Digital scams and identity fraud are skyrocketing. Online businesses dealing with customer information are required to practice cybersecurity protocols. The sky-touching number of information fraud and digital scams impact a large number of customers. Digital identity verification of shareholders has set an important need for companies of all sizes.
While the pandemic has changed significant business operations while rolling out work from home trends, developing trust between consumers and firms is now imperative. Regardless of the consumer enrollment or the company partnership, identity verification is important for almost every business activity.
Future of Identity Verification
“Verification” has been used for ages now, which reflects the measures or proofs about the existence and correctness of anything. Identity verification commonly shows a method for authenticating an individual’s identity by validating the PII against a real person showing that identity.
Considering the speed at which businesses are transforming their operations in digital space, identity verification is the requirement of the moment to save companies and offer customers a frictionless experience. From manual identity verification services to digital consumer validation, ID verification has progressed already. Looking into the bigger picture, there is no doubt in the fact that it will have a bright future in the business field.
Identity Verification – Offering more than customer Identification
Gone are the days when identity verification used to be just about “show your identity card to enter the place” or “ display your driving license to confirm your age”. The AI-backed ID authentication not only verifies the customers but the evolution in technology is enhancing the trends in the sector. Identity verification is an important feature to undergo simple identification measures to complicated corporate and online biometrics identity verification system.
KYC through digital ID verification
The idea of know your customer (KYC) has acquired a lot of attention in the past recent years. Taking about the dramatic increase in online and monetary fraud, compliance professionals have made it necessary for every business, managing money, to adhere to the KYC laws. Identity verification and CDD (customer due diligence) are the least regulatory obligations for reporting high profiles.
Identity verification is an important part of the know your customer verification measure that assists companies in digitally onboarding new consumers and validating the existing ones. One of the best approaches to completing these regulatory needs is to select multi-factor authentication (MFA) by deploying a combination of multiple identity verification for consumer authentication. This multi-layered verification measure offers a robust, easy, and seamless consumer experience with minimum to zero error probability.
Protect Yourself From Shell Companies By Using KYB
In this digital age, verifying individuals’ identity is not enough. Rather businesses are supposed to identify their corporate partners as well so that they can save themselves from becoming a victim of fraudsters act.
Know your business is the same process as know your customer which includes verifying the true identity of the company. KYB checks identify the business by fetching and authenticating the information.
A company providing robust KYB checks in real-time, shufti pro assist businesses in identifying their corporate partner. Acclaiming its services, updata partners has funded the company. Shufti Pro news confirmed the Shufti pro funding and stated that investment will be used to accelerate the growth and global expansion of the company.
Age verification – Minor Protection Checks
With the technological advancements and digital trends, children now conveniently access the internet. With the affordability of mobile phones and the availability of the internet, it has become easy for children to see all types of the content present on the internet. These easily accessible services of the internet have pushed minors into a situation in which not only the children but parents and businesses have to face the consequences. Identity verification assists companies to follow the regulations through online age-verification protocols.
Contrary to the conventional age checks, AI-powered age verification solution includes document and facial verification services. It effectively verifies the age of the customers before allowing them to acquire age-restricted services. Due to the advanced technology, age verification processes provide instant and authentic results to make sure that genuine customers do not have to face problems while buying age-limited products.
Conclusion
Identity verification is important for businesses that are operating in the digital age. Verification checks make sure that companies provide their customers with the best possible solutions and at the same time comply with regulations while avoiding synthetic identity fraud. Identity verification not only authenticates the consumers but also verifies the businesses through know your business checks. Age verification measures identify the age of minors to help businesses selling age-restricted products comply with regulations.
