Identity Verification Services Online – Tackling Frauds in the Modern Age

Regardless of geographic location, millions of electronic objects circulate, connect, and make people communicate with one another in this digital environment. Smartphones are utilized in a variety of applications, including online purchases, gaming, financing, and investing, as well as teaching and learning and digitization. The number of smartphone users is increasing. The reason for this is that as the internet becomes more widely available, the globe and its economy are rapidly changing. At the same time, online customers’ expectations are shifting, and the demand for a consistent user experience as well as services is growing. For online businesses, striking a balance between security and client experience is a difficult task. But Shufti Pro has a solution for all and that is digital identity verification

Crimes on the Rise

Cybercrimes against the financial sector, particularly electronic transfers and payment systems, are common. Bad actors who are unwittingly helped by such forums are detrimental. They take advantage of the system and engage in nefarious actions. These crimes range from identity fraud and account takeovers to more serious crimes like money laundering as well as terrorist financing. Companies must implement severe safeguards, such as site security, to ensure that the client experience is not jeopardized.

From Manual to Online Identity Verification Solutions

Banks or other financial companies used to physically authenticate onboarding individuals using documents and fingerprints. Traditional verification methods are time-consuming and inefficient, and they necessitate the use of more human resources. On the other hand, customers have to wait in long lines. However, protecting businesses from criminal actors on online platforms is a significant task. Be it a bank or an internet business, digital issues require technological services, which are now readily present in the form of electronic IDV services.

With the rise of digitization, it’s become necessary to use AI and machine learning technology to streamline identity verification. The real-time identification authentication of every onboarding identity is ensured by integrating technology-based APIs with online platforms. Identity verification is done at the moment of account creation and sign-in in order to ensure that no illegal or questionable identities enter the genuine system.

Shufti Pro Identity Verification – A Perfect Solution

Most of the challenges that afflict the industry can be considerably reduced with identity verification systems based on artificial intelligence models. Because the sustainability of this sector is dependent on trust and safety, implementing an identity verification service has become critical. The following are some of the most significant advantages of using Shufti Pro services such as identity verification in the industries.

  1. Fraud Detection

Firms may protect sensitive client data and remove the danger of fraud by implementing a biometric identification system of Shufti Pro. Customers can be recognized not only by their ID documents but by a selfie taken during the induction program. Identity hackers can quickly be ruled out because biometric data is almost impossible to duplicate.

  1. Enhanced Security, Trust, and Confidence

Businesses can better their security systems by using identity verification techniques. IDV systems can detect phony documents and unauthorized individuals in seconds, putting an end to the never-ending menace of identity theft including cybercrime. As a result, it contributes to the establishment of a fair connection between the identity verification provider and consumers, based on trust and confidence.

  1. Swift Client Onboarding

Clients are an organization’s most significant asset. Finding trustworthy ones, on the other hand, isn’t always simple. Businesses potentially lose clients if they don’t have a quick verification process in place when they first register an account. An IDV solutions provider helps firms identify clients in seconds using innovative identity verification systems, improving the effectiveness and speed of the overall process.

  1. KYC and AML Compliance

Worldwide regulatory agencies need businesses to adhere to Know Your Customer (KYC) as well as Anti-Money Laundering (AML) requirements. Identity verification could be used effectively during the formalities to verify the identity of customers. Clients’ ID data are immediately validated for AML compliance with Shufti Pro solutions. They screened them against criminal watch lists, Politically Exposed Persons (PEP) lists, global sanctions, and negative media coverage.

Final Thoughts

Unauthorized access is the reason for a number of online scams. By recognizing each identity who accesses the business services, a biometric identification solution helps in cutting down these roots. Validating identity appears to be a lengthy procedure, but what if it only takes 30 seconds?

Shahid Hanif, the founder, and Victor Fredung, the CEO of Shufti Pro, have introduced a digital biometric identification solution that recognizes individuals instantaneously without interfering with the user’s experience. It assists in the verification of information. Identity is validated using document verification, which uses OCR technology to capture information from documents. An authentication process, which uses facial recognition to verify identity in seconds, is used by firms. These technologies are being integrated by both large and small businesses to protect their systems from unauthorized access.