The advancement in technology changed many things around us. We can perform online transactions, do online shopping, entertains ourselves, and do anything on the web. In the present era, everything seems to be shifted to online mode. On the other side, people also like to use online services as it saves time and travel expenses. In the last few years, the trend of online shopping increases rapidly due to lockdown in different countries. The increase in online transactions also invites cybercriminals to commit crimes.
The record data breaching cases are reported in 2020 due to the COVID-19 outbreak. Businesses are concerned to perform robust KYC checks to avoid their customers from ID frauds. According to a source, 165 million records are exposed in data breaching attacks in 2019. The artificial intelligence-based online ID verification solutions help businesses to reduce ID fraud.
Online ID Verification Services
The growing online crimes urged businesses to incorporate robust ID verification services to securely onboard their customers. Online ID verification solutions confirm the identity of the end-users by cross-matching their ID documents. It verifies the identity of the customers as well as businesses to establish a trustworthy relationship between B2B and B2C. It also assists businesses to know their customers to identify illegitimate customers before onboarding to avoid any loss in the future.
It eliminates the need to remember passwords to protect accounts. Online ID verification services use biometric technology that confirms the identity of the customers within seconds. Online identity verification methods are of different types such as face recognition, age, address, and document verification. Let’s have a look at how these verification solutions help businesses with KYC compliance.
Age Verification Solutions
Age verification helps businesses to keep minors away from age-restricted products to improve their services. It confirms the identity of the customers by performing robust age-checks before onboarding. Every year businesses lose a massive amount of their annual revenue in chargeback frauds. By adopting age verification solutions, businesses can avoid false chargebacks files by the parents of minors and fraudsters. Age verification checks also help minors keep at bay from harmful websites containing explicit content that may affect their mental health. It also helps online dating sites, alcohol sellers, e-gaming and gambling platforms, and other age-restricted businesses to keep their products safe from misuse.
Face Recognition Solutions
It is one of the best solutions to verify ID online to onboard clients. The automated system matches the photo on the ID document with a selfie using various authenticity checks and sends the result to the back office. It is one of the robust KYC solutions that detect the fake attempts of cybercriminals during the verification and reject them before onboarding. The system performs 3D depth analysis, microexpression analysis, and other authenticity checks to provide full proof of security to the businesses that help them to prevent fraudsters to enter the system. Due to the robust security checks and liveness detection, customers and businesses are adopting this technology for online ID checks for secure onboarding.
Address Verification Solutions
These ID verification solutions are used to confirm the address of the customers. These solutions are mostly used by online service providers to avoid wrong addresses. Address authentication solutions help online businesses to prevent extra shipping charges and deliver the product to the right address.
Why Should Businesses Incorporate Online ID Verification Solutions?
Businesses should adopt online ID verification for the secure onboarding of their customers. It facilitates them to improve customer experience and avoid online ID frauds. Online identity verification eliminates the need to go to the specified place or sending documents to the verification office for identity verification. It also helps organizations to do risk-free business with other entities by performing KYB compliance. AI-based identity verification solutions also help businesses to perform ongoing KYC to monitor the ongoing activities of their clients. It also helps financial institutions to keep cybercriminals at bay by incorporating robust ID authentication services and meeting AML/KYC compliance.
Online ID verification provides a variety of artificial intelligence solutions to validate customers. It eliminates the need for knowledge-based authentication and confirms the identity of the customers in a go. It facilitates businesses to enhance customer experience by securing their sensitive data and reducing the drop-off rate. Online ID verification solutions also help businesses to meet security standards set by regulatory authorities to avoid penalties.
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