In this rapid world, millions of smart devices are scattering, correlating and communicating with each other despite their location. From online gaming to cryptocurrency, real estate to crowdfunding, industries are finding new ways to teach and assist to automate, the smartphone industry is booming. In 2019, an analysis shows the number of smartphone clients to be 3.2 billion, therefore users will rise up to 3.5 billion in 2020 and 3.8 billion by 2021. The analysis being, pervasive access to the internet, society and its economy is transforming drastically. Simultaneously with this, the expectation of online users are improving and the demand for seamless client experience and services is rising.
Here, in the game, security develops. Security is a problem for online organizations to evaluate concurrently with client experience.
A monetary sector, more precisely, online purchases and instalment methods are inclined to various cyberattacks. Imposters that are promoted through such websites unknowingly are harmful. Imposters that are promoted through such websites unknowingly are harmful. These activities differentiate from facial scams and account takeover attacks to vulnerable ones such as facial scams. Institutions need to use in place identity verification rigorous measures such as while guarding websites, client experience is not negotiated.
Modifications and Innovative Fraudsters
As digital automation is rising and solutions to real-world difficulties come onto the surface, they are safeguarded employing intelligent measures. Hence, fraudsters are practising associated technologies and hack to combat against the protective shields. It is a continuous ongoing race for biometric identification and ID verification services . After some time, organizations experience some major challenges and come up with a stringent way of shielding websites that again are exposed by fraudsters and criminals. Fraudsters overwork and find vulnerabilities in the software to identity theft shielding across the world, steal personal information of authorised digital users.
Marketplace scam is rising at an exponential pace, particularly during online activities. In P2P marketplaces, scammers build a stock listing and scam clients. Digital users’ private and monetary data is acquired through ransomware, malware shot and data breaches. With this data, clients create synthetic identities that appear real, misuse them in the digital world. It is a problem for online digital websites to fight against security issues to keep intact the client experience.
Identity Verification- Only stop solution for scams
Whether it is a database, business section, online client account or company personal data store, the competition starts when an unapproved substance becomes a component of the policy. ID verification is a one-stop answer that retains online fraud miles away. Online identity authentication guarantees both protection and enhanced user experience. In real-time, within seconds, a person is recognised and authenticated that assists an organization enables only authentic traffic to make it part of their infrastructure.
Companies have recognised the need for verification of identity into their system. Furthermore, being client verification, a regulative requirement in several sectors to prevent the risks of monetary crimes such as money laundering and terrorist financing, companies are practising the authentication method severely.
The Significance of AML/KYC in identity verification solution
Online id verification incorporates both KYC and AML applications within an association. While onboarding a client, companies can verify the identity of their client to ensure that they are a legitimate person. This is done at the enrollment stage in which, other than recognising a person, it is verified against several politically exposed people lists and sanctions lists. Anti-money laundering ongoing monitoring is done to reduce the opportunities of criminal entities from gaining access to the software.
In the IDV method, these two phrases are involved while really implementing it. If real-time gained features match among the one present in the database, verify the identity of individuals. The difference between these words is significant.
How Does Identity Verification Work?
The IDV include three stages
1. Gathering of Data
In the initial step, IDV involves gathering personal data from the client. Cerendital data which involves a name, address, DOB, etc.
2. Request the Client to Upload an Image
In the second stage, the client is asked to upload a secondary piece of data in form of the authorised identity document as an identity theft protection.
The document could be
- Identity document card
- Driving license
- Utility bills
3. Data Authentication
The information from the document is extracted using optical character recognition. During this procedure, the verification of the document is also reviewed. If the client-entered data and then one extracted from the document match, identity is authenticated.