In this digital era, companies must use the latest technologies because it will help rank businesses and improve brand image. Companies can enhance their security and prevent businesses from fraudulent activities. These electronic identity verification services play their role in almost every industry, Such as health, banks, educational institutes, and e-commerce.
Customers can entirely rely on these verifications as they allow only authentic people to bypass the account. In 2022, more than ten thousand cyber crimes were reported in Australia. Some large companies in Australia fall victim to cyber-attacks, which is an alarming situation for the global community.
Electronic verification means verifying a person using biological characteristics such as fingerprints, face scans, and voice recognition. These verifiers use advanced artificial intelligence tools to verify the individual’s documents; AI extracts data from it and then matches it. Electronic customer verification is very convenient, as it verifies individuals from every location.
The accurate result of electronic customer verification has enhanced its importance; these solutions are predominantly used in industries dealing with sensitive information. Financial institutions must comply with anti-money laundering regulations; Banks, insurance companies, and investment firms can not compete in the market without electronic Identification. These solutions verify the identity of the customers and inspect their whole history to ensure that the client was previously not involved in any kind of fraud or criminal activity.
Electronic identification is a digital solution; no labour force is sometimes required, while manual identification can only proceed with the staff. In electronic identity service providers, there is no need to submit documents physically. For Both the public and private databases, legal papers are presented online. It is not possible to show the incorrect identity in online verification. So far, no case has been recorded in the companies using this solution properly. In manual verification, hackers manipulated and photoshopped reports to bypass the validation, and it was difficult to identify such criminals.
The overall working of this system is identical, but some industries require additional steps in the verification. Here, we will discuss the most common ways of verification.
● Government ID Verification
● Document Verification
Various legal papers such as bank statements, tax returns, and utility bills are used to check the validity of the client.
● Database Verification
Public and private databases are used to verify the information the customers provide; this verification ensures customers do not have any kind of manipulated data.
● Selfie Verification
To prevent spoofing, selfie verification is matched against previously taken selfies with the picture taken during registration. Customers take two or three selfies and then upload them on the website given by the company. This electronic identification is usually attached to government identity cards. The Liveliness of the client can be detected through it, and it minimises the risk of all kinds of spoofing.
Businesses can grow and flourish using electronic identification; here, we will discuss the main benefits of these solutions.
● Give Access to More Means
Electronic identification allows more devices and routes through which clients can be verified. Such as person liveness detection, location, and IP address are multiple ways to ensure that the person is genuine and authentic.
● Reduce Human Errors
This electronic Identification has low chances of error because the technology performs everything. Manual systems are prone to human error, as a tired employee can unconsciously commit mistakes. Officers can even grant access to fraudsters, resulting in financial loss to the company.
● Instant Speed
The manual process was very time-consuming; it even sometimes took weeks to verify the person because lengthy tasks were required to verify a person. The officer first had to collect, gather, and then analyse information. Electronic identification avoids all kinds of bottlenecks; this activity is performed with a single click.
With digital advancement, the need for electronic identity verification is continuously increasing; businesses must protect the privacy rights of their clients. The accuracy and reliability of this system help in ranking the companies. Safe online transactions and secure bank accounts result from these solutions’ prime functioning. Electronic verification services have enhanced security and customer satisfaction, as the clients prefer the businesses implementing these solutions. Because this electronic ID verification saves time and money for the customers. They do not have to do it repeatedly; once the identity is identified, its template will be uploaded to all the databases. So businesses can satisfy their customers and provide them with a better experience.