ID verification service helps you verify your customers’ identities. It also allows you to know if your prospective customer is telling the truth about who they say they are. Knowing exactly who you’re dealing with is critical for many organizations, especially when it comes to financial transactions. However, an identity can be hard to verify. People can give false information about themselves or even create fake details to get around verification processes and access services fraudulently.
ID verification service provides a vital safeguard for businesses in today’s digital world, especially those transacting online or remotely. The process allows merchants and other organizations to verify the identities of their users without meeting them in person. It also takes away other steps that would require a high level of resources or infrastructure. ID verification service helps reduce user friction, protect against fraud and increase client satisfaction by enabling fast onboarding and providing certainty about the authenticity of user data.
Fraud is a primary concern for online retailers and payment processors alike, not only because it costs money but also because it can damage a brand’s reputation. According to The Cybercrime Survey 2020, 58 % of the respondents stated they had experienced one or more security incidents in the past 12 months. 79 % of organizations have experienced security incidents have been exposed to phishing attacks. Given these numbers, it’s easy to see how fraud could cripple an eCommerce business if strict security protocols were not in place.
What’s more, many consumers (especially older generations) still lack confidence in online shopping and routinely avoid it as a result. But by providing a safe and secure platform on which your customers can shop without fear of identity information of theft or other fraudulent activity. You will win their trust while increasing productivity within your business model.
Industries that can benefit from ID verification service:
Verifying ID documents in real-time is critical: most of your customers won’t want to wait for days for their identities to be confirmed. The best services will complete verification within minutes, so you can quickly and easily begin serving your customer.
Similarly, the service you choose must have remote and mobile device verification capabilities. There may be times when a customer cannot bring their ID documents into your physical location, such as when they are attempting to open an account at home or on the go. Having a flexible digital ID verification service means you can offer this convenience to customers—and keep them coming back again and again by making it easy for them to get what they need from your organization.
Finally, it would be best to look for a service that gives you the ability to pull out information from verified ID document verification automatically and integrate it directly into your current processes. For example, suppose a customer uses their driver’s license or passport as identification during registration. In that case, the service should automatically be able to extract information like name, address, and date of birth. It will save time on both sides and make sure nothing gets lost in translation!
When you use an ID verification service, you can establish that customers are who they claim to be in a matter of seconds. The end result is a streamlined customer onboarding process that’s both cost-effective and secure.
Other benefits include:
Some businesses have an in-house ID verification service that is used for identity verification and fraud prevention (often in the context of KYC compliance). This is a great option for companies with the resources to hire a team of experts to maintain such service. But for many global businesses, the scale and complexity of their operations make it more efficient and effective to use an outsourced ID verification service.
The market is full of providers, so how can you decide which one to choose? You need to find a provider who can meet your needs.
Suppose a user wants access to your platform or service. In that case, they provide their personal information and go through the verification steps using an official ID document via a smartphone app or website. We verify instantly whether the information they’ve provided matches what is on the document—and then report back our findings, so there’s no delay impacting your business operations.
Our smart integration options ensure an easy connection between the platform and your existing systems using API. The API can be “connected” to virtually any of your customer-facing applications: mobile app, desktop app, or website. We process all data sent through an API and then securely send it back as quickly as possible.
Fully-Verified’s ID verification service can recognize over 5000 document types, including national IDs, passports, and driving licenses. This powerful technology allows organizations across sectors to improve customer experience and user onboarding, reduce the risk of identity fraud, and minimize costs associated with manual review. Our solutions improve overall security and help businesses meet compliance with anti-money laundering regulations.
Take your ID verification service and anti-fraud verification processes to the next level with:
Fully-Verified was created as answer to its founders collectively losing over $150 000 to various types of fraud in their eCommerce businesses.