An identity verification service is a service developed by different companies to help comply with the Anti-Money Laundering(AML) and Know Your Customer (KYC) rules. It is the most vital system for the transaction ecosystems f e-commerce companies and many financial institutions, online gaming, and even online business. Different companies and business empires use this service to make sure that the users or the customers provide information that is truly associated with the person’s real-world identity. It can be verified by the authenticity of the physical identification documents. These may include a passport, driver’s license, birth certificate, and a few others.
Real-Time identity verification services
Some advantages are offered when we talk about the verification of identity. By this, you can know your customer, which eliminates the risks of online frauds and cyber crimes related to finance.
There are a few services provided by identity verification:
- Facial recognition is used by ID verification services to check the user’s presence and check video-based authentication.
- Document verification is used to check if the IDs are photoshopped or forged. Multiple document support and comparison of selfies are also helpful to see if the IDs are real or fake.
- The address verification services help in checking and verifying the utility bills and bank statements. It can also be used to determine the authenticity of the template and format.
Identity verification service for mobile operators
- A great number of threats are received from identity fraud to some mobile operators. It can be obtained either during the customer’s enrollment or any kind of processing of the SIM swaps. A number of fraudulent online transactions are also seen these days. Many financial losses have been experienced by people these days, and they are receiving great threats because of this serious issue.
- Thales Identity verification is a part f the trusted digital identity platform. It is an important solution that provides the customers with a carefree onboarding experience. It also minimizes the risk of identity fraud.
The fully automatic identity verification services include:
- Identity document verification
- Automatic filling of forms
- ID verification report
- Rest assessments for ID verification
- Authentication of the customers
Benefits for the operators
There are several benefits that can give to the operators because of ID verification services. More:
The most important point of ID verification service is that it minimizes the risk of identity fraud.
- It makes sure the increasing security regulations with the compliant.
- It also serves as an important factor for securing and protecting the reputation of your brand.
- It makes sure that the enrollment process is done smoothly and facilitates it.
- Moreover, it improves the customer experience.
Why has ID verification become a necessity?
- In the present world, every industry, whether related to business, government sector, private sector, education, or even industries, has shifted to the digital mode. Banking, travel companies are also using the digital method of communication with their customers, and it has also provided an important digital infrastructure for people these days. A few companies still rely on physical identity checks to determine whether their identity matches the one provided online by the customer.
- Digital identification is also known as “natural progression”. It can speed up to eliminate all the dangerous obstacles. But it does not mean it is way much easier without any difficulty. This also comes in with many risks and challenges. With so much data leaked, it is very easy for the fraudsters to mimic any other individual and take out a stolen credit card or take over a business account. So these things should be kept in mind while working.
- Using digital identity verification services, a person’s natural and true identity is the key that can be used to manage risks. And the most important key factor in eliminating the chances of fraud is considering all the important companies when identifying data online.