Multiple fraudsters are provoking problematic situations by impersonating an identity, forging the documents, and illegal account takeovers. Not only does it impacts the company’s overall reputation negatively but also provides huge financial losses. In this competitive world, corporations cannot afford to lose customers as they are the real assets of a company. Identity verification services are crucial to deterring such frauds. The number of identity thefts is upsurging with each passing year. This alarming situation has made it mandatory for companies to look out for robust solutions to put a stop to these increasing numbers.
How is Identity Verification Determines a Real Client?
The cumulative number of online shoppers is increasing daily which has raised concerns for various sectors. Businesses are finding solutions to uplift their band in this competitive world. They need to incorporate the process of digital onboarding to save time for the users. Moreover, customers will remain inclined to the company for a longer period. ID verification is essential to protect companies from facing any harmful consequences.
The identity authentication procedure used by multiple companies is described below:
- A customer has to upload their selfie through a webcam or smartphone camera for facial recognition.
- The user has to submit government-issued documents for identity theft protection.
- The OCR technology extracts necessary details to cross-match information.
- To detect any case of identity theft, necessary document checks are determined before onboarding a user,
- The software presents the verification results in front of the end user. These results are further saved in the client’s back office by making an API call.
- If no suspicious factors are detected then the client is permitted to continue their onboarding procedure. The occurrence of any error will automatically discard the individual from accessing the firm.
Five Ways Through Which Identity Verification Can Help Businesses
Online identity verification services have gained immense popularity in recent times. It has provided multiple benefits to various organizations. Several firms are investing in them such as Shufti Pro Funding as they possess intriguing features. Some of the common ways through which identity verification services are proving to be helpful are mentioned below:
Eliminating Frualdalent Activities
Online businesses are easily becoming a target of synthetic identity fraud in recent times. Credit card fraud and identity theft have triggered companies to find stringent solutions for combating these prevalent crimes. An identity verification service can help in deterring the problems of chargebacks and illegal account takeovers more comprehensively. It checks for any potential risks associated with a client remotely.
Protecting the Brand’s Reputation
Customers facing unnecessary troubles can create a negative influence on them. A weak cybersecurity system can lead to facing multiple cases of data breaches which can be dangerous for online businesses. Imposters can manipulate firms into illegally onboarding them, which puts the brand at risk of identity theft. Companies can protect their reputation by filling in the loopholes and embedding an ID verification system.
Saving Customers From Increased Prices
Firms facing financial disruptions find different ways to cover those costs by inflating the prices for consumers. They can face hefty fines if they are onboard clients who are not in compliance with KYC/AML measures. With a sound identity verification service in place, businesses can save consumers from forcing them towards increased prices uncalled for.
Improving the Purchasing Process
A biometrics identity verification system can surely play an integral part in enhancing the purchasing process for consumers. Quickly accessing the site through facial recognition can save time for the users and persuade them to invest in the company more often. Less complicated checkout procedures with no additional information asked from the users can help in uplifting their online shopping experience.
Customized Offers For Consumers
Identity authentication can enable companies to gain in-depth knowledge about the client. In accordance with Shufti Pro News, providing personalized offers to customers can make them stay satisfied for a longer time. Moreover, depending on the customer preferences accurate marketing strategies can be implied. This will enable the firm to render more profitable revenues.
Wrapping it Up
Identity verification services have progressed in recent times as digital services are rising worldwide. Multiple organizations have enforced them to prevent identity theft and synthetic identity fraud. Customers feel safer and intrigued by a company that provides them with a secure digital onboarding process. Advancements in identity verification solution are helping to deter its flaw and improves its working procedure. Therefore, they have become the most suitable option for businesses to combat fraudulent activities.
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