Identity fraud is it all time high these days with account takeover complaints being reported to go up by 120% from the past year. Scammers and digital fraudsters have found it easier to hack into service accounts of original users rather than to utilize fake credentials and being bumped off immediately by anti-fraud protocols. Black markets operating in dark web are perfect for this kind of identity fraud but using ID and document verification service can really help businesses to even counter these scamming tactics of online fraudsters. Otherwise, this account takeover trend has a tendency to disrupt overall online services, regardless of the concerned industry. So here are 5 reasons why businesses need to take ID verification much more seriously especially facial recognition online.
Authentic Customer Base
Document verification and ID authentication allow for a much more reliable customer base. It means that users with fake identity documents or even those having original identity documents but that they do not own will be turned down at the registration stage. In case a scammer or hacker tries to use original identity document to access an already existent account, an online KYC verification solution can easily identify that effort by combining ID & Document verification with facial recognition online.
Better Customer Service
Recent surveys have shown that online consumers and service users have started shifting the responsibility of securing their online accounts from their own self to their service provider. This trend has a lot to do with frequent data breaches in which crucial identity and financial information of consumers was hacked. A reliable ID and document verification service can help businesses to really take responsibility for the security of their client’s credentials.
Smarter Service Standards
Most of the ID verification systems, such as Shufti Pro, have developed their authentication solutions based on smart technology such as Artificial Technology. It means that document verification performed by these KYC service provider is nearly impossible to cheat. This means that only users with true credentials will be able to use your services, enabling you to adopt a professional approach to service delivery.
Digital Solution for Digital World
Most of the conventional business models and revenue generation practices have been turned on their head in the past decade. Digitization has enabled service providers and businesses to expand their horizon but this has even increased the number of online threats. A truly innovative ID & Document verification service such as Shufti Pro can help you fight those online fraud threats without having to worry about integration headaches.
Inexpensive Biometric Verification
Another aspect of facial recognition online is that most people forget its utility as biometric verification service. Most of the online businesses and companies that are willing to spend a fortune on Identity verification prefer fingerprint scans and iris scans, but these source of biometric verification are not only limited in their approach but also require a huge investment on behalf of the businesses that opt this kind of Identity verification. Facial verification, on the other hand, is relatively more appropriate for businesses that want an online ID verification service or want to offer KYC verification to their remote users as well. It works with both desktop users as well as mobile ID Verification users.
Facial Recognition reduces the risk of encountering facial spoof attacks, thus providing an additional layer of security to the ID verification services provided by a KYC service provider such as Shufti Pro. KYC checks get a meaningful approach towards business interests, as the end-users are provided quicker access and scammers are shown the door. Liveness detection and microexpression detections make it even easier to differentiate between a real user and one that is using fake credentials to gain access to an existing account.
Shufti Pro is an ideal KYC service provider that is offering ID & Document authentication not only in 225+ countries of the globe but it also supports ID cards, passports and driving licenses as an acceptable document format. For banks, online retailers and e-commerce websites, Shufti Pro also offers document verification for credit cards and debit cards as well. Machine learning algorithm and template matching are used by Shufti Pro to provide real-time verification results for documents submitted by end-users along with facial recognition online.