A new and thriving industry - Identity Verification. The service of identity verification is used by businesses to ensure that users or customers provide information that is associated with the identity of a real person. The Identity Verification field is rapidly evolving as tools become increasingly sophisticated and the regulations that drive its usage become more rigorous. Actually, we are at a crucial point in the industry’s development. In 2020, during the pandemic, many businesses didn’t have the sophisticated systems and procedures in place to effectively deal with bad actors, which dramatically increased fraudulent behavior. Research says that there were 4.4 billion fraud attacks worldwide in 2020 and 22.9% of all digital interactions were fraud attempts. Although people understand and appreciate the need for enhanced security measures, they’re equally unaccepting of slow and cumbersome onboarding processes.
Some type of identity verification is legally required in order to register a business in most economies. The pandemic crisis complicated traditional ID verification since in-person interactions were eliminated or restricted. It resulted in an acceleration of digitalization needs in the field of business incorporation to allow a continuity of business creation and avoid in-person contact. Reasonable degree of identity verification is necessary when registering a company. The government in most economies, requires legal proof of identification either for all shareholders or only for the manager and/or director of the company. Checks like these are put in place to confirm the identity of the person registering or managing the company and to ensure that there are no legal or other hurdles that would prevent them from holding the role they are seeking.
A company that doesn’t take identity verification seriously opens itself up to risk. Many of them are the risks of fraud and money laundering. Various companies adopt risk-based models that employ identity verification to assess which users might be high-risk. Then, they can then use this data to create authentication levels based on the risk potential of certain transactions. Later, they can note those that are good and those that might be fraudulent accordingly.
Technology in the past years, has revolutionized the process of ID verification in ways that have benefitted business start-ups. A lot of economies have introduced digital ID verification systems that have proven to be highly efficient and secure when incorporating a business. In case an organization gets their identity verification right, it leads to more efficiency, revenue and transformational benefits.
To know more about the upcoming advancement in this domain, join us in our virtual summit, 'The Future of ID Verification for Businesses'.
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