Identity verification saves the business from an array of frauds related to identity theft. Organizations are facing challenges to ensure security due to the sheer range of dynamic frauds. Global identity Verification is an uphill task for businesses and the process is surely is obtuse. This makes it easy for cybercriminals to bypass all the security measures leading to many digital scams and frauds. Most of the Security threats are the results of unauthorized use of services.
Identity theft and data breaches cases are on the rise, security has become a topic of utmost interest for all businesses with access to sensitive consumer data and to ensure data privacy. ID verification is becoming an essential component of Know Your Customer (KYC) regulations. By having KYC technology in place, organisations can benefit from remaining compliant and have increased confidence from consumers and clients that they are taking steps to protect their personal information.
In a case of fighting fire with fire, the solution to the problem of ID theft lies in the very technology that facilitates it. Organizations are arming themselves with technology for the purpose of protecting themselves and their customers from viruses, malware, and even traditional mechanisms for ID theft. As identity thieves have grown more sophisticated, ID-verification technology has evolved helping to put stronger security measures in place to mitigate fraud.
Here are the top three trends taking ID-verification technology to new heights:
- Comprehensive Integration Of Technology
Fintech software development companies are becoming increasingly aware of the essential need for systems and tools to fully integrate with banks’ existing core technologies. Therefore, the latest ID-verification technologies have been created with the requirement of integrating with current processors. As a result, potential issues with compatibility are discovered during extensive testing and dealt with during the prototype phase of product development. This ensures that ID-verification technology works as it should immediately upon implementation, rather than after months of resolving bugs created due to incompatibility issues.
- Robust Biometrics
Biometrics are a hot topic in the world of ID Theft and are becoming increasingly powerful with every new iteration. Depending on the application, biometric technology allows users to verify their identities via geolocation, social media accounts, fingerprint, iris scan, and/or even facial recognition.
Often, the most difficult part of successfully launching consumer-facing ID theft tech is convincing users to adopt the tech if it requires a change in their usual behavior patterns. It is worth noting that – as with fingerprint ID functionality – consumers will likely first be made comfortable with facial recognition through repeated exposure and use of it on their smartphones. Only after the feature is vetted and becomes mainstream will organizations likely roll it out as part of their own ID-verification processes.
- Consumer Concern Drives Demand for Change
As both consumers and organizations become more security conscious, more effective identity-verification tools are being created to meet the market’s needs. The culmination of the aforementioned trends is evidence that while ID security threats may be on the rise now, new technology is on its heels. The widespread implementation of these trends will ultimately equate to more secure in-person and online interactions – which will result in positive benefits for businesses and consumers alike.
In an online marketplace, buyers rely on product reviews and feedbacks from customers to build trust. E-commerce sites use different algorithms to rank the sellers on the basis of maximum sales, positive feedback, and product reviews. In a competition of ranking among the top, sellers often go for shortcuts. Using the “brushing” method, sellers send free products to some known addresses, generate an invoice for proof and add fake positive reviews on behalf of customers. If on one hand brushing helps the business to rank among reputed sellers on the website then on another hand it is actually based on identity theft.
These profiles are created using original information of the customers without their knowledge which is actually a cybercrime in terms of identity theft. Businesses are able to onboard these accounts because of the absence of the proper verification system. Identity Verification services prohibit businesses from the creation of phony accounts and submitting bogus product reviews using those profiles. In order to sign up, the sellers would have to prove their identity through facial recognition and other digital ID verification solutions.