Implementing the latest technology transforms the business model, generating significant revenues and new opportunities. Digital tools are used in every business department, from production to customer management. This increasing marketplace has also gained the attention of the scammers. They hack the user’s bank account algorithms and steal their data. Internet-based scams are growing daily; almost 40% of US citizens are concerned about cyber crimes. This is the fastest-growing security threat to the US states. Electronic identity verification enables organizations to work in a rapidly changing market to satisfy their customers, and their productivity is enlarged through it.
What is an e-ID Check?
Electronic identity verification is the digital form of Know Your Customer (KYC), and businesses can get complete information about their client by performing digital verification. This process is very smooth as it is reliable and authentic; it saves the companies and customers time. Firms are spending their revenue on electronic identification verification to safeguard the interests of the company and the clients.
Working of Electronic Identity Verification
- Identity Card Documents Verification
Clients are asked to upload scanned copies of their documents, and the data on the documents is extracted. The latest optical character recognition tools extract the information, creating templates. These templates are matched against the previously stored data.
- Liveness Detection
Advanced e-IDV service providers perform liveness detection; this is done to ensure that the user is present. And is the same person that claims to be; any suspicious activity is immediately recorded. These scanners are very advanced. They can even check if any 3D masks and deep faces are involved. Multi-step verification prevents the user from being scammed; sometimes, scammers present a photo of the client to bypass the scanners. Multi-step verification is done to deal with such scams. These authentications involve face verification, and they sometimes demand a video of the client speaking his passwords. Hackers can’t decode such substantial assurances.
- Record Cross Checks
The uploaded data is adequately checked and matched against the database.
Suppose the information is matched and the user is authentic. In that case, the client will be given access to the bank account; otherwise, the request will be denied, and no further verification will proceed.
Benefits of E-idv Process
e-IDV solutions provide services in every industry due to their remarkable benefits; every sector gets its services, from financial to healthcare. Here, we discuss some prominent benefits of electronic identity verification.
- Identity Verification
These solutions verify the individual’s identity, allowing only an authentic person to bypass the account. Companies can allow only verified persons to cross their territory; this enhances the security of the offices. This solution can also be used as an alarm system in the houses; they will ring the bell if any unverified person tries to cross the gate. The Warehouse of the factories contains the necessary material, and security in this area is vital. Companies can install these verifiers to allow only authentic employees to enter. Activities of the employees can be continuously monitored through it.
- Saves Cost
It prevents companies from heavy penalties for not following the latest anti-money laundering regulations. Businesses can save their cost of unwanted miscellaneous expenses; less labor force will be required, which will also keep the amount.
- Mitigate Cyber Crimes
Cybercrimes are mostly done with false identities or by the disclosure of credentials. Electronic identity verification does not allow unauthentic identity to bypass the account. Multi-step verification has solved the issue of password exposure; the user must pass through more than one step to get verified.
- Automated KYC Process
Traditional ways of authentication were time-consuming and lengthy. They could have been more authentic and reliable because the labor force was involved in it. Humans can commit a mistake and get tired; therefore, those verifications consist of faults.
- Reduce Risk Rate
Continuous monitoring reduces the possibility of scams of the clients as clients are scored against their risk rate, and then the relationship is built with them according to it. Continuous tracking helps the company to understand its clients thoroughly.
Electronic identity verification promises streamlined customer onboarding, authentication and continuous monitoring. These solutions provide services in every industry, especially in financial sectors; companies implementing them enhance their revenue. Businesses can shield themselves against future loss by continuously monitoring and determining their risk rate. Cyber crimes can be reduced when only authentic persons can enter or leave a particular location. These solutions are so advanced that they even sense customers’ feelings by scanning their faces; clients’ preferences are noted through these verifications.