Electronic identity verification is the latest means of verification; artificial intelligence and machine learning are used to measure the client’s authenticity. The developed countries use these solutions to regulate their activities and enhance revenue. These authentications have simplified the organizations’ daily activities and aid in the day-to-day operations of the businesses. The companies that are implementing it have an enhanced client retention rate. Between October and November, 16000 cybercrime cases were reported; the increasing number of these crimes has enhanced the importance of electronic identity verification.
What is Electronic Verification?
E-check verification is the digital means to verify the identity of the customer and business partners identities. The company can understand its client through it, and the complete data of the user is recorded. This process is straightforward. It enhances the organization’s security, allowing only verified customers to affiliate with the businesses. The user just has to face the camera, and the verification is done; no complex verification techniques or processes are involved. Users are verified from the comfort of their homes and do not have to travel to the office to register.
How have Online e-IDV Services Facilitated the Operations of the Companies?
These solutions have not only created advantages for the businesses but also for the clients. The businesses require less number of employees because most of the verification is done by advanced machine learning and artificial intelligence. Online eIDV services reduce the organizations’ expenses as they do not have to spend money on unwanted miscellaneous expenditures. Clients’ time and money are saved as they can reduce their travelling expenses; they do not have to go through timely verification. The entire process is done by facing the camera; their face, nose, eyes, and lips are scanned. If it matches the formerly stored template, then it is considered valid. Otherwise, the red flag is shown, which means the customer is not authentic. If the data given by the user and the information in the database differ, the verification does not proceed further.
Types of Online e-IDV Solutions
To discourage fake identity crimes, companies have installed electronic identity verification so that only authorized persons are permitted to enter the territory of the office. The following are the means through which the identity of the customer is checked:
- Email Verification
A Gmail account is used to verify the client’s identity because most apps require Gmail credentials for logging into the report. If the email information matches the data given by the user, then the client is authentic.
- Biometric Verification
The unique characters of the users are implied to measure the authenticity of the client; the fingerprints of every person are different; therefore, they are used. For example, some companies have an electronic verification system; the employees have to put their finger on the scanner, and if the print matches, the client is authentic and allowed to enter the office.
- Mobile Verification
Cell phone authentication sends a code to the user’s registered cell number. Then, the client has to enter that code into the given website; if both match, the user is authentic, and the verification is done.
How is Electronic Identity Verification Beneficial for the Companies?
The companies can increase their security by allowing only verified people to enter the office; these solutions monitor the employees and grant access. These solutions benefit the regulatory authorities as the police can even arrest criminals through authentication. The image of the wanted people is uploaded to the database, and whenever the system monitors such faces, they immediately inform the respective authorities. Organizations can mitigate their risk rate by properly verifying their customers, and only legal persons will be allowed to associate with the company.
Customers are also facilitated through these solutions; they do not have to wait for their turn and can upload their data digitally. Electronic identity verification provides them with a smooth and streamlined experience; clients do not have to follow the office timings and can be verified anytime. Other than this, the company also preserves the client’s credentials and provides them maximum security. The businesses can only rank them globally if they are getting the services of the electronic verification system.
Conclusion
Clients usually get fed up with the lengthy verification steps; they prefer a company that provides swift services and secures their personal information. Electronic identity verification onboard verified clients, secures and monitors the user’s data. The companies can perform due diligence on their customers to mitigate the risk of fraudulent activities. The businesses must comply with the latest anti-money laundering regulations; otherwise, they must face heavy penalties.