5 Online Identity Verification Methods To Protect Your Business
Aug 21, 2019 12:39
In order for businesses to operate in data sensitive industries, they need to implement reputable identity verification methods. In the financial services and healthcare industries, employee and customer information needs accurate verification. While online hiring and buying expedite the onboarding process for companies in industries, it comes with the risk of fraudulent activity.
Business owners struggle to hire employees with high integrity levels when they do not meet candidates face-to-face. And the last thing you want is to run into a comprising data situation, as so many businesses have faced. A secure payment solution provider like Paylidify (https://paylidify.com/ca-en/) will ensure online security, but no matter what services and methods you choose, you should always do your research and stay up-to-date on current security trends.
Today, businesses struggle to keep hackers out of their networks. Despite these struggles, business owners need to hire legitimate individuals online and verify customer identities to avoid dealing with costly issues down the road. In this post, you will learn about the top online identity verification methods to protect your business.
One of the best online identity verification methods for business owners to use is two-step verification, also known as two-factor authentication. This strategy entails enhancing the well-known practice of securing information with usernames and passwords. For an employee to log into a portal with two-factor authentication, they have to answer knowledge-based questions and have a specific form of ID in their possession. One of the oldest examples of this is in cash machines. Users trying to make payments need to input their PINs and have their physical cards. Companies implemented this process in cash machines long ago to keep your money safe. Implement two-step verification solutions to keep hackers out of your sensitive company data.
The best identity verification providers also use liveness detection as a method. When you use this tactic, you check whether the individual trying to create an account with your company is actually present. This is especially useful for managers of data driven companies. They can identify fraudulent activity easily and stop it from occurring at the same time. When a manager's identity verification provider alerts them of fraudulent activity and the person is not physically present during the process, they can block the user. Hence, you can keep hackers out of your systems with this identity verification method.
Furthermore, business owners who use mobile ID for online identity verification succeed in preventing fraudulent activity. This method involves using mobile technology to compare a customer’s face to their government issued ID.
The advanced identity verification solution uses analytics and biometric facial technology to confirm that the customer’s face matches the valid government ID. Since businesses can rely on the solution to verify the validity of the government ID and authenticity of the person, customers can easily verify their identity from their mobile devices. This protects your business against customers who might be trying to send money wires, transfers or exchanges under a fake profile.
Global Coverage Partners
Consider getting global coverage to optimize your online identity verification strategy as well. Providers that offer global coverage use a variety of trusted sources to guarantee security and verify identity on an international level. These global partner sources typically include voter data, tax registries and passport registries. If you want to outsource some of your projects to workers in other countries, this method is crucial. After all, hackers in other countries have the technology to get into abroad companies' information. Fight against them with more powerful technology and resources using this online identity verification methods.
Lastly, artificial intelligence (AI) improves companies' online identity verification strategies too. One of the most advantageous features of AI in the identity verification process is its ability to expedite the entire process. It speeds up verification by compiling and assessing data faster than humans can. This technology is making significant changes in the gig economy and financial services industries where client identity needs verification. In addition, top artificial intelligence technologies can assess documents that incorporate photographs such as passports. Thus, AI-driven solutions improve companies' identity accuracy across various platforms.
Whether you want to hire new employees or verify customer’s information, you need to use the top online identity verification methods. These methods include two-step verification, which takes the typical username and password tactic to the next level. Liveness detection allows businesses to determine whether a user is physically present when creating an account. When companies use the mobile ID method, they use advanced biometric facial technology. If you want to outsource work, consider getting global coverage that uses resources such as tax registries and passport registries. Finally, artificial intelligence expedites the entire process. Implement these online identity verification methods to achieve a high level of data security.
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