Online fraud prevention is something that is haunting internet-based businesses for a long time now. Every year, a large number of businesses suffer from losses that have their origin either in the stolen identity or cashback requests. In a recent trend, digital frauds are being conducted in which account takeover is the preferred method of perpetrating digital scams. ICOs and online financial services have their own set of problems caused by money laundering activities being performed by rigging the online systems that are put in place in compliance with anti-money laundering guidelines of national and international regulators. But only with the help of a highly sophisticated yet simple to operate identity verification system, all these challenges related to online fraud prevention and anti-money laundering can be handled.
How Identity verification is the answer?
Identity verification services have the ability to determine that the identity claimed by an end-user is actually owned by them or not. Most of the digital fraud originate from false identities, sometimes even those of the customers that have paid huge fees to avail a certain set of information. Identity verification creates a smooth and risk-free user experience for businesses without compromising on the quality of services.
Most KYC service providers offer ID verification and document verification to authenticate the true identity of an incoming user. This process can be time-consuming and cause friction in the overall customer onboarding or service delivery process. On the other hand, biometric verification not only smoothes over the difficulty to perform identity verification but can also reduce the overall costs of user verification. But there is one major problem with conventional means of biometric verification. Almost all of them require the physical presence of a user at the time of verification and biometric authentication methods such as fingerprint scans and iris scans are not feasible modes of verification for online identity authentication or remote KYC services.
Perfect Biometric Verification Service
Only Facial verification is the right and accurate method to authenticate a user’s identity with the help of biometric verification. Little to no special hardware is required to perform face recognition as both webcams attached to laptops and mobile cameras of a smartphone can take a picture of verifying the user and authenticate the facial or biometric features of a person.
KYC guidelines require businesses to collect personal information of their customers and facial data can be used to not only collect authentic user information but use that data for verifying their identity in real-time. Despite the highly advantageous nature of biometric verification for KYC, only a few identity verification services are able to master the art of face verification. Shufti Pro is one such AI based identity verification service that is offering multiple KYC verification services, including biometric verification with the help of facial verification and liveness detection. With real-time verification results available in over 230 countries of the world, Shufti Pro has the ability to verify end-users without a shred of doubt about the identity of a customer.