Customers have long been inconvenienced with legacy systems and ineffective identity verification methods. These outdated processes are often time-intensive and susceptible to criminal attacks.
For example, the information required to get past Knowledge-Based Authentication can easily be obtained by someone other than the real customer. Personal information, answers to security questions, and even details to someone’s last four transactions might be knowledge that is not limited to the actual client. It also takes significant time before the procedure is completed, which can leave the customer dissatisfied.
Furthermore, manual checking of identity documents is also slow and prone to human error. It can be troublesome for the company as they bear the responsibility of addressing the mistakes done on their end if their human checker fails to deliver accurate results. With inefficient identity verification methods, customers are most likely to abandon the company and find another one that is more updated and streamlined with their services.
Enterprises must keep up with the modern world’s fast-paced environment and the growing demand for better services. They must implement digital identity verification to improve their capacity for authenticating their customers’ identity and provided ID documents.
Many are already utilizing biometric multifactor authentication solutions (MFA) to confirm a user’s identity. MFA provides a layered defense against criminal attacks. By using biometrics as an authentication factor, companies can distinguish fraudsters from real customers more effectively and efficiently.
Moreover, they can harness the power of machine learning and artificial intelligence when authenticating identity documents. A customer can take a photo of their government-issued credential and send it for review. The automated system will then compare the document photo to a known template from trusted registries and return results quickly for a seamless experience.
Validating customers’ identity is essential for various institutions to determine if they are interacting with legitimate individuals. For more information on identity verification and identity document authentication, an infographic from Ipsidy is provided below.
