Rising Frauds in Businesses Calling for Digital ID Verification Services

by Klaus on January 19, 2020

in Articles

How do you know someone is who they say they are when your customer is not even sitting next to you? To help answer all these queries ID verification services are a must-have for businesses.

The advancement of the internet and technology has changed businesses beyond recognition. Digitizing Customers and businesses communicate digitally in this digital world. No one has time for direct contact and face-to-face meetings and is no longer considered as a suitable option. The trend of Physical confirmation of individuals using manual authentication methods is forgotten long ago. The number of digital frauds has raised significantly causing the loss of millions for individuals and businesses. Cybercriminals and fraudsters always find businesses on their easy targets. So no matter what size of a business is customer identity verification KYC as well as business verification KYB is essential to save businesses from intruders and scammers. Bombarding individuals with questions is a time taking option and time is money for businesses. Long manual authentication is frustrating and ends in losing the customers.  For a secure growth of the business, security and customer experience always go side by side. Now the main question arises that how to achieve both simultaneously so that none of them is affected. 

The answer is the use of AI-based ID verification solutions. These solutions identify and verify the ID of real-world users through the use of biometric facial verification, document verification, and address verification working on the phenomenon of machine learning, and other advanced technology. Integrating these services in your system not only eliminates the time-consuming onboarding process but it also helps the business in meeting regulatory and compliance standards.

ID verification for KYC and KYB:

KYC is essential for businesses and organizations as per regulatory authorities. KYB is also important when dealing with other businesses for the partnership to make sure the other business is a valid company and not a shell company.  These days there are some serious digital security concerns for all sorts of businesses because of scams like digital fraudulent activities, data breaches, and ID theft are on the rise and abusing the systems easily. Such activities are translating a significant revenue loss for the businesses that fall victim to these criminal activities. 

Taking into account these problems, every business wants to protect itself from fraudsters, saving them time and cost for fulfilling the orders of customers who don’t exist, henceforth preventing them from accessing the business and carrying their illicit activities. The use of digital verification services is a safer and cheaper solution in the long run with real-time verification results. The ID verification and authentication solutions are quite vigilant solutions for the businesses since they make it easy for the organizations to achieve a secure customer base while enhancing the customer experience as well.

ID verification in different Industries:

The KYC and AML regulations are strictly imposed on the financial institutes and other industries as well. With the digitization of the industries and more private individuals entering the online marketplace have elevated organized cybercriminal activities by leaving the sector open to abuse. Due to this reason, the online industries whether e-commerce, banks, financial institutes or investment businesses, all of them need to protect their services and products from being viewed or accessed by suspicious or unauthorized individuals.

Moreover, with the increasing trend of ID theft, credit card fraud, false chargebacks claim, the organizations not just need verification at the time of onboarding, instead, the authentication of the customer every single time is as important. With biometric verification through facial recognition combined with consent verification, the digital operations of businesses will be secured and only authorized users will be allowed access. This type of user authentication can identify and prohibit intruders in real-time, securing the user accounts and their information. So ID verification solutions are a must-have for any kind of business. 

Comments & Leave a Comment

comments

{ 0 comments… add one now }

 

Leave a Comment

CommentLuv badge

Previous post:

Next post: