Roaming around the globe all you find in common is connectivity. The only integrity one can imagine, whether a claim of having accounts on the same social media websites or following the same persons. Connectivity is the key by which they find any possible similarity to interact. If we level up the stance of connectivity from person-to-person connectivity to B2B (business to business) connectivity, boundaries and borders are not a limit anymore for the movement of products, ideas, and persons.
The online businesses are growing with the passage of time, it transforms into theEco-System of E-Commerce, a whole new digital arena in which millions of customers find everything and anything that they might find attractive.
ID theft is becoming the most threatening fear nowadays, not only for online users but for businesses that are serving these customers as well. Many companies have developed ID verification services with AML (Anti- Money Laundering) and KYC (know your customer) compliance to work with frictionless accuracy, deter fraud and provide a trusted digital environment.
Sectors affected by ID Theft:
Small banks with small but continuous make them easy streamline channel for the money launders to transfer their black money through them. Small scale data branches and under-developed systems of ID Verification was not able to provide a filter in this easy trafficking of black money.
Social networking sites, internet forums, dating websites having age restricting content, if they would not have any filters in ID verification and there is no guarantee of seamless IDs. in traditional authentication or a non-documentary requires users to add their personal identity data which they forwarded to identity verification service. The service checks public and private proprietary data match the information provided, or sometimes knowledge-based authentication questions might be asked, then the verification “score” is calculated and accounts are verified on such bases. In such ways, personal data gets into the server which can be trapped easily by hackers, which can cause ID theft.
Many customers at different businesses had to put identification to complete various transactions, for example, retail merchants, financial and government entities classified as various types of sale or for certain types of payment like credit card or checks, etc. These transactions need a certain type of identification information or credentials. This is a difficult procedure for a customer as well as long documentation can produce more chances of vague progress and not meeting the particular requirement in real-time.
Solutions of ID Verification: Roaming around the globe all you find in common is connectivity. The only integrity one can imagine, whether a claim of having accounts on the same social media websites or following the same persons.
A real-time service provides seamless data information for ID Verification throughout the world. Which seeks to provide trust among online businesses and their customers without any boundary or language restriction. Many end-to-end identity verification services are working currently. APIs are used currently to provide business to business connectivity for desktop and websites similarly in androids and iOS.
As hustle becomes a nature of whether business or human. With the fastening data services, smart packages, smart services data processing in real-time is a need of an hour too. So a service provides results in real-time with an updated data list that can only provide due diligence standardized according to the need of the businesses.
Also Read: Biometric authentication fighting the digital security challenges
Trustworthy services can reduce the friction caused by identity fraud in international businesses, global standard service is required to alleviate such challenges by their different means and levels of identification like facial verification, document verification, liveliness detection, address verification, location verification, utility bills, and credit/debit cards verification by AI and HI hybrid technology. That can surely reduce the chance of fraud and identity theft like cyber crimes, that can harm profits for businesses.