Digital operations are the latest trend in business culture today. The virtual business world is the present and the future. Many essential business factors and aspects have become more critical than ever before. Identity verification service is not any different. There’s a reason why it witnessed a drastic surge in demand in 2023. Before we talk about what is identity verification, let’s take a look at some background.
When the Covid-19 pandemic hit the world in 2020, everything started happening through digital media. With more business operations occurring online, frauds also peaked at the same time.
But the identity verification experts got hold of the situation rather quickly and reinforced security measures. The result is that it has become more firm and powerful. While reading this article, the identity verification market has already crossed the $7 billion mark. This mark is expected to cross the $18 billion by the end of 2027.
Given that every business needs to go online for maximum outreach, you need to take identity verification seriously. Online frauds can lead to hefty penalties and also diminish your brand image among your audience. To avoid all this, you must amp up your identity verification methods to ensure a safe business at all times.
Table of Contents
What is Identity Verification?
Identity verification service is a set of methods that verify the identity of customers and clients over digital media. Identity check through e-KYC is a speedier and more streamlined process that simultaneously verifies many customers’ identities.
It includes face recognition and entering other customer details to create a detailed and robust data record of customers. With e-KYC, customer onboarding becomes fast, hassle-free, and secure.
Why Is It A Must in 2023?
Online platforms have become an important part of digital business. It has become even more essential since the Covid-19 outbreak. Let’s take a look at the top reasons that make online identity verification an absolute necessity in 2023.
Identity Frauds at a Record High
Gone are the days of fake social security numbers. Technology has moved ahead by leaps and bounds now.
As mentioned before, 2020 was a year that turned out to be a nightmare for many and a growth opportunity for others. With more businesses going online, malicious elements of the internet found more opportunities to steal, hack, phish, and fraud.
Digital robbery is a dire concern along with identity theft. If identity frauds are not kept in check, trillions of dollars will be lost, which is not suitable for anyone apart from criminals.
Technology doesn’t help business owners and the security industry alone; it has also helped fraudsters a great deal. Take artificial intelligence, for example. From forged signatures to photoshopped images, things have advanced that synthetic identities are created to do every possible crime on the internet.
A wise man once said, “Diamond cuts diamonds,” and keeping true to that, identity verification also needs to be more well built to control the threat.
Data Privacy and Security a Major Concern
It all started with the General Data Protection Regulation (GDPR) that came into effect in 2018. Any business that has to deal with the citizens of the European Union, directly or indirectly, has to follow the GDPR.
Once GDPR came into effect, California’s Privacy Rights and Enforcement Act of 2020 came into effect, too. They prioritize data privacy and security over the business and everything else. Do you know what is common between GDPR and California’s Privacy Rights and Enforcement Act of 2020?
Data security is a crucial concern, and no citizen wants their data to be accessible without their consent. If a business is unable to keep its customer data secure, it will face legal action. It will also hamper the business’s brand image as it shows that a business doesn’t care about its customers’ data security.
On top of that, the business will also lose money. Nobody walks out happy from such a situation. Opting for identity verification services is important to ensure that customer data is safe.
Credential Stuffing – The New Cyberattack
You must have heard of the term “credential stuffing” in the digital landscape recently. Keyword stuffing is wrong in digital marketing and, credential stuffing is malpractice to access user accounts fraudulently.
Credential stuffing is the process of entering sets of usernames and passwords to get entry into user accounts. In 2020, 36 billion user accounts were breached. Such a massive number of data breaches is a clear sign that identity verification must not be taken lightly in any condition.
Ethnicity and Face Recognition
AI-powered facial recognition software has limited capability. As the world becomes local on the internet, the reality is that people of different races look different. They are not tuned to recognize faces from all races. So, if your client is of varying ethnicity and lives in another country, it may be hard for you to verify their identity.
When you come to think about it, identity verification is not an option anymore. It’s one of the critical steps in every business. It is the need of the hour. As the internet and technology advance, you’ll need to stay updated about the new and more reliable identity verification methods.
Identity verification can get difficult sometimes, but it doesn’t mean that there is no easy way to do it. The most efficient way is to trust an experienced identity verification services provider. This is where iDenfy comes into the picture. With iDenfy by your side, you are just a call away from getting the most reliable and professional tool on the internet today.