In a world that is becoming increasingly digital, it is important to create provisions for security and verification. Multiple authentication processes and online identity verification ensure that people can trust brands and use their websites without facing the risk of fraud.
Even transactions are happening online, and banks have gone digital. Therefore, it is important to stress the ability to conduct online identity verification and ensure the profiles that approach the website are genuine and safe. Online identity verification is used in different sectors and has its benefits.
What Makes Online Verification the Next Big Thing?
If you want to know about the scope of online identity verification and its effects, then try to visualise the massive number of identity thefts and money thefts that have happened online in recent years. Online ID verification service is needed to stop the hundred-billion-dollar fraud that has happened around online identity theft.
Digital platforms have become complex, and online identity verification processes must be strengthened to guard them from cybersecurity threats. The online identity verification market has welcomed some high-level investors and is expected to grow by 16 percent or more in the coming years. Therefore, if you are creating a digital platform or want to invest in an online identity verification service, now is the best time to do so.
Why Is Online Identity Verification Important?
There are multiple reasons why identity verification on online platforms is important. In the rapidly evolving digital landscape, the online identity verification process is the primary mechanism of defense. It is very easy for people to take up new identities and virtual profiles online. Therefore, companies need to employ online identity verification processes to check their backgrounds and ensure that the people behind them are genuine and not fraudsters.
At first, online identity verification services were used by the banking and finance industry, but nowadays, these processes are used by all industries to ensure that the people approaching them are genuine and not fraudulent.
Online identity verification processes are also important for customers because, with verified identities, they trust companies more. Verification and verified status builds trust and credibility in the online business environment. Companies that have verified status on different platforms like social media are trusted by consumers. E-commerce companies and other service companies that depend on online transactions and delivery systems use full-fledged and strong online verification systems.
During the account creation process, the company has to offer customers multiple steps, which could be biometric authentication, voice authentication, face verification, etc. The online verification process is used for digital payments, profile creation, and action authentication.
How Do We Reduce Fraudulent Behaviour with Online Identity Verification?
There are many steps that organisations can take to confirm people’s online identity on digital platforms. You can use many steps when establishing online identity verification protocols for your digital platforms. These are the provisions you can use to confirm a user’s digital identity.
Government-issued ID
A government-issued ID is a good way of ensuring that the person registering on your platform is genuine and has no shady background. The government-issued ID is proof of authenticity and recognition from the government as a citizen of the country in which you operate. The information the government attests is reliable and can be used to verify the identity of a person or a vendor trying to connect with your brand.
AI and machine learning
AI and machine learning algorithms can be used to create very accurate online identity verification algorithms that can flag any kind of suspicious activity from virtual profiles. The AI and ML algorithms are placed to concoct information about people from different sources so that their identities can be thoroughly checked and verified. AI and ML codes are very fast and precise in flagging any kind of fraud information from the past and present of the ID. Even if a profile has layers of artificial information on it, the AI codes can decode them and find the real information.
Verification experts
The right way is to strike a balance between machine learning and human expertise. Your company should include multiple layers of authentication to track the real identity of the person. Along with the AI algorithms, you also need to have a verification expert team in place that can check the different profiles that come up and revert back with authentic information. Human intelligence can make real-life connections and is required to make sense of all the information that is gathered from different sources. A human team for identity verification can help you uncover secrets related to people that are not flagged by machine codes.
Document verification.
Document verification is also a process that needs to be used for different processes and online identity verification. Documents like driver’s licenses, passports, and certificates give you a lot of information about the background of the person operating the profile. These documents can strengthen and authenticate a profile.
Conclusion
Online identity verification is nowadays expedited with the help of solutions that leading companies are developing. For example, Accura Scan is a company that has created a streamlined algorithm for the identity verification process. This algorithm is useful for companies and easy for people to follow during registration.