The success or failure of online businesses is judged on many parameters. Security and privacy is getting more significant these days. In old times, users were not much aware of the importance of data security, speed was the only thing they wanted, but now the scenario has changed. If some businesses do not give sufficient security services, they can see a decrease in customers. The security of the business will be enhanced by onboarding verified identities only.
The problem begins when a business onboards customers with false data. Then they disrupt the channels of the business and might irritate other customers. There are cases where a customer initiates a data breach in a business channel.
Verified Identity - Moving Towards Secure Ecosystem
The methods of identity verification evolves by the time. The traditional system of verifying a person’s identity was very time-consuming and took more resources. Back in the early days, banks used to verify customers by physically meeting them. The staff takes the original and copies of government-issued IDs, and then manually checks the authenticity of the document.
The manual scrutiny of documents was not very secure as the human eye can’t spot the irregularities in it. If the document is photoshopped, it is very difficult for a normal human to decide whether it is original or fake. This was the loophole in the system that was not liked by customers.
Then comes the semi-digital identity verification customers. Where the data is provided on an online medium and required pictures are mailed. Then the verification department checks the documents and sends results to the user. This process eliminates the need for physical meetings, but the checking was still not that efficient.
The question is, how will an online business verify the identity of customers. The manual check is not suitable and efficient. The customer range of online businesses is universal, setting an office in each country will take enough resources. The most suitable option, in this case, is online identity verification. Like the customer onboarding ID modified to online, the verification can also be done through a digital platform.
The online identity verification technique is used by many businesses from almost all sectors. Health, travel, banking, and gaming all are the users of digital identity verification services. They shifted to online identity checking services for the better and secure provision of services.
Here is the process of identity verification;
● New users who want to create accounts over an online platform
● They give their bio-data (that includes name, address, DOB, and national ID number) to the site
● Proof of that information is uploaded, essentially issued by the government and a live selfie is captured
The above information is verified by the below checks
Document Verification
It is checked that the document is authentic and issued by the government. It is done by analyzing the rainbow marks, MRZ (Machine Readable Zone) code, and holograms. The documents with folded edges and crumpled edges are rejected.
It is checked that the document has not expired. Financial institutions are obliged to onboard customers with the updated data with no expired documents
Facial Recognition
In this step, the ownership of the document is verified by matching the selfie with the image on the document. The ID documents like an international passport, driving license and national ID card have a facial photo of the owner.
Address Verification
To have an updated and authentic address of the customer, the data is extracted from the ID documents. Some businesses want to onboard users from a specific area only, the system of that particular country or not.
Age Verification
Businesses like banks are obliged to onboard users above the specified age limit. The DOB is extracted from the ID and the age is calculated.
Summing it Up
The identity checker system will help online businesses to have authentic customer profiles. The onboarding of legitimate customers with accurate data will save them from frauds and scams. Verifying identities is not just a protection measure, but also a regulation for financial service providers. Not doing it can lead to penalties for businesses.
We give you the best daily information on news, technology, lifestyle, career, health tips, agriculture, business and entertainment. If you can write very well and want to make a living writing online, click HERE!