5 Benefits of Automated Identity Verification for Organizations
Navigating the current reality of identity theft and online fraud is a shared concern for organizations across industries—whether they are financial institutions, retail corporations, or government institutions. It is a task to face the challenge of creating a seamless ID verification process as a first line of defense while reducing transaction friction and deterring fraud. This blog will look at the advantages of employing automated identity verification in businesses, highlighting its role in improving security, curbing fraud, and ensuring compliance.
Before delving into the advantages, let’s lay the groundwork by understanding the foundational concept. Automated Identity Verification refers to the process of using automated technologies and systems to verify the identity of individuals. The goal is to ensure that the person claiming an identity is indeed who they say they are, in a quick, efficient, and secure manner. Traditional methods of identity verification often involve manual checks such as reviewing physical documents. Automated identity verification leverages technology to streamline and enhance this process.
Here are several advantages that businesses and organizations can reap through the implementation of automated identity verification solutions.
Precision
Leveraging automated ID verification reduces the chances of errors due to misreading information or overlooking crucial details. The system swiftly conducts multiple cross–checks; encompassing the machine-readable-zone (MRZ), visual-inspection-zone (VIZ), data within the RFID chip, and security features of the document. Optical Character Recognition (OCR) seamlessly converts data from ID document images into machine-encoded text. Automated solutions mitigate risks by employing algorithms and technology specifically crafted to identify inconsistencies and anomalies. Accordingly, it heightens verification accuracy, thereby minimizing associated risks.
Efficiency
Efficiency is a key driver for businesses adopting automated identity verification. Depending on the level of how detailed the verification process needs to be, verifying customer identities could be a time-consuming and labor-intensive task, especially when dealing with a substantial number of customers to be checked. Such challenges can cause delays in the customer onboarding process. The time and resources saved through automated identity verification allow businesses to redirect their focus toward essential core operations. This not only optimizes internal processes but also facilitates scalability, allowing businesses to enter new markets, and effortlessly adapt in onboarding a growing customer base.
Real-time results
Real-time results are one of the advantages of automating ID verification. The ability to swiftly analyze and confirm user information within seconds streamlines the onboarding process, leading to quicker turnaround times for customers. The speed of verification enhances the overall customer experience, providing a responsive onboarding journey. Real-time results are particularly crucial in scenarios where timely access to services or information is imperative, such as in financial transactions or secure facility access.
Advanced features
Advanced features represent another noteworthy advantage of automated ID verification. Automated ID checking opens pathways for incorporating additional technologies into the system. Notably, features like PEP and Sanction screening, facial recognition & other biometrics technology, as well as other enhancements can be integrated. This holistic approach introduces enhanced functionalities, aligning the solution with evolving technological landscapes and security requirements.
Generates audit results
Most of the time, an automated ID verification solution gathers extra data and generates an audit document. Such data is helpful when organizations would like to create logs and reports, enabling them to maintain a comprehensive record of the process, enhance transparency, and facilitate compliance with regulatory requirements.
The adoption of automated identity verification not only addresses the pressing challenges of identity theft and online fraud but also positions businesses for increased efficiency, accuracy, and fortified security measures.
Keesing AuthentiScan
Wherever you are in the world and whatever the situation, Keesing AuthentiScan, makes it quick and easy to verify ID documents and confirm a person’s genuine identity. Fully compliant with AML & KYC regulations, you can check 6,000+ types of ID documents from 200+ issuing countries and institutions. Our technologies have been developed to be as accurate and user-friendly as possible to boost efficiency and security and speed up business transactions in both online and offline settings.
In exceptional cases like discrepancies in the provided documents, the Keesing Expert Helpdesk gives conclusive checks & support. Our Expert Helpdesk team is trained by our certified experts, with experience in royal military police, immigration, border control and commercial setting. They assist customers by answering document-specific questions, inspecting questionable IDs, and helping companies decide whether to accept or decline presented documents.
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