Identity Verification: How Businesses can benefit From It
Today, businesses can benefit greatly from online commerce. With more and more customers using a smartphone, consumer behaviours change and identity checks get complicated. E-commerce makes it possible for businesses to generate more sales online than in brick-and-mortar stores.
But, as online businesses gain a foothold, they have to deal with security and privacy issues. The increase in internet activity is paired with the threat of online scams and fraud. This makes it necessary for businesses to invest in anti-fraud solutions and fraud prevention services. Identity theft and credit card fraud have escalated and resulted in businesses and government agencies need identity verification measures.
Online Identity Verification
Verifying user identity has been prudent. This need has been addressed when Apple launched its iPhone 5S which is embedded with a biometric fingerprint scanner in its home button. This has paved the way for other smartphone makers to integrate several levels of ID verification checks that include retinal scans and facial ID verification.
In the business world, this advancement is embraced by establishing identity verification measures that include identity background checks for customers. A lot of providers of online ID verification services offer multiple layers of verification checks performed within just seconds. Today, these checks are made simpler by integrating artificial intelligence and machine learning into the process. Being able to validate the identity of customers helps businesses reduce their losses that could result from online fraud.
ID Verification and Privacy
Some customers might be concerned about the entire process of identity checks as they think this invades their privacy. However, this is just an effective way for businesses to be sure their customers are who they say they are. Everyone may have gone through some sort of ID verification in their life. For instance, they present their proof of identification when opening a bank account, present their passport in airports for identification. But, these are manual verification methods.
Digital verification takes the process of identity checks to a new level. With almost all customers owning a smartphone, they just need to scan a certain identification document with their phone camera. The type of electronic verification that business can do varies depending on the technology they use. But, they carry out verifying checks with the consent of their users. Also, the verification technology is designed to protect the data of users. A lot of providers offer top-notch verification services through an AI-based authentication system.