Identity Verification Solutions Archives https://www.idmerit.com/blog/tag/identity-verification-solutions/ One Source for Global Data Intelligence Solutions Tue, 28 May 2024 06:11:22 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.3 https://www.idmerit.com/wp-content/uploads/2022/05/cropped-IDMerit_Favicon-180x180-1-150x150.jpg Identity Verification Solutions Archives https://www.idmerit.com/blog/tag/identity-verification-solutions/ 32 32 How is Blockchain Transforming The KYC Space https://www.idmerit.com/blog/how-is-blockchain-transforming-kyc-space/ Thu, 16 May 2024 12:59:53 +0000 https://www.idmerit.com/?p=17530 In the fast-paced digital transaction world, more than ever Know Your Customer (KYC) compliance is very essential. The world has seen the surge in online banking, e-commerce and fintech innovations that put pressure on businesses to secure and efficiently confirm customer identities. Blockchain technology has in response to these challenges come up as a game […]

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In the fast-paced digital transaction world, more than ever Know Your Customer (KYC) compliance is very essential. The world has seen the surge in online banking, e-commerce and fintech innovations that put pressure on businesses to secure and efficiently confirm customer identities. Blockchain technology has in response to these challenges come up as a game changer within KYC space providing an unprecedented level of security, transparency and trust.

Blockchain which is the underlying technology behind cryptocurrencies such as Bitcoin operates as a decentralised digital ledger that records transactions across a network of computers. It is suitable for keeping sensitive information like customers’ identities due to its immutable and transparent nature, securely and without tampering with them. By utilising blockchain for this purpose, companies can bring about identity verification efficiencies thereby cutting down the expenses attached to it while becoming more regulatory compliant.

Blockchain Transforming the KYC Space

Here is How the KYC Environment is Changing Due to Blockchain:

Enhanced Data Security: The blockchain records information in a secure and immutable ledger which makes it almost impossible to change or manipulate data. This ledger allows authorised institutions to access and verify customer information quickly without having to ask for repeated documents.

Streamlined Onboarding:

Blockchain can lead to significant reductions in onboarding times by enabling secure sharing of data. Customers need only to be KYC’d once, with their verified details available for other networks used by financial institutions. Consequently, customers enjoy more convenience and less time spent when transacting with different organisations.

Reduced Costs:

Conventional KYC procedures come with high administrative costs that are incurred by both businesses and clients. By automating processes and streamlining the flow of data, blockchain technology can greatly minimise such expenses hence freeing up the money for different tasks.

Improved Risk Management:

Blockchain enables real-time verification of customer details which helps institutions better evaluate risks and make informed choices.

To sum up, the use of Blockchain technology is going to disrupt the way we do KYC offering improved security, efficiency gains as well as cost savings. While the technology matures, businesses can leverage identity verification solutions and know your customer solutions from IDMERIT to implement robust and user-friendly KYC approaches.

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Fraud Prevention Solutions: How to Keep Your Business Safe https://www.idmerit.com/blog/fraud-prevention-solutions-how-to-keep-your-business-safe/ Fri, 29 Mar 2024 06:10:26 +0000 https://www.idmerit.com/?p=17395 With the growth of companies, there has also been an increase in fraud risks. Businesses have consequently begun to adopt fraud prevention solutions due to the rise in digital criminal activities which are essential for minimizing their exposure to any high risk. Similarly, financial institutions and business organizations that depend on online transactions and the […]

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With the growth of companies, there has also been an increase in fraud risks. Businesses have consequently begun to adopt fraud prevention solutions due to the rise in digital criminal activities which are essential for minimizing their exposure to any high risk. Similarly, financial institutions and business organizations that depend on online transactions and the use of digital platforms face a higher possibility of falling victim to various forms of fraudulent activities. Such dangers can only be effectively addressed through stakes meant at robustly taking preventive measures against frauds.

 

Fraud Prevention Solutions

What is Meant by Business Fraud?

