Due to the increase in demand for the online system of trading, as well as communication identity thefts are increasing at a high rate. Fraudsters have multiple ways to pretend genuineness for harmful purposes. With the new system software and online tools, it is becoming easier to create fake identities to get inside the digital platforms for harmful purposes such as money laundering and privacy leaks.
Even the social networking sites are subject to fraud and fake accounts of people which they use to lure other users into several traps of blackmailing and corruption. According to Statista, the number of fake profiles on Facebook is increasing with time, stats show that the most popular social platform contains 137 million fake user profiles that Facebook classifies as anonymous accounts. This proportion is said to be 16% of fake accounts Facebook carries.
Services of Identity Verification:
The identity verification services are carried out by most organizations as per shufti pro news for proper identification of their client and their resources. The Identity verification services are AML complied for the prevention of money laundering from digital sources. The major KYC Identity verification services are explained in this blog.
User Biometric Verification For Secure And Risk-Free Identification:
The identity verification service is made more secure with the introduction of biometrics as means of detecting the user attributes. With a biometric identity verification system, user authentication is made easy and secure by evaluating the user’s identity based on their fingerprints, facial geometry, and other biometric characteristics such as iris scanning. The user verification is carried out biometrically at different digital onboarding processes by most financial institutions.
Verification of Documents For Complete Identity Evaluation:
The documents are analyzed for the complete identification of the user. Most firms require users to upload their identity documents into their online systems for the purpose of identification and verification of the user. The documents are evaluated with the help of the latest technologies such as artificial intelligence which process the documents to validate their authenticity. The validation process is tedious as it may consume resources and time for document scanning and verification of originality. After validation of user documents, the system compares the document data with the user-provided data for the verification of the real user.
Verification of Address In Case of Business Trading:
The identity verification process is performed as a KYB check for most businesses and organizations, before initiating the trading process with the businesses. The address verification is performed with multiple strategies. And online tools for locating the user’s real address for a complete guarantee of identity. The online system uses multiple technical techniques to verify the user’s location with the help of GPS (Global Positioning System). The address verification service is efficient in evaluating the business entity and its associated address. It also uses the address documents such as utility bills and other banking statements.
Enabling Two-Factor Authentication For Extra Layer Of Security:
The identity verification process is carried out for the identity verification of the customer. It performs as an extra layer of security to the identity verification process. As it uses multiple levels of authentications on every attempt of accessing the user. It is implemented on the issue of synthetic identity frauds that attackers use for the purpose of identity theft. The two-factor authentication method is carried out with the help of text message verification or email verification from the user.
Verification of User Consent:
The user consent verification process is carried out online with the help of the new system of artificial intelligence. That enables new processes of consent verification with the use of biometric verification from the user. Other methods of consent verification include live video verification. In which the user’s consent is verified by an online video call. The new way of user consent authentication is more efficient than the old methods of user agreement validation. That are not safe in the modern-day digital financial systems.
Wrapping it Up:
Identity theft is an uprising issue for the online community. And it is being tackled by the most legal authorities to maintain a secure online environment. The identity verification service is utilized by most firms to perform a complete KYC check on their customers. The identity verification service is also performed in accordance with the other compliances such as AML (Anti Money Laundering), KYB (Know Your Business), and in the banking sector KYT (Know Your Transaction).
