Are you familiar with the fact that 2.5 quadrillion bytes of data are produced by human beings each day? Does this pave the way to the query that is this data safe? Are organizations utilizing this data within enhanced security protocols?
Perhaps this whole globe is accommodated with digitization in this tech-oriented world. From the past few decades since the immense evolution of the internet revolutionized the whole globe, manual and traditional methods were replaced with automated operations and digitization. It is almost impossible to wrap your head around the fact that how swiftly technological advancements are revolutionizing our earth.
Considering this evolving cutting-edge technology, we cannot neglect the fact that we are certainly witnessing an extraordinary level of vulnerability. Numbers or hackers are up-pacing in parallel to the progressing technologies. Identity theft cases are increasing with the passage of years. In 2019, fraud cases have struck the figure of 1.72 million, and the figure has increased and hit the figure of $3.3 billion, 1.8 billion more than the previous year. These evolving identity theft cases pace the way for the reality check that there is a dire need for businesses as well as financial infrastructures to enhance their cybersecurity protocols by acquiring innovative identity verification strategies.
Below are the top 5 well-known identity verification strategies businesses must acquire to develop a transparent relationship between merchant and end-user.
#1 Artificial Intelligence
Artificial intelligence plays a pivotal role in the enhancement of cybersecurity protocols of organizations and to fight a strong battle against fraudulent activities. Artificial intelligence assists computers in decision-making just like humans. Innovative artificial intelligence, as well as machine learning algorithms, helps to empower technology that we use in our daily routines such as self-driver cars, search engines, etc. correspondingly, artificial intelligence provides leverage solutions for seamless customer identity verification and fraud prevention. Artificial intelligence leads us to innovative and revolutionary customer authentication solutions. From facial recognition to biometric authentication, from optical character resignation to consent verification, everything involves artificial intelligence and machine learning. Moreover, artificial intelligence synergized with human intelligence helps to make the identity verification process accurate, efficient, and frictionless.
Utilization of blockchain technology assists organizations in the eradication of identity issues such as data insecurity, fraudulent identities, and accessibilities. What makes blockchain technology even more secure and reliable is that the data storage process involves blocks and data manipulation cannot occur in those blocks. A distributed ledger such as blockchain permits every individual in the network to have a similar source of truth about which credentials are authentic without exposing actual data.
The three actors in blockchain-based identity verification are as follow:
- Identity owners
- Identity issuers
- Identity verifiers
Verifying parties do not examine the authenticity of an actual individual’s data in the provided proof but blockchain infrastructure inspects the validity of attestation and attesting parties from which they can distinguish whether to validate the proof.
#3 Biometric Authentication
Undoubtedly, hackers can hack someone’s data but they cannot hack someone’s biometrics. Secure biometric authentication involves the validation of customer’s demographics with a high rate of accuracy and efficiency. AI-powered biometric authentication utilizes 3d liveness detection for quick and secure user authentication using a selfie of the user. Biometric login eliminates frictions and delays and easing the login procedure. 3D liveness detection captures live biometric data for accurate and effective matching. This provides a strong shield of protection to financial infrastructures against spoofing attacks and fraudulent activities. Biometric authentication platforms are capable of integrating with any platform with quick and easy developer options. The biometric authentication procedure is fast yet reliable with the help of AI-powered mapping techniques.
#4 Optical Character Recognition
Artificial intelligence paves the way for intelligent OCR services to combat illicit money transfers, unauthorized access, and fraudulent activities. Optical character recognition is basically data extraction technology for the detection of any handwritten documents. This technology assists businesses with data entry operations. Enhanced OCR technology is offered by numerous platforms, for example, Shufti Pro OCR technology operates with artificial intelligence, natural language processing, and machine learning for the enhancement of security protocols. What makes this platform stand out among other platforms is Shufti Pro provides OCR technology in more than 150 languages. Businesses can eliminate manual data entry procedures and provide frictionless experience with the incorporation of intelligent OCR technology.
#5 KYC and AML Compliance
Organizations must enforce KYC and AML compliance to meet evolving regulatory demands. Know Your Customer (KYC) procedure involves user identity verification with the help of official documents such as government-issued identity cards, licenses, and passports. KYC procedure involves face verification, address verification, consent verification, 2-factor authentication, and multi-factor authentication. KYC procedure eliminates identity fraud with online verification and fast onboarding with human verification specialists. Similarly, Anti-money laundering helps in the eradication of illicit money transfers and possible money laundering activities in financial infrastructures and numerous other sectors. Sophisticated entities can be screened out in a matter of seconds with the AML suite.
There exists a wide range of products and services out there that provides reliable, real-time, accurate, and efficient identity verification solutions. Businesses must integrate themselves with trustworthy identity verification solutions to combat chargebacks and counterfeit activities. Enhancement of security protocols is the dire need of the hour. Financial infrastructures must take advantage of AI-powered identity verification solutions and must implement appropriate checks to combat illicit money transfers, identity theft and to differentiate between good and bad customers.