Identity verification is an important aspect for any enterprise, especially online businesses. All companies incorporate a range of policies and regulations at various steps to keep their KYC protocols in shape. Despite this, identity fraud is at an all time high, causing a $43 billion loss in 2020. This has led to a rise in the demand for identity verification service providers in an attempt to protect customers and reduce losses.
Online businesses tend to be more vulnerable in cases of identity fraud and data breaches. The primary reason being that all business operations and customer databases are strictly online. Therefore, most companies now invest a significant amount into the services provided by identity verification service providers.
Identity Verification Service in Online Businesses
An identity verification provider offers services that can achieve the following:
- Precise and quick verification
The devices or software have now become much more advanced and quick. Therefore, the technology can hasten the process of verifying identities down to even 500 milliseconds and increases the efficiency of the security checks.
- Extensive integration
This allows businesses to carry out verification from a variety of devices. This is a good feature for online businesses as verification can take place on mobile devices or web browsers with APIs.
Some verification providers make it possible to use the software on a variety of platforms. Therefore, customers can self verify their name and other information with a few clicks using any kind of phone. Be it an iOS or Android operating system, the software does not discriminate.
- Improve reputation
When it comes to providing security to customers, the reputation of the company is on the line. Therefore, the security measures like identity verification can greatly increase the trust that customers have in the online business.
- Ensures compliance
Failure to adhere to any regulations can result in the business having to pay large amounts of money as a fine. The incorporation of these services will ensure that one will not incur unnecessary losses.
- Decreases money laundering incidents
The use of KYC for online businesses can greatly reduce the chances of money laundering. This is because banks involved in online transactions tend to know their customers and serve them safely.
- Better customer experience
The user onboarding process is much quicker with these services. Therefore, a customer can quickly create an account and subsequently verify their identity using the software. In addition to this, the customer will appreciate the extra precautions.
- Customizable measures
With these services, a business can customize it as per needs. It is also scalable and would, therefore, be a perfect fit for the company at any given time.
- Reduce credit card fraud
These services are also used by banks to ensure that the individual making payments is indeed who they say they are. They do so using KYC protocols. Thus, it is possible to reduce credit card fraud.
At Accura Scan, we offer all these services to online businesses and offline ones as well. The protocols of KYC for online businesses can drastically increase customer trust while reducing the chances of fraud. Head on to Accura Scan to make your website a safer place. Get in touch with us at +91 81041 44604 for details.