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LibraryblogHow identity verification is driving innovation in online security

How identity verification is driving innovation in online security

In the digital world, bad actors are constantly finding new ways to defraud businesses and users. As such, businesses need to stay one step ahead at all times; discover why identity verification provides the key to effective, adaptable online security.

How identity verification is driving innovation in online security
Author
Chris Hooper
Director of Content at Veriff.com
February 21, 2023
Identity verification
Finserv
Fraud Prevention
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Intro
Why Veriff

Moving on from the days of outdated security processes, such as knowledge-based authentication, identity verification (IDV) enables businesses to provide products and services simply, safely, and seamlessly. By authenticating customers and shutting out bad actors, businesses prevent unnecessary risks to themselves, their partners, and their customer base.

However, as online crime grows worldwide, businesses need to employ an innovative online security to meet legal requirements and stay ahead of bad actors. IDV provides cutting edge tools like liveness detection, anti-money laundering screening, and biometric authentication, ensuring that customers are who they say they are in just a few simple steps.

As online crime grows worldwide, businesses need to employ innovative security practices to meet legal requirements and stay ahead of bad actors.

Chris Hooper

Unfortunately, some IDV solutions fail to meet the challenge, despite appearing as if they are ahead of their competitors, allowing criminals through small vulnerabilities in their systems.

For example, inadequate biometric analysis software could potentially lead to fraud if a bad actor presents an image of a ‘user’ that is similar enough to their appearance.

As such, IDV providers should have an extremely high success rate in this area, while also offering the capability to root out faked identity information, as well as photocopies, and even videos that have been cleverly deep-faked. Your IDV should stay ahead of the curve and anticipate new fraudulent techniques as they become apparent.

Fast decisions

A 98% check automation rate gets customers through in about 6 seconds.

Simple experience

Real-time end user feedback and fewer steps gets 95% of users through on the first try.

Document coverage

An unmatched 11K+, and growing, government-issued IDs are covered.

More conversions

Up to 30% more customer conversions with superior accuracy and user experience.

Better fraud detection

Veriff’s data-driven fraud detection is consistent, auditable, and reliably detects fraudulent forms of identification.

Scalability embedded

Veriff’s POA can grow with your company’s needs and keep up with times of increased user demand.

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