The advancement of technology and the rise of global internet users across multiple devices has increased the digital presence of users and their growing exchange of information. Whether it is social media, news, user opinion, and for that matter e-commerce. All aspects of human society have some manner of IT and ICT involved that surround us.
More users are mobile today and have access to the internet, through which they can carry out transactions like digital payments, the opening of bank accounts and e-commerce purchasing. However, mobility comes at a cost, and that is the user is not physically present. This leads to a loophole that is exploited by fraudsters to commit illicit activities, usually through stolen credentials and fake credit cards. In order to address these issues, ID verification is employed to mitigate these threats.
How ID Verification minimizes Risk for Businesses
Any transaction carried out with the intention of fraud, is facilitated through fraudulent documents. These documents are mostly stolen Identity or credit cards. While theft is not the only factor here, these documents can also be forged through clever ways. While ID cards can be forged, credit cards used are usually stolen. In order to spot out document forgery, businesses employ the help of dedicated Document Verification services. These services scrutinize documents with checks that help identify whether a document is fake, forged or doctored in any manner. The documents undergo checks for security features, which include Kinematic Hologram Features. Also, checks for form and format related are used to detect inconsistent format and template misalignment. Additional checks include MRZ and Doctored elements – tampered & folded edges. All these checks combine to form a powerful tool to deter users with fake documents and mitigate fraud associated risks.
For best identity theft protection, businesses employ effective measures to combat identity theft. This includes Know Your Customer measures. Where an individual’s identity particulars found on identification documents are compared and or cross-referenced with previously entered KYC information or integrated data resources. In addition to that, a selfie upload or live picture is matched against the one found on the identification document. Both these elements of facial and document verification combine to combat ‘person not found’ and ‘data mismatch fraud’.
In facial verification, authentication is carried out through facial biometrics which is based on the unique anatomy of each individual. While traditional face verification may be susceptible to spoofing attacks. Liveness Detection measures are added to traditional facial verification, to enhance its capacity and ensure real human presence.
In the present situation, with the available technology and so many ID Verification solutions available in the market today. To figure out which is the ideal one is tricky. The goal is to find the one, which combines all of these elements together to form a holistic solution that delivers the best identity theft protection services. That is not only catered to in more than 200+ countries but also effectively processed with the highest result reliability and accuracy.