Business fraud involves different illegal activities carried out by fraudsters so as to cause severe financial loss or damage to a company. Some of these include payment fraud, identity theft, and insider fraud. In order to protect businesses from possible threats, it is important that efficient and trustworthy methods should be put into place with regard to preventing frauds. Companies embrace advanced technologies such as pre-employment checks (both credit checks and background checks) as well as surveillance systems that enable them to prevent fraudulent acts before destroying huge amounts of funds through those acts.

How Fraud Prevention Companies Safeguard Businesses from Fraud?

Fraud prevention companies play an important role in preventing businesses from fraudulent activities. These companies provide secure and reliable fraud prevention solutions for businesses. Below are some fraud prevention techniques used for preventing businesses from fraud-

Utilizing advanced technology

They utilize advanced technologies such as artificial intelligence, machine learning, and data analytics to monitor and detect indicative patterns of fraudulent behavior. They focus on analyzing huge amounts of data in real-time, which helps identify suspicious activities and indicate fraudulent transactions if any.

Comprehensive Monitoring Systems

Fraud prevention companies set up comprehensive monitoring systems that track transactions, keep a record of interactions, and monitor user behavior across various channels.

Customized Solution for Industries

These companies deliver customized fraud prevention solutions according to the needs of specific industries. They address the unique requirements of businesses from industries like cryptocurrency, banking and finance, healthcare, online gaming and more.

Continuous Improvement and Adaptation

Fraud prevention companies follow a pattern of refining their algorithms and strategies and keep their solutions updated to effectively combat the risk of fraudulent activities. They focus on revising their methodologies and techniques to stay ahead of fraud tactics. They are open to adaptation so that it becomes easy to detect upcoming threats and actively implement measures to safeguard businesses from fraud.

Importance of Fraud Prevention Solutions

Fraud prevention solutions cannot be neglected by businesses who are trying to safeguard their reputation, assets and customer trust from getting destroyed. They play an extremely pivotal role in protecting businesses from fraudsters and also push the companies towards minimizing financial losses, avoiding regulatory penalties, and help maintain business their brand integrity. Identity verification and background screening services are two key components of fraud prevention solutions, ensuring that businesses transact with legal entities and minimize the risk of fraud.

Businesses should keep in mind the following criteria before investing in any fraud prevention solutions. These are as follows-:

  • These should include attributes like data analytics, solutions, real-time monitoring, advanced software integration in current infrastructures.
  • In buying fraud prevention services, they must put into consideration scalability and flexibility. It is supposed to take on future fraud problems as well as fight them off when they occur.
  • Businesses must look for various fraud prevention methods like biometric authentication, KYC verification, age verification, ID verification, document verification, video KYC verification, AML verification, and business verification, and behavioural analysis. Infusing multi-layered fraud prevention is essential for robust fraud prevention.
  • Integration with existing systems is another crucial factor businesses must think about when investing in fraud prevention solutions.

Fraud Prevention Solutions - CTA

Industry-Specific Solutions

Banking and Finance

Fraud prevention solutions are necessary for banks and other financial institutions in order to protect themselves against fraud and loss. These include such things as strong authentication mechanisms, AML measures, and transaction monitoring.

Cryptocurrency

Cryptocurrency is a digital platform for buying and selling with cryptos. Consequently, the use of blockchain technology that provides safety for assets has been suggested by fraud prevention companies.

Fintech

Such companies in the Fintech industry are adopting ground-breaking software solutions that guarantee an exhaustive coverage of comprehensive security systems for example biometric authentication coupled with behaviour analysis against fraudsters. This objective is aimed at detecting fraudulent activities in e-transaction channels.

Healthcare

In the healthcare sector, the goal behind having a system that can identify your patient verification is developing reliable mechanisms in accordance with health regulation policies thereby monitoring claims while preventing fraud in billing as well as personal information theft cases.

Insurance

Between predictive analytics and anti-fraud algorithms, fraud prevention solutions deal with false claims often made by dishonest insurers.

Online Gaming

The Online gaming industry employs fraud prevention solutions for player authentication, account monitoring and preventing minors from payment fraud.

How Can IDMERIT Help?

