The most critical task that digital businesses have to do in the online space is the verification of their customers. Every business entity is built on some measures. Businesses try to provide their customers with the best possible services and to generate a great number of sales for themselves. The desire is not big but it can only be realized if companies adopt the required necessary measures. Identity verification is one of the answers to challenges businesses have to face online.
Online identity theft is a major problem that online entities are facing these days. With each passing year, the graph of online theft frauds increases. The alarming situation is enough for digital platforms to incorporate professional measures to reduce the number of digital fraud. Identity check authentication verifies the customers for businesses at the time of customer onboarding and for other reasons depending upon when to perform the identification.
Identity Verification
verification is beneficial for both businesses and their customers. The entities can protect their reputation while complying with all the regulatory measures. It also gives them a chance to increase sales in a legalized way. Customers also get benefitted from the verification services in a way that their information can be secured through it.
There lies a huge difference if we talk about traditional and digital identity authentication systems. Conventional ways where they were simpler also possess less modernized techniques. The process was tedious for both the customers and business staff given the fact that physical efforts were involved. Customers had to visit the workplaces along with their documents where the staff would take days to complete the process.
As far as customers are concerned, they also disliked the process of visiting offices along with their documents. The chances of errors also did not let the customers have complete trust over the identity verification process.
Beneficial Scenarios Of Identity Verification
Identity authentication online is a verification process that happens in real-time and is useful in the following scenarios:
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Phishing Attacks
The most favorite method for fraudsters to attack any innocent user is through phishing attacks. Criminals send fake SMSs or emails to customers. They pretend the email is being sent from some authentic source and ask the customer to send their personal information like name, date of birth, and credit card details, etc. Sometimes fraudsters do not hesitate to ask the passwords of customers as well.
Customers who become victims of the attacks, send their credentials to fraudsters and let them enjoy the benefits of their identity. Think for a moment, why would your bank or any other reliable entity ask you for your personal information that too on an SMS or email. Financial institutes nowadays do not even send you the one-time password on SMS. customers should be efficient enough to understand this fact and save themselves from becoming a victim in the hands of fraudsters.
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Customer Onboarding
Customers are being onboarded based on the verification measures. Onboarding processes were never as easy as they are now with the help of identity check authentication. At the time of registration, customers get verified by businesses.
In the digital world where businesses have to perform tasks swiftly and customers are accustomed to using the internet, no one can survive the slow verification processes. Thanks to the identity verification system, businesses now can onboard customers within minutes.
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Age Verification
Identity verification is also the most likable choice when age-restricted industries have to comply with laws. Such businesses have to restrict children from gaining access to their platforms.
The sensitive age-exclusive industry can never sustain their businesses if they do not comply with verification of identity laws.
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Address Verification
Identity check authentication is important for verifying addresses. Fraudsters make purchases online and then claim the chargeback. Reports suggested that there was an increased number of chargeback frauds that the businesses experienced in the recent past.
A chargeback can be reduced if product delivering companies and businesses use the identity authentication system. In the process, companies require customers to upload their ID document along with any other secondary document containing the address of the user. Software extracts information from the document and verifies it to check whether the address of the user is authentic or not.
Conclusion
In the digital age, where businesses are adopting digital spaces and optimizing their services according to the customers’ needs. Identity verification online is deployed by entities to verify “their customers are who they claim to be”. The identity of a customer can be identified through the address, age, and ID documents of the users.