Fraud Prevention through Identity Verification Services


Online fraud is haunting the cyberspace with more and more sophisticated methods that are harder to identify and it is even harder to build a viable defense shield against them. Starting from identity theft cases, it goes all the way to the large-scale hacking of crucial financial information. Identity verification is a viable option to ensure fraud prevention, especially in the digital arena across multiple platforms.
Using ID verification and facial verification services, users with dubious or fake credentials can be red flagged and depending on the level of automation in a verification service, a business can integrate a reliable fraud prevention tool into its operations. Different industries required different approaches in order to make the best out of an identity verification service to combat online fraud and scams. Brief explanations for the role of an ID verification solution in the functioning of some major industries with digital footprint is provided below:

Banking Industry

Identity verification can come in handy for both physical verifications as well remote verifications of users wishing to avail banking services. Most of the online fraud is conducted by using digital services offered by banks, using false credentials to enter into digital resources and then tapping into technical weak links of the system. An authentic identity validation service will act as a perfect gatekeeper ensuring not only registration of genuine customers with real credentials but also checking any unusual transaction activity by the user and reporting it instantly to the system administrators. 

Insurance Companies

There is a an ever-rising trend of false claims being made by online fraudsters and scammers causing loss of billions of dollars to the insurance industry. A trustworthy KYC service can authenticate these claims by examining not only the identity of the user but also verifying the documents presented in their claim.

E-commerce Websites

Online retailers are complaining about a systematic approach adopted by online scammers by using fake credit card information either by online identity theft or by entirely using fake information. Frequent cashback requests and tilt of authorities in the favor of consumers has left e-commerce industry with no option but to suffer losses ballooning to billions. A digital identity verification integrated with an e-commerce can not only ensure that only reliable customers register on a website but can also ensure the authenticity of placed orders at the time of checkout by asking for an original identity document or a handwritten note confirming the purchase from the buyer. 

Conclusion

Shufti Pro is one such online identity verifications service that is not only perfect for banking, insurance, and e-commerce industry but many other online businesses as well. It offers facial verification, document verification, two-factor authentication, address verification, biometric consent verification as well as AML Compliance solutions. It covers 190+ countries and supports over 150 languages, making it a must-have product for businesses operating on a global scale and want to have a unified authentication process for all of their customers. Real-time verification results are provided by Shufti Pro because of its AI-based system.
Fraud Prevention through Identity Verification Services Fraud Prevention through Identity Verification Services Reviewed by Noor Lifestyle on 12:13 AM Rating: 5

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