The Process of Digitization
The user has to fill in the required information for identity authentication. Fill in the acquired information like name, ID number, gender, date of birth, etc.
After filling out the form, they are required to upload documents issued by the government authority including ID cards, passports, driving licenses, etc. This is to make sure that the customer has a verified identity.
Verification of Documents
Since synthetic identity theft is pretty common these days. OCR/ICR technology is being used to extract the data from the required documents and match it with the previous records provided. If data in both documents match with each other only then the customer is good to go.
How To Run Identity Checks
The drug and alcohol businesses provide age-restricted products to protect minors from using them. That’s why some minors choose identity theft to attain such products for their own purposes. Identity theft protection has to be deployed in systems so that the lives of minors could be secured.
Online Gaming Industry
Online platforms are prone to fraudulent and illegal activities these days. This puts different businesses’ reputations at risk. Users have developed trust issues and they aren’t investing in the gaming industry which is affecting the businesses. Implementing KYC solutions makes these digital platforms safe and secure that can catch any suspicious activity.
In A Nutshell
Identity verification solution is crucial for business sectors and other institutions because it uncovers the face of a person stealing someone’s identity. The fraudsters can do huge damage to a business‘s image which is why identity verification systems are a must for industrial and other sectors. Adopting digital solutions will secure the data provided by customers as well as increase their level of credibility.