IDMERIT has a complete range of fraud prevention solutions that are customized to fit individual business requirements and protect against fraud risk and compliance issues. Using sophisticated technological systems, innovative thinking and insight, IDMERIT helps banks and other businesses know their customers’ true identities, identify transactions as genuine or not and effectively manage risk. Our cutting-edge technology and sturdy identity verification solutions give us an edge over ever-increasing fraud threats.

For guaranteed anti-fraud solutions, all global businesses should secure the operations by partnering with trusted companies like IDMERIT. Defend your business from any kind of fraudulent activities using IDMERIT’s unrivaled fraud prevention tools. You can contact us at idmerit.com; our experts are here to engage in a discussion with you.

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A Comprehensive Guide of KYC in Crypto Exchanges in 2023 https://www.idmerit.com/blog/a-comprehensive-guide-of-kyc-in-crypto-exchanges-in-2023/ https://www.idmerit.com/blog/a-comprehensive-guide-of-kyc-in-crypto-exchanges-in-2023/#respond Wed, 01 Nov 2023 12:34:46 +0000 https://www.idmerit.com/?p=17190 In the fast-evolving world of cryptocurrency, Know Your Customer procedures remain a cornerstone of identity verification and security for crypto exchanges in 2023. This comprehensive guide sheds light on the vital aspects of KYC in crypto exchanges for the year, helping users navigate this dynamic landscape. Here are some key points that a comprehensive guide […]

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In the fast-evolving world of cryptocurrency, Know Your Customer procedures remain a cornerstone of identity verification and security for crypto exchanges in 2023. This comprehensive guide sheds light on the vital aspects of KYC in crypto exchanges for the year, helping users navigate this dynamic landscape. Here are some key points that a comprehensive guide should cover:

CONTENTS

What are the Challenges Faced by Crypto Exchanges Without KYC?

Before the widespread adoption of KYC in the cryptocurrency industry, there were several challenges:

  1. Possibility of increasing Fraud: Cryptocurrencies, in their early days, offered a high degree of anonymity. While this was seen as a benefit by many, it also attracted individuals involved in illegal activities such as money laundering and fraud.
  2. Reputation Risks: The association of cryptocurrencies with illegal activities tarnished their reputation. Trust and acceptance in the broader financial ecosystem were hindered, slowing down mainstream adoption.
  3. Financial Risks: Without robust KYC solutions, financial risks and scams increase. Financial criminals who wanted to commit fraud were often attracted to crypto exchanges with no transparency or accountability. This led to financial losses.
  4. Security Threats: The absence of KYC measures has made cryptocurrency exchanges more susceptible to hacking and cyber threats. These vulnerabilities resulted in significant losses for both users and platforms.

KYC Solutions for Crypto Exchanges 2023

The KYC Landscape in Crypto Exchanges

KYC in crypto exchanges refers to the process of verifying the identity of users. It’s a robust mechanism that helps crypto platforms establish the real-world identities of their customers. The primary goal is to prevent fraudulent activities and to create a secure environment for trading digital assets.

To implement KYC effectively, crypto exchanges often turn to KYC solution providers. These solution providers offer a suite of services tailored to the unique needs of the cryptocurrency industry. By collaborating with these experts, crypto exchanges can streamline the onboarding process, enhance security, and reduce the risk with financial regulations. Below is how KYC solutions unlock the power in crypto exchanges:

  1. User Verification: KYC solution providers use a variety of methods, including document verification and facial recognition, to ensure users are who they claim to be.
  2. Risk Mitigation: By assessing user-profiles and tracking their activities, KYC solutions help exchanges identify high-risk individuals or entities. This proactive approach reduces the potential for financial crimes.
  3. Enhanced Security: By implementing robust identity verification, crypto exchanges protect themselves and their users from security breaches and unauthorised access.

KYC Builds Trust and Lowers the Risk of Transparency

Financial misconduct, spanning a spectrum of illicit activities such as tax evasion, bribery, graft, financing of terrorism, and cyber intrusions into online banking systems, imposes an annual financial burden of approximately $1.4 to $3.5 trillion globally, with an estimated $2 trillion channelled through the laundering process.

