The large companies are facing heavy financial scams due to increased dependence on the digital media. The businesses can ensure that they are interacting with the right person. If any irregular activity is detected, it is responded to on the spot.
What is e-Identity Verification?
Online electronic identity verification ensures the same person is trying to log in to the account. The business must onboard clients after proper verification. Otherwise, they have to face heavy penalties. Organizations that do not integrate the biometric system
have an increased risk rate. There are chances that they can onboard the illegal person, and such individuals can cause loss to the company. Therefore, businesses must verify the user’s identity, record its data, and monitor its activity. Thai aids in measuring the client’s due diligence; the business can then segregate them according to their risk level.
Why is Electronic Verification Necessary?
In 2022, Australian cyber security faced 76 thousand cyber crime cases, and this ratio increased compared to the previous year. The drastic rise in these crimes has enhanced the significance of electronic ID verification. If the client has given the authentic documents, then it means that the customer is accurate. Otherwise, a red flag is displayed, meaning the customer is unauthentic. The company has to take measures against high-risk customers so that the organization can plan accordingly.
Types of the User e-Identity Authentication
The following are the types of the e-IDV:
- Biometric Verification
The solutions use the unique physical characteristics of the clients, such as eyes, face, fingerprint, and voice, to verify the customer’s identity.
- Document Verification
The customers’ documents are verified; these papers include identity cards, utility bills, and bank statements.
- Knowledge-Based Verification
The system asks questions from the client, and this includes the mother’s name and the address of the user. They ask for information that is only known by the customer so the hacker can’t bypass such accounts.
- Email Verification
The system uses the credentials of the client and sets up an account, and this is used to verify the email account of the client.
- Phone Verification
The client makes the account on the personal mobile phone, and after this, a code is sent to the registered number. If the client enters the valid code, then it means that the user is authentic; otherwise, the verification is rejected.
Customer e-ID Verification: Best Practices Involved on it
- 2 Steps Verification
The verification system includes multiple steps; the hacker has to bypass more than one security check. The hacker can’t decode the system’s algorithm. In every phase, they must prove their identity. If any unknown person is trying to get access, then the scanner will immediately record the irregular acts. The client’s fingerprints are verified, their document is checked, and other than this, they must respond to the questions displayed on the screen.
- Keep Up-to-Date Information on the User
The continuous monitoring feature of the biometric system aids in getting the latest knowledge of the client. The companies keep the updated knowledge of their users and then provide them services accordingly. The user’s trust is also built when the company is in touch with the customer and provides services accordingly.
- Personal Data Protection
The chances of data breaches are reduced as the customers’ information is in safe hands. The companies can secure the credentials of their clients and safeguard them against fraudulent activities. Electronic identity verification provides the services, and they do not expose the users’ data.
eIDV enables the surveillance of the companies by allowing only authentic customers to interact with the company. It aids in compliance with the regulations of the legal authorities, and in this way, the penalties of the companies are also reduced through it. It is a one-time investment, its results are promising, and they do not discourage their services. The brand image of the business is maintained when they are safeguarded against fraudulent activities. The companies that are implementing it can rank them globally. The companies can monitor the activities of their employees and then reward them accordingly.