During this digital revolutionary period, it is necessary for businesses to transform their security protocols according to innovative “Automated Identity Verification Solutions“. Traditional methods are no longer useful in users’ ID verification before the onboarding process. Companies can employ remote user authentication services in the form of electronic identity verification methods such as Know Your Customer (KYC) compliance solutions. This process involves various checkpoints, such as document verification and biometric face validations. It enables businesses to streamline their working process with the help of advanced ID verification solutions. The KYC process involves artificial intelligence algorithms that facilitate business with real-time ID authentication measures.
Automated Identity Verification Solutions Service in Companies
An automated ID verification process is a digital solution that companies use to secure remote service deliveries. It involves various modes that employ cutting-edge technology and helps businesses validate their users in real-time for enhanced security from criminal attacks.
Artificial intelligence and machine learning algorithms detect various patterns and help to authenticate user IDs in real time. During Covid 19, businesses moved online. Although the pandemic is over, online systems are still replacing traditional methods. Businesses are going online, and there is a need for more security than ever. Fraudsters use various techniques to access sensitive organizational data. Electronic identity verification is the only way to protect organizations from fraud and financial attacks.
This paper aims to define Electronic Identity Verification Solution (EIDV)?
Electronic identity verification is the use of various procedures to ensure customers’ identification remotely. It facilitates companies with automation to have secure and quick user onboarding. It helps to meet AML and KYC compliances, which are mandatory for every organization. Additionally, companies employ anti-fraud measures with the help of reliable ID authentication solutions.
Automated ID verification employs many of the same goals as manual identity validation solutions, such as security and fraud prevention. However, it is most reliable in this time of technological innovations. Criminals utilize various techniques to bypass securities, and companies require innovative strategies to detect complex criminal strategies.
Various Online Identity Verification Solutions Within the Organization
Clients provide photos of formal documents such as state IDs, identity cards, licenses, and passports. Automatic algorithms perform data extraction and match with legal databases. It identifies whether the documents provided are legitimate or not. Artificial intelligence and machine learning algorithms are highly efficient and swiftly recognize if there is any variation. Automated heuristic checks identify whether the information is authentic or not.
Some companies require their clients to provide various documents such as transcripts, bank statements, insurance slips, and social cards to access specific information. These documents are scanned within digital systems electronically and a person is verified. It makes onboarding secure, and falsified information is detected automatically. An electronic verification system filters out if the data is tempered or inaccurate and protects the organization.
User-provided information is compared against databases; it makes organizations aware if there is any kind of risk. For example, interlinked databases help to identify if a person is involved in any kind of criminal activity. Companies have links with legal databases, such as records of crimes and mugshots, which allow them to access the customer’s risk profile and safeguard the organization from future risks.
Digital face scanners capture real-time selfies and compare them with the previously stored record. Sometimes face liveness detection is directly linked to government identity verification systems, enabling organizations to identify a person before onboarding them. .
Why is an Electronic Identification System Necessary for Business?
Electronic verification methods are more reliable as they involve artificial intelligence algorithms that can detect criminals’ strategies. Conventional methods can no longer identify forgeries and fake IDs. It helps organizations to identify potential individuals for secure remote processing over the globe for higher success rate. Online ID verification services are free from the hassle of manual data collection, evaluation, and validation. Companies do not need to have multiple hiring as it can be done via automated solutions. The whole process goes systematically, and it is error free as it does not involve human efforts. Despite consideration, human beings may commit mistakes under workload pressure and fatigue. It enables companies to enhance their privacy by verifying users through strong security protocols. It also works in enhancing user experience by verifying them for real time security.
Conclusion
The electronic identity verification process involves ID verification checks to authenticate entities in real-time for security from cyber attacks. It enhances financial security by eliminating fake proofs and by identifying forgeries. Companies that do not involve modern solutions are at the stance of criminal activities. It involves various modes of ID verification, such as document checking and biometric systems for multi-layered security. Automated ID authentication solution provides security and legal compliance in the form of KYC and AML.