Notably, crypto exchanges stand as susceptible targets, experiencing losses amounting to $4.26 billion in 2019 alone. The integration of Know Your Customer protocols within the realm of cryptocurrency and crypto exchange platforms can play a pivotal role in the identification and authentication of users, thereby diminishing the risk of financial crime and unauthorised operations.

Benefits of KYC in Crypto Exchanges

Implementing KYC solutions in crypto exchanges brings a multitude of benefits. These include:

  1. Enhanced Trust: Users are more likely to trust and engage with exchanges that prioritise security and trust. KYC solutions make the decision-making process easy on the basis of identity verification.
  2. Reduced Fraud: KYC solutions act as a deterrent to fraudsters and significantly reduce the incidence of fraudulent activities.
  3. Combating Money Laundering: KYC & AML solutions help crypto exchanges avoid hefty fines and reputational damage. These solutions help in recognizing people involved in money laundering and terrorism financing.
  4. Reduced Operational Costs: Automated KYC processes streamline user onboarding and reduce the need for manual verifications, cutting operational costs.
  5. Global Expansion: Crypto Exchanges that prioritise KYC can expand to more countries by demonstrating a commitment to international regulations.

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Overview of Crypto Exchanges in 2023

In 2023, cryptocurrency prices demonstrated remarkable resilience, especially considering that both Bitcoin and Ethereum had their worst annual performances in 2018. Despite a relatively unexciting performance in September, Bitcoin prices have surged by 63.3% year-to-date, while Ethereum prices have increased by 40.2%.

According to the most recent research conducted by Coinfirm, it has come to light that 69% of the 216 crypto-related businesses under scrutiny do not possess “comprehensive and transparent” KYC solutions, a critical component of their AML initiatives.

A separate report from CipherTrace further underscores this concern, indicating that among the top 120 crypto exchanges, one-third exhibit subpar KYC processes, and two-thirds are deficient in maintaining robust KYC policies.

The Role of KYC Solution Providers in Securing Crypto Exchanges

KYC solution providers help to authenticate business identities for crypto industries. They offer a range of services that encompass identity verification. The following identity verification methods are essential for crypto exchanges to stay secure and stable:

  1. Document Verification: KYC solution providers enable exchanges to verify the authenticity of identity documents, such as passports and driver’s licences.
  2. Biometric Authentication: Facial recognition technology ensures that the person submitting the documents is the same as the one in the ID.
  3. Watchlist Screening: KYC solution providers allow exchanges to check users against global watchlists, identifying politically exposed persons (PEPs) and other high-risk individuals.
  4. Ongoing Monitoring: Regularly updated profiles and transaction monitoring help exchanges identify changes in user behaviour that may indicate illicit activities.

Unlocking Efficiency with IDMERIT

There are several key strategies through which a crypto management platform can enhance security:

  • Advanced identity verification
  • Efficient onboarding process
  • Ongoing monitoring
  • Risk assessment tools

IDMERIT provides robust identity verification and Know Your Customer solutions. After harnessing these identity verification solutions, you’ll be able to manage custom workflows tailored to different usage scenarios and incorporate a range of verification methods to align with KYC methods. As a result, we not only guide in maximising conversion rate but also significantly enhance the efficiency of the verification pipeline.

If you’re interested in discovering how IDMERIT can assist you in achieving identity trust and security for your cryptocurrency exchange, please don’t hesitate to get in touch with us or join our community for a direct conversation with our product team. We’re here to engage in a discussion with you!

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Video KYC: The Future Of Digital Identity Verification https://www.idmerit.com/blog/video-kyc-the-future-of-digital-identity-verification/ https://www.idmerit.com/blog/video-kyc-the-future-of-digital-identity-verification/#respond Mon, 25 Sep 2023 09:36:27 +0000 https://www.idmerit.com/?p=17142 While IDV using traditional KYC methods is deemed outdated and remote interactions and transactions have become paramount, video KYC has turned out to be a game-changer in the world of Digital Identity Verification. This blog helps to identify that many leading identity verification providers have now started offering Video KYC solutions, making it easier for […]

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While IDV using traditional KYC methods is deemed outdated and remote interactions and transactions have become paramount, video KYC has turned out to be a game-changer in the world of Digital Identity Verification.

