In an ever-connected world, online sales are becoming increasingly important. Unfortunately, while some customers welcome online shopping with open arms, others attempt to take advantage of it for personal gain—whether through electronic theft of credit card fraud. The real problem lies in how easy it is for unscrupulous individuals to steal another person’s identity and use that information to purchase items online.
In today’s world, the most valuable data a company has is its customers’ personal information. Identity verification can help protect businesses from hackers who may access this data through other vulnerabilities in your system.
The truth is shopping online with confidence is easy when you know that you’re dealing with legitimate businesses that properly deliver your goods and services. This article expands on identity verification, the benefits of ID verifications, and how your business can protect itself from fraud and theft through Verification.
What is Identity Verification?
Identity verification is the process of ensuring a customer or person is who they say they are when applying for a loan, opening a bank account, or carrying out other financial transactions. It plays a significant role in Anti-money laundering (AML) and Know Your Customer (KYC) efforts at financial establishments which monitor and assess customers’ risk.
This process has become increasingly vital within the last decade due to the rise in online social interaction, commerce, and various forms of business transactions over networks.
To increase your online sales and protect your business from fraud, you must have a system in place that can guarantee that each customer who places an order with you is a real person. Remember: first comes trust, then comes revenue.
What are the benefits of ID document verification?
ID verification facilitates customers’ Identification documents to be authenticated in real-time, whether the customer/client is in-branch or remote. This technology speeds up onboarding processes, financing, and lending, helps reduce abandonment rates, and protects against fraudulent activities.
How Does an Identity Verification Process Work?
To ensure that customers are who they say, there are different methods for verifying their digital presence. All these forms work in unique ways; These methods include:
- ID Document Verification: verify that theidentity (e.g., government ID, driver’s license, passport) is legitimate.
- Biometric Verification: establish that the person on the portrait of the ID is the same as the person presenting the ID (use selfies)
- Liveness Detection: check out for spoofing attacks like photos of photos, or face masks to ensure the selfie is genuine.
- One-time Passcode (OTP) Verification: forward a single-use passcode through an SMS or email to a customer during a verification process.
- Database methods: This verification method uses data from government ID, social media, and other sources to verify the means of identification provided by an applicant.
Other Tips on Identity Verification
If you run an online business, how do you make sure your customers are real? How do you ensure your employees aren’t engaging in fraudulent activity? There are several ways, such as implementing a CAPTCHA or starting a two-step verification system.
You can also use facial recognition technology. If you’re trying to reduce fraud and protect your company, either of these identification software might benefit you. Be careful when setting up your options so you don’t alienate customers.
Frequently Asked Questions
What Characterizes Photo ID Verification?
When shopping online, customers usually provide some form of photo ID in addition to their email address. This method is one of many methods businesses use to ensure that sales are legit. Customers can verify their identity in various ways, including providing a driver’s license number or billing address—or they may even snap a selfie to confirm their identity.
However, you choose to confirm your customers’ identities online, you must have an established verification process—and stick with it! If you change verification processes frequently, customers might assume your site isn’t secure. It’s also important to ensure that all parties verifying someone else’s identity are protected from phishing scams and other criminal activity.
How Does Using Photo ID Verification Impact Businesses?
Photo ID verification not only provides a safe and secure environment for your business but also helps you increase your sales. Many businesses don’t realize that one of their biggest threats lies within—low employee productivity, theft, and even fraud often stems from within their own company.
The use of photo ID verification makes it easier for employees to prove who they are and reduces these potential issues. Plus, consumers feel safer when they see photo ID verification in place as well! It provides a win-win situation for both you and your customers.
Start with your Best Foot Forward: Verify users with the Most Efficient and Reliable Technology with AcuityTec
Our product offers the best option worldwide, being able to verify documents on more than 200 countries in Asia, Europe, Oceania, South and North America, Central America, Africa, and the Caribbean Islands.
What types of documents validate?
- ID Card
- Driving License
- Passport
- Other valid Photo ID (this depends on valid documentation on each country)
This technology can validate the following characteristics of a document:
- Check for accuracy of format
- Check for authenticity of MRZ
- Detected crumpled/ folded edges
- Check photoshop / tampering / forgery
- Verify hologram / rainbow print
- Detect blurriness / exposure
What information is able to validate?
- Name / Surname
- Date of birth
- Document issue and expiry date
- Document number
- MRZ or bar code
- Country of origin
Acuitytec delivers identity document verification software to help businesses reduce fraud and increase customer conversions while providing a seamless customer experience.
We provide various solutions to help businesses and governments protect their data and identities, enhance customers’ experience, deliver increased security, and meet KYC and AML regulatory compliance.
We’re proud to be part of this ever-changing world, helping businesses feel confident about their services when they connect with others in an increasingly connected world.
