Identity Theft Protection Strategy
Identity theft has become a cause of concern not only for frequent users of digital services. But the online marketplace haunt by this form of digital scam. Businesses have to suffer significant losses because of fake identities, stolen credit card details and the worse type of digital identity theft i.e.online account takeover.
Such kind of scams and frauds not only undermine the authority of digital businesses that are worth billions of dollars. But they can also become a bigger headache for these companies as regulators and authorities have started taking notice of the grim situation. Several territories have already adopted strict regulations to ensure that businesses that are not careful with their data protection practices. And that has not implemented strict protocols to counter digital frauds have to pay heavily, in terms of sanctions and monetary fines.
GDPR is one such example that makes all businesses collecting personal information of EU citizens liable to multi-million dollars in case of a data breach. If the collected information used for anything else than the explicit reason for which the data received.
Now that we have established the severity of identity theft and related cyber frauds. Let us suggest which strategy can help online businesses and like in most cases, the latest technology holds the answer to this question as well.
Identity Verification Technology
Well, that was fairly obvious that businesses needed to verify the identity of their incoming users to counter the rising threat of online frauds. But the real question is which strategy will work the best.
Manual review of a person’s identity will severely disrupt the user registration and service delivery standards. Even in case of an automated system. The margin of error increases substantially over time with scammers identifying the weak link more quickly then business would assume.
Artificial Intelligence supported by machine learning algorithms is the appropriate form of technology. That can help businesses to counter identity-based fraud. Digital ID verification technology can get a serious shot in the arm with Artificial Intelligence having the ability to not only perform real-time verification of a person’s identity with the help of an authentic identity document but biometric verification protocols can also be used to check that the original identity document also belong to the person trying to verify their identity with that document.
Benefits Of AI To Counter Identity Fraud
Most of the identity frauds happening around the globe are the concern with account takeover and stolen credentials being used to avail services that scammers are not authorized to use. Artificial Intelligence can counter these scammers by introducing smart verification solutions. That can determine the true identity of an incoming user, and in doing so. If any registering user tries to use fake, doctored or stolen personal information of another user. AI-powered solutions can quickly identify those attempts.
With features such as liveness detection and template matching document verification and facial verification the preferred method to determine the true identity of a user. The most significant benefit of Artificial Intelligence is the development of digital id verification technology. That can support multiple identity documents from a large set of countries. Which means that a world dominated by services and businesses that transcend physical borders. Such Identity verification solution is more than ideal.
Whether it is a Fintech company, an online gaming portal or a social media platform. Every business category and the companies operating with different business models. The model can equally benefit from identity verification software. that can verify citizens from different countries at the same time. Thus eradicating the need to have different Id verification services providers for a different region of operations.
Compliance related requirements also become easier to adhere to with Artificial Intelligence. Each verification is processed explicitly to validate the identity of the user and the collected data is secured from data breaches as well as misuse for commercial purposes.
It is about time that digital businesses start taking online identity theft protection seriously. And there is no better strategy to reverse this rising tide of identity fraud then AI-powered ID verification system such as Shufti Pro. There has been a deep-rooted understanding of the modern online marketplace. That without integrating a state of the art verification product with their service delivery model or user onboarding platform.
There is no way that they can reduce cash back requests or incidents of online users with fake or stolen identity credentials. It establishes with KYC verification and identity authentication services that the impact on user experience is minimal. But the positive effects and benefits are just too much significant which makes them hard to ignore. Data privacy laws and regulations also make sure that the data collected is also secure.