This blog helps to identify that many leading identity verification providers have now started offering Video KYC solutions, making it easier for businesses to onboard customers securely and efficiently.

CONTENT

What is KYC? How does it help in Reducing Fraud and Authenticating a Customer’s ID document?

Know Your Customer (KYC) is an identity verification process used by businesses and financial institutions to verify the identities of their clients. KYC has become a powerful tool for industries to protect themselves and their clients from the ever-evolving landscape of fraud and risk.

The main aim of KYC is not only to prevent fraud but also to authenticate user’s identities to ensure that they are who they claim to be. It also helps in complying with regulatory requirements and safeguarding sensitive customer data.

Our robust identity verification solutions can help financial institutions and businesses effectively reduce the risk linked to fraudulent activities. These solutions incorporate cutting-edge technologies like face recognition, document scanning, and biometrics to guarantee the precision and authenticity of the user’s identity.

The KYC process works by collecting and verifying essential information from individuals to confirm their identity and make sure they are who they say they are. This typically includes personal details such as name, address, date of birth and often involves document verification, like passport and driver’s licence.

Video KYC Solution

What is video KYC?

In this advanced world, digital KYC has become paramount. Video KYC, or Video Know Your Customer, is an advanced form of KYC that is used for verifying a user’s identity remotely through a Video call. Video KYC solution providers offer video KYC solutions to verify customers’ identities by checking their documents and matching them with their real-time appearance.

These solutions involve a live video call between an agent and a client. The purpose of this live video call is to verify identities, which reduces the risk of fraud and enhances customer convenience and security. The agent on the other side of the video call verifies the user’s identity by verifying their details and matching them with their real-time appearance.

Video KYC has now been adopted by several industries, including Banking and Finance, the Cryptocurrency exchange industry, fintech companies, Education, Healthcare, as well as the Insurance sector. Additionally, businesses can integrate Video KYC into their systems through Video KYC APIs, making the process even more streamlined and efficient.

How did Video KYC replace traditional KYC methods in identifying a user’s identity?

Before entering the digital world, KYC was performed manually with conventional methods. It was one of the main concerns for banks and other financial institutions; e.g., When the banks used to onboard clients, they asked them to fill in forms, scan their identity documents and then make them wait for an answer. In some cases, they also used to visit client’s residences to check whether they had given the correct address proof or not. This was no doubt a time-consuming job and also cost a lot of money.

In contrast, Video KYC has emerged as a revolutionary solution for this problem, replacing traditional KYC methods for identity verification. Unlike complicated paperwork and in-person visits, Video KYC solutions leverage video conferencing platforms and APIs to streamline the process. It has undoubtedly reduced the cost and saved time and effort of both the client and financial institutions. It is more suitable than the traditional method because it ensures security and accuracy at a higher level.

Video KYC platforms enable individuals to authenticate their identities via secure video calls, ensuring immediate verification and minimising the potential for fraudulent activities. The adoption of Video KYC has revolutionised the landscape of identity verification, enhancing speed, efficiency, and user-friendliness while diminishing the dependence on conventional KYC approaches.

What are the benefits of Video KYC?

Video KYC is more accurate because automated algorithms can detect features and patterns that are invisible to the human eye. There are several ways that serve as a benefit of Video KYC;

  • It is extremely effective at preventing deep fake, spoofing and other identity frauds.
  • It saves both time and cost for an individual as well as a company.
  • It helps onboard users safely and securely.
  • It eliminates the need for physical presence, allowing identity verification remotely.
  • Video Kyc solution providers guarantee the security of video calls and data, adhering to rigorous regulatory standards.
  • It is beneficial for individuals as well as banks and financial institutions.

The video KYC process involves a live video call between a user and a verification agent. During the call, the role of the agent is to review the customer’s identity documents, such as passports or driver’s licences, ensuring their authenticity. This real-time interaction enhances the accuracy of identity verification and reduces the risk of fraud.

