Before the COVID-19 pandemic, our dependence on technology was already accelerating at an exponential rate. The socially distanced “new normal” we find ourselves in has only exacerbated this seemingly rapid transition to doing nearly everything online. Global reliance on digital payments has increased 50% for online shoppers since the start of the pandemic. And why shouldn’t it? Digital payment methods, such as e-wallets and contactless cards, are cleaner and more convenient than their traditional counterparts. But does convenience always translate to what’s safest?
As it turns out, online transactions and fraud are increasing at the same rate. With malicious bots and bad actors actively trying to exploit this new trend of consumers relying on digital commerce, understanding the importance of ID verification is critical. For starters, the demand to be able to open a bank account online has never been higher. But this soaring demand does nothing to diminish the need for financial institutions to take regulatory compliant security measures to protect their customers. These measures always include sufficiently verifying the customer’s ID before opening an account in their name. But how do you verify a remote face behind a digital screen?
Online
businesses often rely on ID verification services to smoothly
facilitate this process and comply with anti-money laundering policies.
Typically, if you are opening a bank account, you’re asked to provide
your driver’s license and another valid form of ID. And while it’s
pretty easy to spot a fake ID in person, it’s far more difficult to
detect fraudulent documents online. An ID verification service bridges
this security gap by comparing user documents against large databases
and screening for irregularities that indicate fraud. In so doing, these
services are validating the customer’s sensitive information while
keeping it secure. If you are looking for an online id verification
service, visit this website.
It’s safe to say that these services play an essential role in reducing our chances of falling victim to identity theft. But they do a lot more than that. Automatizing the ID verification process also streamlines the customer experience. Manually navigating KYC procedures takes, on average, more than three weeks. But cutting-edge ID verification services can perform authentication in a minute flat. Banks save money by reducing human error and fraud, while customers can open new accounts and apply for loans more easily than ever before. ID verification is genuinely a win-win, and it’s here to stay.
Read a similar article about KYC verification here at this page.
