According to the market research report, the Identity verification market is expected to grow $12.8 billion by 2024 at the Compound Annual Growth Rate (CAGR) of 16.0% during the forecast period. The modern era of technology has bought so many fraudulent activities to light. The digitizing of the world has urged the business to take stringent measures for cybersecurity. Businesses these days commute digitally as no one has time for face-to-face communications. The same goes for manual identity verification which is a long and laborious procedure. Due to the digital identity verification procedure, manual ID checks have been forgetting ten long ago. The presence of users on the internet has significantly raised the number of digital frauds, causing millions of losses for individuals and businesses every year.
ID Verification-To Combat Cybercrimes
The businesses are always on the target of fraudsters and cybercriminals. Customer verification is essential to protect the business from cybercriminals and intruders. To achieve this goal, bombarding individuals with intrusive questions is not the solution. For a secure growth of the business, security and customer experience always go side by side. Now the main question arises that how to achieve both simultaneously so that none of them is affected.
The answer is the use of AI-based ID verification solutions. These solutions identify and verify the ID of real-world users through the use of biometric facial verification, document verification, and address verification working on the phenomenon of machine learning, and other advanced technology. Integrating these services in your system not only eliminates the time-consuming onboarding process but it also helps the business in meeting regulatory and compliance standards.
ID Verification: A Parameter to Combat Fraud
Knowing your customers is essential for businesses and organizations from every aspect, regardless of the size of business. The advent of technology has raised some serious digital security concerns for online businesses. Digital fraudulent activities, data breaches, and ID theft have been on the rise and it is much easy to abuse the system than before. Such activities are translating a significant revenue loss for the businesses that fall victim to these criminal activities.
Taking into account these problems, every business wants to protect itself from fraudsters, saving them time and cost for fulfilling the orders of customers who don’t exist, henceforth preventing them from accessing the business and carrying their illicit activities. The use of digital verification services is a safer and cheaper solution in the long run with real-time verification results. The ID verification and authentication solutions are quite vigilant solutions for the businesses since they make it easy for the organizations to achieve a secure customer base while enhancing the customer experience as well.
The online industries are readily looking forward to the implementation of the verification services to curb fraud and improve the convenience of the customers. The KYC and AML regulations are strictly imposed on the financial institutes and other industries as well. With the digitization of the industries and more private individuals entering the online marketplace have elevated organized cybercriminal activities by leaving the sector open to abuse. Due to this reason, the online industries whether e-commerce, banks, financial institutes or investment businesses, all of them need to protect their services and products from being viewed or accessed by suspicious or unauthorized individuals.
Moreover, with the increasing trend of ID theft, credit card fraud, false chargebacks claim, the organizations not just need verification at the time of onboarding, instead, the authentication of the customer every single time is as important. With biometric verification through facial recognition combined with consent verification, the digital operations of businesses will be secured and only authorized users will be allowed access. This type of user authentication can identify and prohibit intruders in real-time, securing the user accounts and their information.