The Role of ID Verification in Fraud Prevention
Digital frauds, such as identity theft, are on the rise. Digital businesses that deal with
consumer data are the major victim of these frauds. As online frauds and data breaches are affecting millions of consumers, so it’s essential for almost all organizations to use online identity verification solutions.
Identity verification service is crucial for fraud detection and prevention. With identity authentication software, businesses can protect sensitive information, and increase confidence in their security system, and lock out bad actors.
Why Should Businesses Use Identity Verification Software?
After COVID-19, markets and businesses are shifting toward the digital sphere rapidly. Therefore, identity verification software solutions are the need of the hour for organizations to secure their businesses. Moreover, these solutions can provide a seamless customer experience. AI-powered tools are used for online customer authentication and in-person identity verification.
Digital identity verification solutions have a bright future in the business industry because they’re perfect for fraud prevention.
What Can Fraud Prevention Software Do for Your Business?
As mentioned earlier, fraudulent activities are on the rise. Therefore businesses should use identity authentication software to prevent unauthorized users from accessing services or accounts. Business owners can use such tools for the following tasks:
- ID Verification
By verifying the user’s ID, it becomes easy to prevent fraud. Document id verification software can help detect fake or tempered documents. These tools are smart enough to ask users for their government-issued ID card, Passport, or Driving License. Users need to upload a picture of these documents.
The software analyzes this information and compares it with the database, and in a few seconds, it provides results about the authenticity of the document and person. So, businesses can decide whether they should grant access to a particular user or not.
- Onboarding
It’s another excellent method of verifying a user’s identity to prevent fraud. In this method, users are asked to take a Selfie before they can access the service or account for the first time. After that, this Selfie is checked for likeness, and if identity authentication software decides that person is real, they can enjoy a seamless experience.
Fraud prevention software can also be used to verify the identity of returning users. The process of verification will be the same as mentioned above.
Why AI-Powered Identity Verification Service Is Essential for Fraud Prevention
Digital frauds can take place in different forms, for example, identity theft, chargeback fraud, and Card Not Present. All these frauds happen by providing unauthorized access to sensitive credentials. Fraudsters find lapses in verification processes to get access to sensitive information.
Nowadays, username and password verifications are not enough to prevent fraudsters from getting access to user accounts. Therefore, AI-powered digital identity verification software becomes critical to mitigating these frauds. Identity verification software solutions ensure that only authorized users can access applications or sensitive data.
For example, tools like IDefy, offer a Liveness Detection feature to ensure that an authorized and the real person is present for verification. These solutions are powerful enough to detect fake people and tempered documents. So, everything takes place within a few seconds, so the customer’s identity can be verified in no time.
Use IDefy for Fraud Prevention
So now you understand the role and importance of ID verification in fraud prevention. The next most important step is to choose reliable identity verification service providers. Luckily, you’ll not have to spend too much time finding identity verification service providers because, with IDefy, you can prevent fraud and protect your business from financial losses.
IDefy offers the following solutions for its users:
- ID Verification
- Liveness Detection
- Document Processing
- Face Identity Verification
So, if you need help with the services mentioned above, you can contact us today. Our solutions can help you prevent fraud, make the customer experience seamless, and help protect the sensitive information of customers. So, without wasting time, get identity verification software solutions today and secure your business.