Why Identity Verification Should Be a Part of Your Digital Transformation Strategy

Digital transformation has many manifestations, from frontend to backend systems and solutions. Recently, a new aspect of digital transformation has been introduced: ID verification. This completely changes business processes and customer experiences. ID verification solutions are used to compare a person’s claimed identity with documentation provided. Supporting documents could be birth certificates, social security cards, a driver’s license, and more. With these measures in place, the risk of identity theft and forgery is dramatically reduced.

What is Digital Transformation?

When digital transformation occurs within a business, they implement new digital technologies to make or change existing business procedures, culture, and customer experience. By doing so, they are following the changing demands in the business and market. This process is very customer-focused and is all about their engagement during the transformation of going from paper to digital.

Why Do We Need ID Verification?

Now more than ever, going digital is the key to survival. Since both customers and employees are not able to leave their homes as much, people are spending more time online. With high unemployment rates in the US, combined with almost everyone having to work from home, fraudsters see this as the perfect opportunity to illegally obtain money. So, it is vital to ensure the people talking to you online are who they say they really are. Unfortunately, there are people out there who are using COVID-19 to their advantage. They are scamming people into donating money, providing personal information, or lying about having medical knowledge to solve the pandemic. As a response to the sudden spike in fraudulent behavior, the FBI established a COVID-19 Working Group. The group consists of FBI representatives from all 56 field offices and 500 participants from the Department of Justice. By May 28, 2020, the Internet Crime Complaint Center (IC3) had received about 320,000 complaints -- almost the same amount of complaints received in all of 2019, which was about 400,000. About 75% of the complaints were with regard to frauds and swindles. In fact, since the pandemic, there has only been an increase in frauds related to stimulus, healthcare, banking, government, and the elderly. If there is a way to stop criminals from stealing people’s identity, the instances of fraud would decrease. And this is where ID verification comes in.

How Does ID Verification Work?

Lightico provides a simple solution to ensure customer safety while also keeping in mind the terms Know Your Customer (KYC) and Anti-Money Laundering (AML). To avoid fraud and identity theft, Lightico has come up with a real-time ID verification platform. Here’s how Lightico’s solution works:

• Customer receives a text message with a link. The link takes you to a secure session with a request for photo ID.
• Customer takes a photo of their ID (drivers license, passport, etc)
• Customer then takes a live selfie which is instantly compared to the ID provided. This will be used to confirm that the person on the phone and the person on the photo ID are the same.
• Customer ID and photo is matched and verified

Benefits of ID Verification

With a good ID&V solution, both customers and businesses have a safer experience when dealing with money or important documents. Here are some features and benefits of Lightico’s solution:

• Instant: Customers can use their cell phone cameras to upload a picture of any photo ID right away and from any location.
• Agent-guided: Agents can help customers complete the verification process while on the phone to eliminate errors or confusion.
• Enhanced security: For additional security, you can use KBA (Knowledge-Based Authentication) and OTP (One Time Password) capabilities.

Impact of ID Verification on Businesses

Lightico’s photo ID verification tool adds an extra layer of security, making your business more credible and trustworthy in the eyes of the customers. As a result, customers are happier. Here’s what Lightico’s ID&V can do for you:

• Accelerate ID&V for smooth onboarding
• Prevent fraud
• Enable KYC and AML

Lightico’s ID verification capabilities help companies prevent bad actors from making it into their systems in the first place, while preserving a smooth onboarding experience. Learn more about ID verification along with the full platform of eSignatures, digital payments, eForms, and more at Lightico.com.