The e-commerce sector has seen a boom over the last few years. Many businesses have started to shift their working operations to digital platforms. Performing activities while sitting at home is the new norm in society which has made life easier for many customers. On the other side, fraudsters have also become sophisticated in conducting illicit activities during this time. They create obstacles for companies who want to provide their clients with maximum satisfaction. Identity verification service determines that only real clients are onboarded and evaluate any risks associated with them.
Different Types of Online Identity Thefts
Customers feel less trusted towards those institutions which are at risk of getting attacked by the fraudsters. Criminals are now using various technologies to devise new ways to manipulate individuals and companies. This has given a rise to online identity thefts to prevail. Companies are looking forward to finding stringent solutions to overcome identity theft. Regulatory authorities are making it mandatory for businesses to verify identities to protect them from any hefty fines. Online ID verification services are deployed to provide customers with a seamless experience.
Synthetic Identity Theft
In this kind of identity theft, the scammer combines a piece of authentic information about an individual with some fake details. Synthetic identity fraud is difficult to get detected since some parts of it is containing real information. Fraudsters can add fake addresses, names, or any detail which can easily be altered. It is generally carried out to conduct unauthorized activities in a more sophisticated manner on digital platforms.
Financial Identity Theft
Multiple financial institutions are becoming a victim of identity theft at an alarming rate. Scammers hack the passwords or pin code details of the user’s account. Moreover, stealing the credit card credentials of users and faking identities while performing transitions can lead the company to severe dangers. A value of a bank can get degraded as a result of these scams. Similarly, the social security number should also be protected for avoiding any mishaps of registering fake businesses and avoiding taxes.
Medical Identity Theft
Cybercriminals are leaving no stone unturned to attack every sector of the world. The Healthcare industry is also getting affected by the malicious attacks of fraudsters. Impersonating the identity of a patient to gain benefits by availing of free services is a heinous crime. In accordance with Shufti Pro News, hospitals are facing problems of data breaches as systems are getting hacked. Identity verification services are needed by the healthcare sector at an immense rate.
Online Identity Verification Services – A Short Description
Knowledge-Based Authentication (KBA)
It is a comparatively old method for verifying the identities of individuals. Banks generally used this process by asking specific questions to the users. It can be any question comprising of what is their name or what was the name of the last car they bought?. A simple method of verification is not competent enough to detect fraudsters. They can easily dodge the KBA authentication process by telling fake details while opening an account or applying for a loan. It is not a secure option for verifying identities as the information required is quite basic.
Biometrics Identity Verification System
Artificial intelligence has taken over the world and greatly plays an integral part in combating fraudsters. Businesses enforcing a biometrics identity verification system can get a customer’s verified identity by mapping out their facial features. Moreover, biometrics can help in the process of age verification to determine the age of the users. The live detection technology enables it to differentiate between a real client and a person who is faking through spoofing tricks. It has gained immense popularity due to which many businesses are showing reliance on them just like Shufti Pro Fundings.
Wrapping it Up
To sum everything up, businesses are adopting new tactics to satisfy their customer needs. Companies need to prevent their customer from becoming victims of identity theft. Ensuring high data security and identity validation can improve the digital onboarding process. Synthetic identity fraud and financial thefts need to be minimized before it further worsens the situation. Finding the right balance between fulfilling the customer’s needs and protecting the firm from crimes is essential for every business to flourish successfully.