Digital identity verification is a remote ID verification process that’s designed for today’s customers. The global pandemic massively boosted the need for identity verification services since many businesses moved to the digital sphere. With such a shift came increased numbers of cyberattacks. For this reason, responsible businesses started to look for new and improved digital fraud prevention solutions, such as remote identity verification.
Modern identity verification implementations combine artificial intelligence and smart, automated technological services into one smooth customer onboarding process. digital ID verification uses face recognition, biometric verification, and quick document scanning algorithms to help other businesses or government agencies battle fraud. ID verification ensures that the customer’s identity document isn’t forged and that it meets all of the security requirements.
Digital identity verification services are in high demand due to the convenience that they bring. By reviewing the customer’s identity, financial institutions are able to welcome trusted and safe clients. Scammers and fraudsters who use fake identities or tamper with documents aren’t verified during the ID verification process. Spoofing, deepfakes, and scammers that wear masks during the identity verification process – are all techniques that are used by online criminals with fraudulent intentions.
How did eKYC Transform Identity Verification?
Being called out to a physical banking branch for the purpose of identity verification seems unusual, especially in today’s context. Customers demand quick and secure services. For this reason, considering the high demands, businesses now choose eKYC solutions rather than sticking to manual forms of identity verification. eKYC transformed traditional versions of KYC verification and allowed automated many processes.
Here are the main factors that make eKYC solutions more effective:
- The speed. What took weeks now takes seconds. Digital ID verification is swift and secure.
- Easy-to-use services. The remote verification process takes a few steps without the need to step out of your house.
- Ensured safety. Digital identity verification services are built on strict regulations and high data protection standards that prioritize customers’ safety by protecting them from fraudulent activity.
Instead of verification agents, we now have AI-powered solutions where customers are required to upload an onboarding selfie and add their personal information. Once that’s done, the system carries out the process of Know Your Customer to run a quick background check on the customer. For extra safety, businesses are encouraged to use biometric identity verification. Biometric checks can identify a person by reviewing their biological traits and comparing them with the photo on the ID or passport.