ID Verification is the perfect solution not only for businesses to eradicate the menace of users with fake information but also for common digital users for identity theft protection. It has been a proven method that can help build a substantial defense shield against account takeover, digital scams, and online identity theft. There are many ideal ID Verification software that can help achieve the goal of an online marketplace free of digital fraud. But today we are not going to discuss which ID Verification can help you best support your business operations and can safeguard you from the fraudulent takeover of user accounts. We are going to chart our 4 reasons why a business must integrate an ID Verification software with their digital platform
KYC Verification is just an added advantage of an Identity verification solution but KYC is required to be performed by various businesses according to the regulatory guidelines of that particular industry. Collecting information is already a feature of many ID Verification software and verifying them just makes it a step further to use the regulatory compliance in your own interest to differentiate between fake users and genuine users.
Several ID Verification systems such as Shufti Pro also offer AML Screening solution along with their KYC authentication services. This is an added bonus for banks and financial services companies that they can not only collect personal information of their customers but can also check the financial risk attached to their potential customers as dictated by financial regulators.
Most business executives refrain from integrating an ID Verification software with their digital resources because they consider it an added burden on the customer onboarding process. This impression is caused by several KYC service provider that take days, if not weeks, to process KYC checks on behalf of their customers. But there is some automated KYC software available now that are perfect for swift verification of customer credentials.
Account Take over on Rise
Recent figures for Identity theft and digital fraud has revealed an astonishing fact. More and more genuine accounts are being taken over by simply stealing login details of existing users. This is not only catastrophic for user experience but comes across a genuine disruptive force for revenue generation as well. An ID Verification software can ensure that not only the real person is going to access a user account or a person with only the login details is trying to access the account.
Your Customers Need it
Customers are shifting responsibility for their identity’s protection on their online service providers rather than their own self. This shift in responsibility is greatly owed to the large scale data breaches sustained by gigantic internet companies in recent years. Online customers believe that their identity is no longer secure just because of the data loss that happens frequently due to lax data security protocols put in place by these internet companies. An ID Verification system with proper safety protocols will surely help to solve this problem.