Identity fraud and digital scams are now becoming synonymous largely because of lax businesses practices by online service providers. Little to no effort is being put into making online marketplace free of frauds and scams because online businesses consider investing in a reliable identity theft protection an unwanted business expense. After all, there are several online service providers and third-party applications that claim to benefit digital businesses but end up costing thousands of dollars to online portals without actually doing anything substantial for generating more revenue.
But the reality is that the utility of a KYC service provider far outweighs the expenses charged by Identity verification services, that they offer. Unlike their brethren in business support category, online identity verification services and ID authentication solutions are better suited to help businesses avoid huge losses that they might have to sustain because of identity fraud or customers using fake IDs to provide their personal details. Almost all the business that either has a standalone business model relying on digital sales or even those that supplement their revenue streams by online resources, identity verification is crucial.
But the utility of a typical ID Verification solution is also dependent on a range of factors, the most crucial one being the category of business that plans to use these ID verification solutions. Any online business that is interested in integrating a KYC service provider must make sure that they offer an identity verification solution that suits their business needs before buying any KYC checks.
We have shortlisted 3 types of ID verification solution that are most appropriate for identity theft prevention and digital fraud protection
Biometric Verification Solution
Most of the KYC service provider are developed to perform onsite verification of the incoming users. The best format to perform this ID Verification or KYC authentication is with the help of a Biometric Verification solution. Now, most businesses consider fingerprint scans and iris scans to be ideal for biometric verification but the hardware costs alone can make ID Verification a hugely daunting task. Facial Verification or face recognition is a more apt method to perform ID Verification as it helps not only in onsite ID verification but also in offsite or remote identity verification as well.
Use cases for biometric verification are virtually unlimited as it can be used for providing secure access to centralized resources as well as a method to ascertain a person’s identity for service delivery. The near-instant verification status provided by third-party ID verification services ensures that registration process or login procedure will be entirely hassle-free.
Document Verification Solution
Document verification enables businesses to check the format of a document that is used for ID Verification. Most KYC service provider that offer stand-alone document verification solutions has document support for a large number of identity documents. For example, Shufti Pro can verify the identity of a person not only with the help of ID cards but with the help of passports and driving licenses as well. For address verification, document support is even extended for bank statements and utility bills as well by Shufti Pro.
Document verification can help businesses to not only deny service to users with fake or stolen identity documents but it can help them collect useful customer information that can be used for customer analysis. Comprehensive research and analytical reports can be formed by the verified data collected by a third party ID Verification service to better understand a business’ target audience and demographics. Customer service can be altered to fit the specific needs of a business clientele based on the concrete data collected by an authentic document verification service.
Identity Verification Solution
ID Verification becomes truly beneficial when it is provided alongside facial verification. It means that the true identity of a person is matched with an officially issued identity document. Not only personal details of an incoming user can be verified through an ID Verification solution but face recognition software makes sure of the fact that the same person is performing ID verification as the one who has the picture displayed on the identity document. The authenticity of the identity document is also checked to make sure that fake or forged document is not used to verify the identity.
There are many different ID Verification services that provide all these 3 different kinds of KYC authentication solutions to their customers, but only Shufti Pro can offer all 3 of them. That is not just it but Shufti Pro can offer all these 3 ID Verification solutions in over 220 countries of the world and supports 150+ official languages as well. Real-time verification results are provided by Shufti Pro for a large number of KYC verification and ID authentication solutions. Pay as you go pricing model by Shufti Pro makes it even more attractive for businesses of all sizes.