Most consumers are scared to read that they need to provide ID verification before using online services. That’s not surprising, either, as many of the ways to verify documents and letters are tedious and require constant back-and-forth, not to mention the amount of time and energy you’ll have to set aside to go through the entire process. Until recently, verifying ID documents required businesses to manually go through these documents, which meant businesses also had to dedicate a lot of time and resources. Not only do businesses need to wait for these documents to be delivered to them, but they also need to undergo verification by third-party organizations to perform identity verification, address verification, politically exposed person checks, and sanction checks. This tedious way of verifying identity slows everything down, and as the market becomes increasingly competitive, businesses cannot afford to falter.
ID Verification Software or Identity Verification API aims to improve the lives of businesses that need to verify identity and verify information. In this article, we’ll look at how ID verification software can take a lot of the burden off businesses and allow them to streamline the process to be more efficient.
What do businesses have to comply with?
Before we begin to explain how ID verification software can help businesses, it’s important that we first understand why businesses need ID verification in the first place. Organizations and businesses must verify that people are who they are according to rules set by the Know Your Customer Check (KYC) and Anti-Money Laundering Check (AML), which help prevent identity fraud, money laundering and data theft.
Businesses and companies that fail to comply with the rules and procedures set forth by KYC and AML are often subject to heavy fines and even jail time.
How does ID verification software help companies comply with AML and KYC?
ID verification software aims to verify and scan documents to ensure that they are all legal and valid.
Better security for customer data and information
ID verification software helps keep customer information safe by performing more security checks before customers continue using the service. This often comes in the form of two-factor authentication, but can also be done with facial recognition and liveness detection. Customers depend on a business’s ability to keep their information secure, and maintaining trust is paramount for a business to receive further customer support. Ensuring that data is stored securely and accessed securely means your reputation remains clean, which will attract customers to use your business.
Just as it is important to screen your customers and users to ensure they are not committing any fraud, it is just as important, if not more important, to screen your employees. This means that you are able to fully verify the identity of your workers and ensure that they won’t do anything illegal to harm the business and that you can trust them with sensitive information. With ID verification software, you’ll be able to perform these checks quickly and efficiently, which means you’ll save a lot of money and resources that you can use for other purposes and needs. ID verification software is great, especially for businesses that operate on a remote basis, because you don’t need to meet with employees face-to-face to verify their identity.
Reduce operating costs and increase revenue
No one will deny the ability to cut costs to save more money, and ID verification software can help businesses achieve this. Instead of hiring and dedicating a team of workers to verify documents and identity, you can outsource this process to a third company. Not only will this cost you less, but it also means that your documents will be verified faster as they specialize in providing this service. You also get more peace of mind because only professionals who focus on this task will perform the task, giving you more confidence in the security of your business.
Conversely, you can use ID verification software to increase your profits, as well! A fast and efficient ID verification check means you can reduce the time it takes to accept clients, which means you can increase the number of clients you can take on. This means the customer experience is improved and they are more likely to continue using your service if they have a good experience. This means that you will have more repeat customers, as customers feel safe interacting with your business quickly.
Protection against online criminal activity
Hacking and other criminal activities on the Internet are on the rise and it is more important than ever for businesses to ensure they have countermeasures in place to protect themselves against such threats. A leak of stored data and information not only puts your business at risk, but also puts your clients and customers at risk whose identities are likely to be stolen. Using ID verification software gives you peace of mind that you’ve taken extra steps to protect yourself. While not being completely disconnected from the Internet is no protection, cybercriminals often find easy, vulnerable targets because they require less time and effort to hack. This means you will miss your target if you use these solutions.
Time continues to move forward and so does the technology that drives so much of our lives. It is imperative for businesses and organizations to ensure that they stay up-to-date with the latest technological developments, as they offer new ways to increase their income and increase their exposure to new threats. Being diligent about the security of your data through the use of ID verification software will not only keep your business safe, but it will also keep your customers safe, which means they will continue to use your services.