Electronic identification verification is now not an option for businesses, but it is mandatory for companies using it. These solutions ensure smooth onboarding and continuous monitoring of their clients. Digital scams are increasing daily because hackers have new tricks and techniques to hack users’ accounts. In 2023, cybercrimes are the leading risk to businesses globally, and the cyber insurance market is expected to increase in the coming years. Online identity verification services promise to protect customers from fraudulent activities and cyberscams. It is impossible to decode the logarithms of these accounts because only authentic customers can log in to the account by passing through multiple verification steps. Liveness and authentication of the client are ensured to verify its identity; Otherwise, the customer is not given access to the account.
What are Electronic Verification Systems?
An electronic verification system is a digital mode to verify the customer’s identity. This process begins when the user uploads the scanned copies of the documents; these documents include the name, address and identity card of the client. The scanner then extracts data from the papers, and templates are formed; these samples are matched against the previously stored data in the database. A client risk assessment is done, and clients are segregated based on high-risk and low-risk clients. Based on risk evaluation, user verification is accepted or rejected.
Types of online identity verification services
Following are the types of e-idv process
- Biometric Verification
Biological characteristics of the user are required to verify data; these traits include face, voice and fingerprint verification.
- Phone Verification
Smartphone verification involves three steps. Firstly, the user creates an account on the phone; a code is sent to the registered number. The user submits that code, and registration is done by confirming the code.
Industries Implementing Electronic Identity Verification Services
Here are the top industries getting benefits by implementing online identity verification solutions
- Financial Sector
The Government has made it mandatory for banks, insurance companies, and investment firms to implement electronic identity verification services. These verifications ensure smooth transactions, data privacy and secured accounts.
Eid verification solutions are best for building clients’ trust on e-commerce websites. Most people just visit websites and do not buy anything; retailers can allow only a targeted audience to visit their websites. The government has restricted minors’ access to some products and websites containing mature content. Retailers must follow these regulations; otherwise, they would face heavy penalties. Using these checks, operators can restrict the activity of the minors and allow only verified users access.
- Healthcare Sector
The healthcare sector also implements these checks to onboard patients and give them medication. It saves doctors and patients time; doctors can get their complete medical history with a single click. This way, they can understand and treat their patients well. Identity verification services have also increased the efficiency of the paramedical staff; in hospitals, any delay can lead to severe issues. Therefore, it has become essential for the health sector to implement e-idv service.
- Government Sector
The government is also using these ID checks in the offices for the streamlined functioning of the day-to-day activities. These identifiers save time and eliminate lengthy documentation; manual registrations were time-consuming and hectic.
- Education Sector
COVID-19 has made it obligatory to shift to online mode; all the educational institutes started using digital means. This shift also led to fraudulent activities, so identifying the authentic student was essential. This system ensured that only verified students took exams and enrolled students took lectures. This system also aids in the enrollment of new students, making this process quick and accurate.
- Telecommunication Sector
In the call centers, the operator has to quickly note the customers’ data, which can lead to the wrong information entry. Suc mistakes result in bad customer experience and harm the brand’s reputation. Eidv service provider has made the telecommunication sector free from such errors.
Accurate result of electronic identity verification has enhanced its importance for organizations adhering to anti-money laundering regulations. Businesses must evolve with the evolving technology and adhere to the laws imposed by the government. Because these laws are for the betterment of the companies, they will safeguard the company’s financial risks. When businesses go bankrupt, it also leaves an impact on the economy of the country. Customers prefer companies that keep their data encrypted, transparent and free from data breaches. Privacy is the customers’ fundamental right, and the companies prioritizing it increase their customer retention rate e-div service providers. Prevent businesses from all kinds of fraudulent activities related to digital means.