The global data breaches have now gone multifold than previous years. Many cases are not even reported or made public to safeguard the company’s image. One of the main reasons for these hacks and snooping is identity theft and account takeovers. Because of this, now businesses are looking for a safe way to confirm the identities of people contacting them.
Today, every organisation is looking for or has already installed a streamlined identity verification process in its systems. It has become necessary to confirm every individual contacting and dealing with the business, and this verification service helps organisations ensure that they are dealing with a genuine person.
Companies have put emphasis on new technologies, including identity management, biometrics, and facial recognition software. Some of the forward-thinking technologies that the companies adopt are data extraction from documents, liveness detection, face-matching using selfies, auto-checking watchlists, and automatic scanning for fraudulent certificates.
So, if you are still in doubt about incorporating these technologies in your company, look at these benefits of this verification technology in businesses:
Table of Contents
Better Reputation
For people/customers and stakeholders to believe in your business and services, you need to make them realise the steps you have taken to prevent data theft and the safety of their information. A company that holds every individual accountable and verifies their identity and documents is always appreciated by customers and stakeholders.
Helps Avoid Huge Fines
Theft or loss of data not only damages the company’s reputation, but it can hurt finance too. This is especially true if the company is a bank or a financial service provider, as people may tend to pull out their investments and savings. This will further destroy the stability of the company.
Prevents Costly Chargebacks
Credit card frauds make up a significant portion of online frauds. The fraudster first hacks the credit card and makes purchases, and the owner of the card finds out the missing money and files a complaint. When this happens, the bank has to return the money, and thus the bank loses its money. This is known as a chargeback.
Helps Avoid Money Laundering
People can sometimes conceal their identity and the source of the money; this way, they do money laundering online. The process is complex to understand, but they can do it because of their ability to create fake accounts and identities. For this to work, they’ll have to be able to pass through normal identity verification processes.
Preventing money laundering is not an easy task. But, businesses now utilise two-factor authentication, where consumers must provide identity verification certificates/documents like a passport and a bank card or have to go through facial recognition.
Improves Customer Experience
The process of identification and giving access to an account to your customers should be smooth as butter. Meanwhile, the software should allow a proper verification process for anyone looking for your service.
The verification process shall go like this:
Gathering ID documents (ID card, driving licence, passports, etc.).
Verify authenticity of documents.
Carry out the customer authentication to make sure the person presenting the ID is the same person the ID relates to.
Make a report for auditing purposes.
These reasons are more than enough for any company to incorporate the identity verification process in their businesses. So, avail the service of tech companies providing verification software and services, and make your website a safe place for customers. And always remember to avail the latest and advanced technology to prevent frauds and data thefts in future.
