Digital businesses are providing various options to customers which is why they are less likely to stay loyal to one company. The factors that drive them away majorly include less security, privacy, and increased chances of data breaches. If businesses lack authentic Identity verification checks, they will provide room for criminals to commit these types of crimes. Not just this, industries will have to pay hefty penalties in case of failure with identity authentication compliance.
Therefore, businesses should incorporate authentic identity verification services that automate the process. AI-powered identity verification solutions not only help businesses retain their worth but also onboard legit customers. Secured operations and privacy shields are the keys to improving the customer’s on-site experience. This way, industries can ensure authenticity, automate the verification process, and uplift their reputation. The blog sheds light on the stages of digital identity verification along with the benefits it offers.
Identity Verification Services – Stages That Customers Go Through
Identity theft, data breaches, and illegitimate access to services are becoming commonplace these days. Criminals are using advanced methods that are hard for verification processes to detect. For instance, face masks, forged documents, fake identities, and deepfakes. Therefore, identity authentication at the time of registration is not enough.
Businesses need more than just regular verification, they need robust solutions to keep continuous track of customers. Along with this, industries should ensure that they are covering every stage of identity proofing accurately. Read on to know more about the stages involved in the ID verification process.
Identity Verification of Customers’ Identities
Customers’ identity validation is a crucial step. This refers to the development of an initial understanding of customers. This step is also known as Know Your Customers. So much so, that it is a legal obligation that authorities enact. As per the requirements, every business should verify the claim of customers that they exist in the real world. For this, the system asks for various documents to carry out KYC and AML screening. For instance, govt-issued ID cards, passports, green cards, and licenses.
AI-powered ID verification solutions do not just verify documents and information but for improved security, and also detect liveness. Furthermore, Shufti Pro Funding indicates that the biometric identity verification system provides an additional layer of security. This is so by verifying the biological and behavioral traits of customers.
Smooth and Legitimate Onboarding of Customers
After authentication verification, the second most important stage is to ensure legit customers are onboarding the platform. Criminals often use fake credentials and documents to bypass security checks. However, verification at different stages will identify them somehow. AI-backed verification services offer technologies like OCR and biometrics that seamlessly verify customers.
Identity Authentication of the Customers
Lastly comes the identity authentication of customers. This is also equally crucial for the businesses’ verification process. Authentication covers the authorization of customers to access their accounts, on-site services, and purchases. After industries onboard customers, they should line out the type of authorization they will provide. This is because criminals of today are sophisticated enough and breach passwords with ease. Furthermore, two-factor authentication is also enough. Therefore, what businesses should do is incorporate digital identity authentication solutions that will grant access through biometric screening.
Benefits of AI-driven Identity Verification Solutions
The modern world has less space for outdated and traditional methods. The businesses still using them are more likely to expose their operations to criminal threats. Therefore, they need to incorporate advanced AI-powered synthetic identity fraud prevention solutions. Otherwise, industries will have to pay hefty fines and face financial loss, customer drop-off, and reputation damages. However, with encrypted solutions, businesses can reap the following benefits.
Prevent Fraud, Detect Suspiciousness, and Counter Criminals Threats
Companies that lack authentic and accurate identity verification checks open themselves up to criminal threats. According to Shufti Pro News, it becomes easier for fraudsters to exploit illegitimate benefits and put a question mark on the company’s operations. Therefore, businesses need robust verification solutions to ensure they are registering risk-possessed customers. Otherwise, it will lead to failure in KYC non-compliance and penalties.
Uplift the Company’s Reputation and Improve Reliability
Customers are no more highly loyal, if they see threats, they are likely to change their preference and move to any other firm. This will bring reputational damages to the company. Therefore, to ensure an uplift in the company’s reliability and trust level, businesses need to employ accurate identity checks and counter criminal threats.
Ensure Enhanced Customer Experience While Overcoming Drop-off
Last but not least is enhancing the customer’s experience. Other situations adding to the dropoff are the complex verification process and repeated asking for information. This is why businesses need to automate the process and provide a user-friendly experience to the customers. For this, they can rely on digital identity verification service.
The criminals are using advanced tools to dodge identity authentication checks. On the contrary, digital ID verification solutions are bringing accuracy and authenticity to the table. Therefore, robust digital identity verification services will not let the criminals pass, onboard, and rep illegitimate benefits.