The Scope of Identity Verification Solution
Due to the increasing shift towards digitization, digital fraud and identity theft are on the rise. Cybersecurity has become the basic necessity of all businesses, especially the businesses digitally dealing with consumer data. Online frauds are impacting millions of businesses as well as consumers through high-profile hacking and data breaches. This has paved the way for the identity verification market to expand to secure businesses from fraudsters.
Due to the COVID-19 pandemic, major businesses have moved to remote operations and they might stay that way permanently now. The digital identity verification solutions have met the businesses need in providing remote identity verification services and fight digital fraud, digitally. Other than customer identity verification, digital identity verification solutions have opened more opportunities for businesses as well.
In this blog, we will highlight the scope of digital identity verification and how it is revamping business operations.
The Digital Identity Verification Becomes the Future
The identity verification concept is being applied for a very long time now. This mostly used to mean requiring identity proof checks to ensure the identity of the individual. The end customer has to prove identity through their personally identifiable information. The KYC manager used to manually check this personally identifiable information against the identity documents authorized by the government.
Now, given the fast-paced digitization of the world, a more technological solution has become the need of hours to provide a seamless customer experience. The market of identity verification is already changing and using AI-powered SaaS products to meet their verification demands. The bright future of identity verification involves AI-powered services that can swiftly and accurately perform the verification process and streamline business operations.
The Scope of Identity Verification
In this world where fraud is so much integrated that identity verification has become more than identity checks to verify the age before handing down alcoholic beverages or entering an exclusive club. It started with customer verification but now it goes way beyond that.
Know Your Customer
Know Your Customer or KYC is the regulatory checks that require the businesses and financial institutions, under the law, to verify and record the identity of any potential customer and monitor their transactions for any suspicious activities. The global regulators have made this compulsory to prevent for businesses to becoming a victim of financial crimes and fraudsters.
KYC requires identity verification in order to ensure the legitimacy of the identity before the information is recorded or monitored. Multi-factor authentication solutions are already being used to meet the security measures for KYC. These are various identity verification services like document verification, biometric face verification, address verification, video KYC, and 2-factor authentication. Identity verification solutions can assist the companies to meet their regulatory demands of KYC.
Know Your Business Verification
Identity verification solutions are no longer just limited to humans. Businesses have identities and they too required verifications. Many businesses are involved in fraudulent activities and many businesses are just shell companies. Getting involved with companies can result in serious damage to your businesses. The regulatory authorities can impose hefty fines for not complying with KYC measures and properly verifying the businesses. This has led businesses to demand identity verification software that provides the service of business authentication. The good SaaS providers with their robust technology already have a database on business verification and have trained their AI on the business verification process.
Minor Protection
Everyone has internet access these days including minors. Business operations moving online has made it easier for minors to get their hands on age-restricted products. The companies found serving minors with age-unsuitable products can get into a lot of trouble with the law. Hefty fines along with the prison time and tainted business repute can even the permanent business closure for them. The age verification solutions have a use case that can assist the companies in capturing any minor trying to get their hands on unfit product service. This process based on AI can be performed not only within seconds but have a very high accuracy rate. The legit customers no longer have to go through the lengthy process of getting their age and identity verified during the onboarding procedure.