Things To Know About The Use Of Digital Identity Verification Technology

 


If you have not yet embraced digital identity verification technology in your business, it is something that you should definitely consider giving a try. Gone are the days when establishing an account with a business, such as a bank, healthcare provider or retailer required a visit to a brick-and-mortar location. The advent of web-based registration systems, and more recently smartphone use, has moved this mundane task largely online.

One of the reasons why companies are moving transactions online is so as to harness the power of the internet to grow and serve their customer base. However, this convenience comes with a price. In order to safely onboard customers, you need to verify identities in an online environment, something that creates opportunity for fraudsters since it is far easier to pass an identity verification check online than in a face-to-face environment.

Online identity verification is very crucial especially in this day and age where fraudsters have become adept at circumventing popular online identity verification systems, like knowledge-based authentication, or KBA. Even though KBA is largely considered an outdated approach to identity verification, a lot of organizations continue to rely on KBA which requires end users to respond to questions that are conjured from publicly available personal information. A great percentage of this information has been made widely available by large-scale data breaches and social media, and it can be used by fraudsters to correctly respond to KBA questions.

These days, there are far more sophisticated identity verification systems which have been developed that can make accurate assessments as to the validity as well as true owner of an identity, and the risk involved with converting them to a customer.

For more information on the use of digital identity verification technology, visit our website at https://authid.ai/

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