Sharing Economy & the Need for Identity Verification

Consumer purchasing choices are no longer only based on product quality. Consumers nowadays are increasingly conscious of service security concerns, particularly in the digital era, which is more susceptible to cybercrime risks such as customer data leakage, which may result in fraud or identity theft. Due to the potential of cybercrime, businesses must establish a strong security system to ensure that customers feel secure while engaging with them. Technology for identity verification may be an effective option. Today’s cutting-edge online identity verification technology leverages artificial intelligence (AI) to securely check consumers’ identities and avert criminal activity. Guaranteed security boosts client satisfaction with your business’s services, which may help increase your company’s reputation in the digital world.

Many identity verification systems in the digital age, as a result of the fast growth of technology, include biometric verification technologies. Biometric verification is a technique for establishing an individual’s identification by evaluating and measuring physical or behavioral features of the individual, such as fingerprints, face recognition, and speech patterns. A basic example of biometric identity verification is when you are required to do a biometric face scan in order to use a smartphone. The phone no longer needs a code or password but instead uses a person’s biometric data to identify them. As a consequence, the verification process improves in terms of accuracy, security, and non-transferability.

Biometric verification technology makes it more difficult to steal, forge, or abuse a person’s identification. In this manner, cybercrime risks such as unauthorized access, transaction authorization, or forgery may be avoided. A positive reputation provides your business an advantage over rivals since it demonstrates that customers trust your business. The challenge is how you will earn this confidence without the assistance of a recognized security system.

One solution is to use strong identity verification technologies when authenticating transactions or access. This benefits your company’s image by demonstrating that you take consumer privacy and security seriously. A notable example of developing an effective identity verification system is seen in the banking industry, where consumers are often required to verify their identity prior to gaining access to accounts or other services.

To know more, below is an infographic from authID that discuss sharing economy and the need for identity verification.


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