It saves resources and helps in customer onboarding, becoming a win-win situation for both businesses and users.

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Importance of Video KYC in Different Countries

Video KYC has taken the lead due to their immense transformative impact in the field of digital identity verification. Here are a few countries that have made Video KYC mandatory in digital identity verification procedures-

  1. Germany- Video KYC has been a part of their regulatory landscape since 2015 when Germany’s financial regulatory body (BaFin) introduced Video KYC requirements for remote verification.
  2. Spain- Since 2018, SEPBLAC, their AML authority, has demanded an authorised Video KYC process for financial institutions.
  3. India- According to Section 18 of India’s Master Direction on KYC, financial institutions and banks have to include Video KYC in their verification processes mandatorily. They are also told to include Video KYC, specifically in the form of Video KYC interviews.
  4. European Union- It has been made compulsory in the European Union that a Qualified Electronic Signature (QES) will only be granted on one condition when the individual has undergone a video verification.
  5. United States- Video KYC has entered various sectors, including Fintech, healthcare and banks. Companies are dependent on video KYC platforms to verify the identities of customers and patients, ensuring data security and regulatory compliance.

Many national anti-money laundering (AML) laws require or allow video KYC for high-risk customers and transactions. Here are some jurisdictions where video identification can be used for KYC:

  • Australia
  • Germany
  • Canada
  • India
  • Ireland
  • Japan
  • New Zealand
  • Singapore
  • South Korea
  • United Kingdom
  • United States

Conclusion

Video KYC solutions have built a position of their own in this digital era. Video KYC companies have played a vital role in making these solutions accessible across various industries and countries. The transformation from traditional KYC methods to Video KYC has also been remarkable. From Germany to the United States, Video KYC is becoming a mandatory component of the identity verification process, further validating its role as the future of digital identity verification.

More About Us

IDMlive is an innovative solution offered by IDMERIT, revolutionising the KYC process for video verification. IDMlive not only verifies an individual’s presence but also features the ongoing verification process at the dashboard. It also ensures compliance with several regulations like KYC, GDPR, and AML.

If you are seeking an efficient video KYC solution to authenticate your customers’ identities, IDMERIT’s Identity Verification platform is worth looking at. Reach out to one of our Identity Experts and get a no cost, no commitment product demonstration along with consultation tailored to your specific needs.

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Identity Verification finds a new use-case in Africa https://www.idmerit.com/blog/identity-verification-finds-a-new-use-case-in-africa/ https://www.idmerit.com/blog/identity-verification-finds-a-new-use-case-in-africa/#respond Tue, 27 Mar 2018 11:13:48 +0000 https://www.idmerit.com/?p=6594 Two decades ago, the only fancy functionality the most popular handsets in Africa had was the Tetris game. These days, a farmer can use them to check market prices before selling to middlemen, and market traders can accept mobile payments in a single step process. With more than 420 million unique mobile subscribers in Sub-Saharan […]

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Two decades ago, the only fancy functionality the most popular handsets in Africa had was the Tetris game. These days, a farmer can use them to check market prices before selling to middlemen, and market traders can accept mobile payments in a single step process. With more than 420 million unique mobile subscribers in Sub-Saharan Africa, the precise impact of mobile phones on economic growth is notoriously difficult to measure. The region continues to grow faster than any other region; by 2020 the total number of SIM connections will rise to nearly 1 billion.

Before the rise of mobile money, it was time-consuming and expensive for families in the Sub-Saharan Africa to share money. People would take two or three days off work and catch a bus a thousand kilometers to deliver fifty dollars and then come back. Being able to send and receive money using mobile transfer services like M-Pesa and Airtime has lifted 200,000 households in Kenya out of poverty, according to a study published in the journal Science. Nurses in Tanzania can now register births using a mobile phone, giving parents a birth certificate in a couple of days. With the spread and growing sophistication of the continent’s digital economy, it is likely that some aspects will need to be examined to yield implicit compliance. Take identity verification solutions, for instance.

