Thanks to technological breakthroughs, performing even the most complex tasks has become a piece of cake. Moreover, almost everything is accessible with a single click on the internet these days. We can connect with our loved ones on our phone screen so easily. But, for this to happen, we have to disclose our personal information online. For example, to use a chat platform, we have to sign up by giving details like our mobile number or email address. In the signing up process, we wind up risking our sensitive data.
Cybercriminals are always on the hunt for security loopholes to exploit such data. They mainly target identity management systems to impersonate individuals, gain access to sensitive data and exploit that. Luckily, technology has a solution for this: online id verification. Digital verification entails using authentication services delivered by industry players like Au10tix to confirm that a person’s identity matches what they claim to be. Let me give a simple example to explain this.
Let’s assume you’re opening a bank account online. You will have to provide some ID card details for that. What if someone else uses your ID card for the Know Your Customer (KYC) process and opens a fake account in your name? Digital identity verification solutions can overcome such issues. Let us now go into the specifics of such solutions.
What is Digital Verification?
It’s a simple process that employs tools and solutions from firms such as Au10tix to verify an individual’s unique features to confirm that the person authenticating is indeed who they claim to be. In a word, it validates that the person operating behind the screen is genuine and not spoofing someone else.
Essential Things to Consider While Deciding Identity Verification Services
For a business, it’s the need of the hour to introduce digital verification. But one can’t randomly introduce any. The solution must meet all requirements and be efficient. Fortunately, I’ve done all of the legwork for you. Here are the essential points to consider when integrating online identity verification for your organization.
Introduce What You Need
The extent of user authentication and security varies from business to business. If you operate a small firm, you may require biometric fingerprint verification for attendance purposes. In contrast, if it is a banking or financial firm, a more comprehensive solution would be necessary to authenticate the consumer digitally.
Maintain a Balance
When considering identity verification as a service, strike a balance between authentication and user experience. You must ensure that the id verification service is neither too basic, allowing fraudsters to access critical data, nor too extensive, chasing away customers. A consumer will gladly go through rigorous security checks if it’s a banking or finance gateway. However, a simple OTP verification or facial recognition is sufficient for a social networking site and a dating app.
Efficient IDV Checklist
When selecting a solution for customer authentication, check for the following features. These are required for the efficient and friction-free procedure.
Your user might be accessing your website from anywhere in the world. You will lose them if your service provider does not facilitate universal authentication. As a result, you must ensure that whichever solution you choose has worldwide coverage.
The service you use must verify the individual in real-time and within seconds. That’s because such a service ensures strong protection while also rendering a positive user experience to customers.
Fraudsters’ cybercrime tactics are evolving in tandem with the advancement of technology. As a result, implementing an additional layer of security is essential. Hence, look for an online verification id that incorporates a GPS element, allowing the company to analyze threats quickly. Such features include timestamps, IP addresses, geographic data, mobile specifics, date stamps, and device specifics, to name a few.
Some companies provide worldwide coverage; however, they may not adhere to changing and rigorous regulations, particularly KYC and AML in nations. As a result, to avoid any consequences resulting from your service provider’s mistake, ensure that the solution you choose to use is compliant everywhere.
To avoid security breaches, ensure that you and your service provider have legal enactment in place. After all, you wouldn’t want your customers’ information to end up in the wrong hands, would you? Hence, your IDV service provider must observe all consumer data protection laws and regulations.
Businesses have no choice but to count on digital tools and solutions. Only then will they effectively cater to consumer needs and aspirations. But not at the expense of critical company information and customer personal data.
Having a smooth and proper id verification in force works wonders in such a case. There will be tighter security, as well as an improved consumer experience. Because no data will be hacked, your company’s reputation and consumer confidence will stay unharmed. That’s all about digital verification.