Let me tell you a jaw-dropping fact.
The human population is growing, so is the data production rate. Amazon, Microsoft, Google, and Facebook store approximately 1200 petabytes of information. Stay with me, it’ll get even more captivating. Presently there are more than 4.8 billion internet users all across the globe and the figure is evolving with every passing day. The globe spends nearly $1 million per minute on commodities all across cyberspace. More than 71.5 billion applications have been downloaded. Almost 4 petabytes of data are generated only by Facebook every day.
The above-mentioned stats and facts depict that as the data production rate increases, businesses and financial infrastructures must enhance their cybersecurity protocols by integrating themselves with such products that provide robust, reliable, and real-time identity verification solutions and services. Considering the fact that enterprises deal with different types of data each day, it’s high time for enterprises to enhance their cybersecurity protocols.
Everything is prone towards digitization with the advent of technology and due to the COVID-19 outbreak in which people were trying to acquire sophisticated measures to avoid physical contact. From online transactions to e-commerce platforms, digitization is the new normal. Simultaneously hackers and cybercriminals are up-pacing with the speed of light.
Enterprises must not think twice before integrating themselves with AI-powered online identity verification processes to combat chargeback, counterfeits, identity theft, and money laundering activities. Here are the top 5 identity verification solutions and services that must be acquired by enterprises to combat chargebacks.
There would be no wrong in saying that hackers and cybercriminals can hack someone’s passwords, but they cannot have someone’s biometrics. Verification of users using their biometrics such as iris scan, fingerprint, facial expressions, etc is called biometric authentication. Biometric authentication technology utilizes 3D liveness detection to securely and efficiently perform user authentication checks with a selfie.
Biometric authentication proves to be beneficial to meet customer needs and provide them with customer-centric solutions not only for customers but also for businesses as well. This technology can be utilized to onboard legitimate customers in a matter of seconds. Biometric authentication plays a promising role to protect customers from instances of identity theft.
The process validates the identity of individuals using official documents. Identity verification documents include government-issued identity cards, driving licenses, and passports with a high rate of accuracy, efficiency, and effectiveness for fraud detection is called document verification. Digitized online document verification enhances the productivity rate and reduces manual labor.
Below is the list of attributes that are validated during the process of document verification:
- Personal user credentials such as name, DOB, hair color, blood group, religion, etc.
- Employment and business registration such as invoice details, employer ID, permit type, registration year, etc
- Identity document verification such as birth certification number, tax number, heath number, etc.
- Nationality and immigration status such as place of birth, residence country, citizenship sponsor, etc.
KYC AML Compliance
Greed among people is progressing, resulting in up-pacing cybercriminals. Fraudsters are thriving to find more sophisticated tactics of money laundering along with terrorist financing. Anti-money laundering checks and solutions must be incorporated in financial infrastructures for the detection and prevention of illicit money transfers as well as fraudulent activities. AML screening of potential customers is done against sanction lists to deter chargebacks and counterfeits. AML screening is done in a matter of seconds with a tremendous rate of accuracy, efficiency, as well as effectiveness. Similarly, KYC checks help in validating the identity of potential customers frictionlessly to detect cybercriminals.
The incorporation of two-factor authentication provides enhanced security protocols to the potential customer of organizations. Two-factor authentication helps to onboard real customers and keep cybercriminals away with upgraded security.
Two-factor authentication is performed by using the following steps:
- Potential user chose auto-generated code or personalized code for the authentication of each login attempt
- The potential user enters the authentication code as 2-factor authentication.
- The 2-factor authentication solution matches the entered code with the code that was sent to the user.
- Proof of verification is sent to the client through API which is accessible at the back office.
Utilization and incorporation of NFC verification are beneficial for enterprises because this verification process not only authenticates digital transactions and payments but also performs identity verification and login authentication checks and solutions. Only NFC-enabled documents are required while doing identity verification via NFC technology. Smartphones that possess the capabilities of NFC adequately read user information that is stored in biometric identity documents. NFC verification technology replaces manual data entry processes, making the entire business operations secure, reliable, and frictionless. More than 50% of online retail purchases are via mobile e-commerce. NFC verification solution utilizes the latest technology in smartphones.
Having said that, enterprises of all sizes deal with different types of people and different types of data each day, leading to the fact that it’s high time for businesses as well as financial infrastructures to acquire robust identity verification solutions and services to combat evolving chargebacks and fraudulent activities. Artificial intelligence, machine learning, and cognitive technology are circulating all across the globe. The incorporation of such innovative artificial intelligence algorithms helps to distinguish effortlessly between hackers and potential customers.
Online identity verification services and solutions are getting so versatile that they can verify the potential customers in a matter of seconds, from more than 3000 documents in more than 150 languages, and provide background screening against 1700+ watchlists. It’s high time for enterprises to not ignore the incorporation of AML screening, KYC service, document verification, age verification, biometric verification, face verification, NFC verification, consent verification, KYB services, KYB services, multi-factor authentication, and NFC verification, and OCR data extraction.
Hence, verification of identity is not mandatory for financial infrastructures, but also for education sectors, travel agencies, e-commerce platforms, healthcare sectors, P2P markets, telecommunication, e-gaming, and crowdfunding. With the advent of cutting-edge technology, customer demands are also increasing regarding privacy and security, hence businesses must incorporate identity verification solutions to provide enhanced customer experience and risk assessment.
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