How do you know someone is who they say they are? How do you answer this question when your customer is not even sitting next to you? To help answer all these queries businesses need the best identity verification solutions that have the objective of preventing terrorist financing, identity theft, data breaching, online fraud, and money laundering.
Online businesses need to integrate the best identity verification solution to adopt flawless fraud prevention. Know Your Customer (KYC) regulations are crucial for the world’s financial system, protecting it from being scammed to hinder cybercrime and money laundering for the funding of terrorist activity. Financial criminals are becoming more sophisticated than ever so to combat that businesses need the best tools for identity verification.
Reasons Why Business Need Online Identity Verification Sofware:
Following are the reasons why a business should use the best online identity verification service:
Deter Fraud:
Knowing your customer decrease the risk of frauds like identity theft, credit card fraud and many other online scams.
Increased Security:
It's more important than ever to verify the identities of customers due to an increased risk of terrorist funding and money laundering. Identity solutions are a great tool to instantly verify the identity of any visitor quickly and easily, making both customers and employees feel safer.
Better Customer Relationship:
Online identity verification eliminates the annoying pile of paperwork making the business one step ahead and more customer-friendly. Customers will appreciate your attention to safeguarding their identity, building rapport, and brand loyalty.
Ensure Greater Accuracy
Flaws and errors are always expected while taking customer information manually. At times customer spells things wrong or mistype information. Handwritten can even be difficult to read leading to data entry errors. Online identity verification eliminates all these possibilities and streamlines the process.
Online Identity Verification Holding Many Business Sectors:
Now many businesses need to abide by the regulations to know their customers well and these companies rely on online identity verification software in many fields such as:
Banking Industry
Nowadays we are using the internet for almost everything, like online banking, and so online frauds are also increasing. It is the utmost responsibility of banks to ensure that they have the right services to ensure that the identities of all the applicants are verified and authentic. So banks are heavily reliant on identity verification services for all this and without them, banks would be suffering a lot because of heavy fines that they will be made to pay by their regulators. These services offer a win-win situation for banks as well as their customers. On one hand, there are AI-based ID verification services that have automated the entire process for the convenience of banking customers. While on the other hand, the banking industry can perform KYC verification of their customers through services as address verification, biometric facial identification, document verification, etc.
Healthcare Sector
Healthcare is a sophisticated industry that has experienced exponential growth over the years. But unfortunately, the huge revenues of the healthcare industry have also attracted a lot of scammers and fraudsters as well. Identity theft is gaining grounds in this sector. The cybercriminals steal medical insurance data of anyone and use it to avail or sell off further medical procedures like buying drugs and getting medical tests done in labs. Identity verification services can be used in this sector to keep identity theft at bay by utilizing facial recognition that supports only live face detection and by document verification.
Online Bookmakers
The online betting industry has grown to an unbelievable extent during recent years. Players of every age and culture from around the world are willing to try their luck on various betting sites resulting in more identity fraud and money laundering efforts. In cyberspace, bookmakers give players the chance to deposit/withdraw funds via several payment methods via online — giving money launderers easy access to clean funds. Online identity verification is practically the only way an online betting site can know if a player is underage or punting with a false identity. KYC identity verification also prevents players from registering under different names with different emails and home addresses.
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Education Sector
Online identity verification is used to validate the student’s identity when enrolling for e-Learning program or online courses. This technology mitigates the risk of online scams and identity theft. This software help restrict the access of unauthorised persons to some research blogs or journals. This technology can be used to provide intelligent access to within the educational institutes in libraries or labs. Identity verification is used to ensure security within the premises of educational institutes.