The rising fraud and cybercrime rates in the world of virtual trading and online businesses have made it essential for all business entities to have a complete ID verification service installed within their systems. There are many ways in which these ID verification services can help businesses outperform in their avenues by ensuring secure operations. Some of those are outlined in this article, below.
Detect Scam Transactions
An ID verification solution can help detect scam transactions based on the identity of the person performing the transaction. If the identity of the user is true, their ID documents would be original, and their face would match the photo on their ID. Furthermore, their credit card details would be authentic too. If any of these are not true, then there’s a possibility that the transaction is fraudulent.
Comply with KYC and AML Regulations
The KYC and AML compliance regulations are outlined by the European Union, put in place for global companies to follow. A complete ID verification solution will be compliant to these regulations, demonstrating the standard industry level system and technology.
The frictionless customer onboarding process
With an ID verification solution in place, customer verification can be a quick and accurate process, reducing customer drop out rates, and making the checkout and sign up processes smooth and frictionless.
Artificial and Human Intelligence Experts
As technology advances, the inclusion of machine learning and computer vision has become an essential element of the ID verification solutions. In addition to the level of sophistication and accuracy the AI brings into the KYC process, Human Intelligence experts fill in the gaps (if any) that remain after the AI elements. This hybrid approach is the key requirement for an efficient Identity verification solution.
Ensure real-time data and image/video capture
An IDV provider that can capture images or videos of the ID documents in real-time can ensure authentic and quick transfer and verification of data, in a matter of a few seconds. In addition, the recording of this information can serve as a legally admissible proof when it comes to presenting information in the legal court, in case of chargeback fraud.
Place client satisfaction on priority
The ID verification service provider must keep the clients’ satisfaction on top priority. If client concerns are not taken into account, there is very little chance that the service provider wishes to grow as a company, and in terms of technology. This means they are not willing to expand their tech as the methods of frauds evolve.
Catch counterfeit or forged IDs
Detection of fake or doctored documents can help online businesses secure their operations. An ID verification solution that helps verify the authenticity of a document like an ID card, passport or driving liscence. Authenticity entails confirming that the document presented is original and valid, not a colored copy. A solution based on artificial intelligence can also check for security markers like MRZ codes, holograms, and text placement through text fields.
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