The online marketplace has transformed our daily life and enabled us to use their platforms to buy and avail their products or services. This makes the risk of identity threat far greater than physical hazards on the internet and different online networks. Identity Verification is legit for all such threats who want to make their information remain safe and secure.
Identity Verification is used to validate an individual’s unique identity. This helps in ensuring that the client is a verified one and there is no scam behind him. Identity authentication is performed by digital KYC (know your customer) by using identity documents, biographic & biometric information which provide software & programs like data zoo solutions which also identify some personal information.
Checking the ID proof of the customer at the time of registration can help to reduce the workload of digital platforms. A combination of AI and human intelligence can make the entire ID verification system hassle-free for people who use the online marketplace frequently.
Some Requirements for Identity Verification
- Full Name
- Residential Address
- ID card / Passport number
- Date / Place of Birth
- Phone Number
Type of Identity Verification
In-person Identity Verification; carried by physical evidence. This validates personal information.
Challenges for In-person Identity Verification
- Cost of in-person ID verification is too high
- Inconvenient for such minimal task in these modern days
- The employees need to be well trained
- Human verifying operators are not able to work accurately as the technical software can do
- Remote Identity Verification; known as online Identity Verification. Don’t need the physical presence of the person. Some need virtual session and some ask for verified documents for authentication.
Challenges for Remote Identity Verification
- Hard to track data collected by dark web
- Kind of impossible to track data breaches
- Threats from big tech engineers
- The centralized data source is the biggest privacy breaching threat
Since we have discussed in detail the Identity Verification, here are 5 reasons why Identity Verification has become necessary and once should take authentication on serious nodes in the future:
- ID Verification Doesn’t Need Humans to Work
See we all are humans and all of us make mistakes; ideally speaking this mistaken trait is what makes us human beings. But there is a massive difference between missing some important meeting or setting off a data breach. Data Breaches have exposed above 7.9 billion records in 2019 and it’s not a small figure. Where humans make mistakes, the technology comes up with the divine solution. It keeps the ID safe from the meddling eyes.
As compared to manual checks performed by the ID verification expert, he worked on wages whereas online verification doesn’t need time and money every time. Privacy by design means your data, personal information and online identity is much safer now.
- Getting a Bank Account is Easier
If you need to open a business or personal bank account, the bank customer care department can put a real-time spanner, and it takes 24 days to complete. Some banks don’t share personal information internally; results in the repetition of the same documents or information requested which is annoying sometimes. However, banks are performing ID verification in just a blink of an eye, guaranteed AML, sanctions and Media checks. This is far greater convenience for bank customers and employees. And believe me, such solutions are saving the Banking sector to $500 million every year.
3.Mobile Transactions Safer
Everything is available online from the last few decades and this makes our lives hassle-free. Customers are using their smartphones and tablets to make online purchases of their required items. This is the most important part than ever to provide security solutions to protect users online so they move on. Their accounts must be verified and their personal information and most of all their Debit/Credit card details must be protected flawlessly. Once it breaches the security, not even a single customer will be able to get back their money and trust both.
ID verification can eliminate unnecessary typing for users whereas identifying every single user for safe and secure mobile transactions.
4.Issuing Secure Access
Some recent survey conducted shown that the majority of the internet users have shifted their responsibility of securing their online identity to some legit companies. These companies are providing services in securing people’s data and take their responsibility for themselves. Users are now well aware of the fact that despite using all tactics of securing their identity online. They should better consult some professionals to make sure they are safe in the internet world. Social media platforms, banking sector, e-commerce stores are more prone to data breaches as they have billions of users registered on their platforms.
So this is far better for businesses to adopt a vigilant approach in making themselves safe and secure their business as well.
5.Risk-Free Payment Gateways
We have witnessed that banks, credit card companies, and every single giant business have become victims of data breaches on large scales. This makes most companies to depend on the 3rd party payment gateways. Using a third party Identity verification can make the entire payment cautiously. This is the most business supporting process rather than the disruptive process.
Identity verification is the only way that can make your life easier and identities safe. This has now become the most crucial part of securing the online digital world. Every single passing, we are getting some latest and exciting developments in the Identity verification technology. Biometric sensors, OCR technology, and some high-resolution cams in the smartphones are helping in digital authentication. So far, Identity verification is the perfect tool through which one can achieve the optimal level of security if you spend time on the internet.