The move to digital transformation continues to increase as the world becomes more dependent on modern tools to expedite and simplify processes. More and more people resort to online and mobile means of performing tasks like online shopping, payments, and other transactions. While technological innovation is well-intentioned, criminals see it as an opportunity to devise new fraudulent tactics.
Sticking with a legacy system is not ideal in the digital era because outdated security measures and manual checks often become sources of problems rather than solutions. These outdated identity verification procedures are susceptible to traditional forms of fraud and are even more vulnerable to new ones.
When criminals succeed in infiltrating the network, companies will suffer severe losses. According to PwC, firms have lost $42 billion from 2018 to 2020 because of fraud-related crimes. Security risks can also drive away customers and weaken employee morale.
Customer identity verification remains paramount to ensure that institutions interact only with legitimate persons. Enterprises must deploy robust identity verification for digital onboarding to block fraudsters right from the start. They must use modern technology like mobile facial biometric identity proofing that has security features like anti-spoofing to prevent scammers from cheating the procedure.
Furthermore, they must deploy digital identity document authentication so that customers do not need to go to the institution in person to have their credentials verified. An automated system also eliminates the risks of manual checks such as human error, inaccuracies, theft, and document misplacement. Digital identity document authentication harnesses artificial intelligence and machine learning to compare the customer’s ID to known specimen documents in trusted databases.
Since these solutions allow mobile integration, they also enable establishments to meet customer demand for faster and more convenient services. Identity assurance plays an essential role across industries. To know more about the subject, Ipsidy provides the following infographic.