Which Industries are Reaping the Benefits of ID Verification?
TechsPlace | An emerging global trend being observed across multiple industries for optimizing customer onboarding is that of Online Identity Verification. To enable end-to-end onboarding digitally within minutes, businesses are making use of Identity Verification to live up to the safety expectations consumers have from service providers. At the forefront of using this cutting-edge technology are 4 major industries that have realized how crucial it is to invest in online ID verification.
1. Financial Services Industry
With KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations in place, banks and other financial industries are obliged to comply with them to avoid hefty fines and penalties. To avoid compromising these regulations, onboarding security needs to be increased that can often cause inconvenience for customers.
For example, in order to open new accounts, prospects are required to provide an excess of personal information and paper documents which proved to be an unpleasant experience. To overcome this issue, a new benchmark was set to onboard these customers securely and remotely, through automated methods instead.
To achieve this goal, Electronic Know Your Customer, or eKYC for short was utilized. eKYC checks involve the process of digital verification of customer identity through easy-to-use software. With the help of ID verification software, a customer’s identity and personal information are confirmed simply by providing an ID document along with a biometric fingerprint or face scan.
Facial Recognition applications enable the customers’ ID verification in real-time within seconds. Similarly, Fingerprint Recognition applications require the customer to be verified via a thumb scan. This way, new customers can easily open accounts without any hindrance or inconvenience, and service providers are also assured that their customer base is trustworthy.
2. Telecommunications Industry
Identity theft protection is particularly important to the telecommunication industry, as criminals use stolen identity information and bank details to impersonate others in order to illegally obtain devices. Based on the findings by the Global CFCA Telecom Fraud, identity fraud accounts for 35% – 40% of all the fraud reported within this industry.
On top of that, telecommunication companies also face validity problems while trying to onboard customers from remote locations, due to an inability to verify such prospects. Particularly during lockdowns caused by Covid-19, social distancing had to be observed which made in-person document verification impossible as well.
Through Facial and Fingerprint Biometric software, telecommunication companies are able to tackle this issue. After integrating this software into the system, a monthly reduction of 85% was observed in fraudulent activities in this industry.
3. Healthcare Industry
Just as it is crucial for the financial industries to know their customers, it is imperative to identify legitimate patients in the healthcare sector as well. To ensure that hospitals and healthcare centres are providing their services to authentic, low-risk individuals, eKYC is being increasingly adopted.
Through Biometric Verification, patients can be assisted and onboarded without the hassle of filling out paper-based forms. Additionally, the personal and medical details of patients are also safeguarded through Face-Scanning software. This helps in eliminating the need for creating passwords that no longer provide sufficient protection.
Biometric Verification is also being deployed for access control at hospital entrances and exits. Here, Facial Recognition enables authorized staff members to access areas within the hospital premises safely, without physically having to touch any surface.
4. Staffing and Recruitment Industry
Verifying the identity of new employees has become a priority for the recruitment industry. Through identity authentication at the start of the hiring process, fraudsters can be discouraged from trying to apply. The most optimal solution for improving data accuracy and generating applicants from trusted sources is Biometric Verification.
Recruiters can easily verify candidates through Facial Recognition software, which involves identity verification through features like Face Liveness Detection. By offering advanced security measures backed by biometrics, HR agencies are able to retain employees by proving that the organization considers customer and employee security a prime area of concern.
Manual ID verification of customers through paper-based documents is a time-consuming and inefficient process in today’s age. In order to ensure seamless onboarding of customers, patients and employees, digital transformation has to be embraced by all industries. To accomplish this, Online ID Verification and Biometric Authentication is gaining standardization across a broad base of industries to ensure high security.
Using state-of-the-art technology, ID verification services provide a streamlined solution for authenticating that a customer is who they are claiming to be, preventing both the company and the person from getting involved in fraudulent activities.