In this
article, we take a look at what
identity verification software is and what it does for
businesses. There are many benefits to having the system in place, but what matters most is that you know how to use it properly to get the best results.
What is Identity Verification Software?
Identity verification software helps
businesses to make sure an online user or person is genuine. Companies get affirmation about user
identities so they can generate trust online and offline, avert
identity theft and be in compliance with anti-fraud and privacy regulations. Multiple departments in an enterprise can use this system to verify
identities.
What are the Benefits of ID Verification?
KYC: In the financial
industry, it is essential to know what a customer’s identity is. It helps organizations fulfill their
Know Your Customer (KYC) and
Anti Money Laundering (
AML) obligations.
ID Verify:
ID Verify can verify user
identities by asking questions that only they would know.
Identity verification software is a great way to make sure that what you see on the website matches up with what you are expecting in person.
How Can ID Verification Be Used?
ID verification software typically consists of a sign-in
process, questions and answers, or video
ID. There are two parts of this system: one for the user and one for the
company. When a person is trying to log into their account, they are asked what type of verification
process they want to use. For example, an
ID card or fingerprint scan may be used instead of answering questions about what year you were born in or your favorite food.
If it isn't being utilized properly then what are the risks?
If
identity verification software is not used properly, it can lead to companies losing their customers’ trust. For example:
- if biometric identification of user identities isn't done correctly then what assurance does the company have that its customer really is who they say they are; or
- if a person answers what year they were born in when the correct answer was what month, then what assurance does the company have that it is dealing with a genuine user.
What Can Be Used to Verify Identities?
Different types of verification
software are available for
businesses and organizations to use:
- ID Cards or Passports
- Fingerprints
- Iris scanning
- Password-protected questions and answers
What are some benefits of using identity verification software?
- Make sure your identity is verified by uploading documents while using the service that will be used for authentication (e.g., driver's license, passport, etc.).
- Helps you be in compliance with anti-fraud and privacy regulations.
- Generates trust online - what is Identity verification software to avoid identity fraud.
- Helps avoid the need to ask for ID on every transaction.
- Increases customer satisfaction levels as a result of reduced friction points throughout the checkout process (e.g., not having to wait for ID checks).
- Provides a seamless experience online.
- Simplifies the process of authenticating users while reducing false positives (e.g., when an individual is incorrectly identified as being someone else) and negatives, which can improve conversion rates on websites.
A business may have many departments that are responsible for different areas of the
company, such as customer
service or finance departments. Even if all these departments use a common
identity verification software system to verify
identities, each one has its own specific responsibilities they need to fulfill while using the system in order to minimize risks and maximize trust.