The identification gap in Sub-Saharan Africa is acute even though governments, require mobile network operators (MNOs) to register the identity of their customers. With more than 400 million people across the continent lacking an official identity document, comes compounding challenges such as gaining access to mobile banking services and financial subsidies. This has resulted in the rise of identity fraud. As a result, the ability to verify the identity of a customer has become a catch-22 situations for MNOs.

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Here, traditional identity verification methods are subject to manual error and provide a frustrating customer experience. The transformative potential of digital and automated identity verification solution can accelerate the scale and reach of digital identities that empower citizens and stimulate economic and social growth.

Orange, France’s leading MNO, has greatly benefited from this approach to reduce fraud and the resulting financial ramifications. It introduced legacy scanners operated by sales assistant to securely connect to the Internet and automatically send the scanned identity documents to a secure server for instant verification. Upon verification, the sales assistants receive instant reports confirming the identity of the individual.

A robust identity verification solution can enable MNOs to streamline and digitize workflows, reduce manual entry and ensure that consumers get a smoother and faster onboarding experience. While there are a number of associated benefits of instant identity verification solutions, here we highlight the key ones:

DRIVE CUSTOMER ACQUISITION

MNOs offer customers a growing range of value-added services such as mobile payments, Internet of Things services, and peer-to-peer payment solutions. Using instant identity verification solutions, mobile operators in Africa can greatly benefit from a unique digital identity that covers all services. For instance, when existing customers decide to buy a new service, it can be done speedily using their digital identity without any additional inconvenience such as paperwork. Similarly, for all subsequent interactions, the digital identity can be used to authenticate the customer.

REDUCE TIME AND IMPROVE EXPERIENCE

A powerful pre-built framework for instant identity verification would allow staff to focus on customer case rather than pending administrative tasks, helping to build stronger relationships. Moreover, real-time identity-verification would allow MNOs to save hundreds of hours every day complying with daily verification requests, and through improved personalization.

REDUCE FRAUD

Since Orange introduced real-time identity verification tool, fraud in some stores was reduced by 100 percent. In some cases, performing identity verification in front of customers discouraged fraudsters from attempting identity theft.

A multi-channel identity verification solution can provide an opportunity for MNOs to position themselves as trusted partners. What’s key is that it will provide access that allows citizens in rural areas to participate in mobile transactions as those who live in developed countries.

The biggest challenge in the identity verification process, however, lies in the identification documents itself. Even though MNOs are in a much better position to tackle identity fraud, fraudsters are notoriously inventive and much harder to beat.

Experts at IDMERIT have spent years spotting fake documents in a quest to develop a smart intelligence system to verify the authenticity of an identity document. We are in regular touch with identity fraud experts and law enforcement agencies such as the border patrol, primarily to strengthen the security against fraudulent use of IDs.

IDMERIT’s live ID Scanning technology ‘IDMscan’ is available 24/7 and verifies government issued IDs from over 90+ countries. The ID scan application is capable of performing optical character recognition (OCR), face recognition, data recording, barcode reading and personal data verification. Depending on the type of document, the barcode data, holographic security features and ID photo along with the digital information stored on the identity document’s chip or magnetic stripe is run against pre-stored data on IDMscan’s database to verify IDs virtually and instantly. IDMscan is designed to save time and costs associated with Know Your Customer (KYC) requirements, increase customer conversions and reduce fraud.

About IDMERIT

IDMERIT is a global consumer and business verification portal. We help customers across industries and government sectors predict, assess, and manage risks by combining next-generation risk management and anti-fraud services. Our warehouse of unique data and advanced analytics tools to address evolving client needs can help you automate decision making while upholding the highest standards of security and privacy.

We work closely with world-class niche organizations offering data warehousing and validity of contact data solutions to ensure they are compliant with the Foreign Nationals Employment Act, the Compulsory Identification Act, Counter-Terrorism Act, and the Anti-Money Laundering Act. Our company powers the global identity ecosystem for customers.

For more information on IDMERIT’s identity verification services, you can drop us a line through the Contact Us page or call us at (888)-378-9283.

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