Digital Identity theft has become a haunting menace for online businesses, especially those that are providing services to their clients with the help of user accounts. Last year has seen account take over as the leading cause of digital fraud where user accounts of authentic clients were compromised and used by fraudsters for making unauthorized purchases creating havoc for digital businesses. For years, online identity verification has been considered a proper tool to fight online scammers but the friction caused due to time-consuming identity verification procedures have reduced the potential of ID verification and KYC authentication as the perfect shield against online frauds.
Digital Identity theft on the rise
Frequent data breaches and more than poor performances of large online businesses have created havoc on the online services and reduced the trust shown by online clients on the overall service standards of digital channels. Time and again, news has been released of large scale data breaches compromising personal details and financial data of clients brought onboard by digital businesses. Scammers and fraudsters have used that personal information to log in to existing accounts of real-life people causing a classic case of digital identity theft.
Online Biometric verification is the solution?
As mentioned earlier, businesses that wanted to tap into the potential of the internet-based clientele were given the choice of user identity verification services in order to authenticate access to their online services and platforms. Most KYC service provider claimed to properly vet the credentials of the incoming users but the methods used by these identity verification services were sometimes faulty and even when they used to perform according to their claims, it took forever to get a user verified against their provided personal information.
Online Biometric verification, on the other hand, offered a quick solution to an otherwise painstakingly long process. Using unique personal information collected through biometric features of a user, biometric identification can help online businesses to authenticate users in real-time. The cost of such biometric verification is also very affordable for even the most humble businesses that do not want to become a victim of digital identity theft cases of frequent cashback requests. Facial recognition services from Shufti Pro can verify the identity of users in real-time and they also cost just 20¢ a piece and you also do not have to sign up for any minimum number of KYC verifications. In fact, Shufti Pro offers 15 days free trial period to its customers in order to help them measure the superior service standards offered by that AI-based Identity verification SaaS product.
FingerPrint and iris scans are considered the benchmark for biometric identification but they fail miserably in case of online biometric verification as they require special hardware equipment to process a verification request. Facial recognition, on the other hand, requires no special hardware, thus creating ease of use for remote user verification as well. Liveness detection and microexpression capturing technology can easily check for any facial spoof attacks or any attempt to perform facial verification through a still image.