Businesses need the best identity verification solutions to be assured that they are dealing with the right person. Businesses need to deploy ID verification services to know that they are giving the key to their kingdom to the right person. These solutions have the objective of preventing terrorist financing, identity theft, data breach, online fraud, and money laundering. Amid Covid-19 pandemic, businesses are either grounded or forced to work remotely. Implementing WFH policy comes with many risks of cybersecurity.
Cybercriminals are taking every advantage of this situation and increasing their criminal activities amidst the coronavirus outbreak. Online businesses need to integrate KYC solutions to adopt flawless fraud prevention. Financial criminals are becoming more sophisticated than ever so to combat that businesses need the best tools for identity verification. Following are the reasons why a business should use the best online identity verification service:
To Deter Fraud
Knowing your customer decreases the risk of frauds like identity theft, credit card fraud and many other online scams. Fraudsters have made their game strong during coronavirus pandemic so businesses need to be very vigilant while dealing with customers and other businesses.
For Enhanced Security
It's more important than ever to verify the identities of customers due to an increased risk of terrorist funding and money laundering. To instantly verify the identity of other businesses you are about to deal with using digital document verification, such solutions play a pivotal role in recognizing shell companies. Not to forget, major data breaches that have occurred during the past few years were due to partnership with fraudulent third parties.
Better Customer Relationship
Online identity verification eliminates the cumbersome procedure encountered during manual authentication making the business one step ahead and more customer-friendly. Customers also appreciate if business safeguards their identity and data, building rapport, and brand loyalty. It is also the need of the hour to have a contactless verification system to contain the virus.
To Abide by Regulatory Authorities
Regulatory authorities have made it mandatory for businesses to have proper KYC and AML check systems during the lockdown. Regulations have become more stringent during pandemic due to increased cybercrimes. So to stick to the regulatory needs, digital identity verification solutions are needed. To fulfill KYB regulations at the time of dealing with another business, digital document verification tells that the company does not only exist on papers.
Provide Win-Win Situation
Businesses need to know their customers well and these companies rely on online identity verification software in many fields. These services offer a win-win situation for banks as well as their customers.
For Remote Hiring
To maintain social distancing, online interviews are being held. So how do you know that candidate is who he says he is? If his documents are authentic? Digital document verification plays a major role in this. By using OCR technology, the data from the documents can be extracted and checked if the provided documents are forged or expired. Moreover, by employing facial recognition technology the face of a person is matched with the image on documents. In this way enhanced authentication can be provided.
To Save Time
In any business, deadlines are tight and meeting margins matters a lot. Manual verification requires a lot of time and effort. It does not even promise accuracy. Customers are frustrated waiting for long procedures to be completed. So digital verification provides an edge over manual procedure by saving time and efforts.