Enterprises across industries invest tremendous amounts of time, money, and effort to grow their businesses. They deploy necessary security protocols to protect their network and safeguard their customers from possible threats. These measures also enable them to observe due diligence to regulatory compliance.
As businesses continue to grow, criminals also continue to see opportunities to exploit their services. They have gone from traditional fraud to deploying modern tactics like synthetic identity scams. When a company fails to secure its system, it incurs not only financial losses but also other costs such as reputation damage and customer distrust. It will take months, even years, to recover these losses.
Businesses must weed out the bad guys from the start by deploying efficient and strong identity verification for digital onboarding. Conventional identity proofing methods and manual checks are no longer effective security measures. Additionally, they are often too slow and inconvenient for customers.
Modern solutions like mobile facial biometric identity verification harness commonly available mobile devices to perform the procedure. They do not require extra hardware or complex software to operate. Customers can simply take a selfie with their smartphones and complete an anti-spoofing test in real-time to prove that they are who they claim to be.
Furthermore, they can take a picture of their driver’s license with the same device to proceed with the automated identity document authentication process. Automated systems leverage artificial intelligence (AI) and machine learning to match the provided ID to known templates of government-issued credentials from trusted databases. Authentic driver’s licenses have security features that cannot be easily replicated in fake ones.
When businesses deploy these advanced identity proofing solutions, they can better protect their systems while providing excellent customer service. For more information on the importance of identity verification and identity document authentication, an infographic from Ipsidy is provided below.