There would be no wrong in saying that living beings are doing wonders with the progression in technological advancements, especially since the last decade. Thanks to the innovations in artificial intelligence and relevant cognitive technology, we came across a wide range of tools and software that have made the lives of human beings much simpler, easier, and effortless.
The human population is tremendously expanding and the rate at which the human population is evolving is directly proportional to technological innovations as well as advancements. Big data is getting bigger. Human beings tend to create roughly 2.5 quintillion bytes of information on a day-to-day basis. Assurance of the security of that data which is produced on a regular basis is crucial for all the sectors, especially financial infrastructures, considering the advent of cyberattacks.
Incorporation of identity verification solutions and services is something that must not be neglected by enterprises of all sizes to deter terrorist financing, identity theft, data breaches, money laundering, counterfeits, chargebacks, and other pertinent fraudulent activities. Traditional identity verification methods are unfortunately stale. Revolutionary artificial intelligence algorithms have empowered digital identity verification solutions.
Let us have a look at 4 evolving myths associated with online identity verification. Keep reading to have a deep dive into each one of them.
Myth #1 It’s Completely Fine To Utilize Static Data Sources
Talking of static data, we mean user attributes that cannot be changed at all such as user’s date of birth, user’s name, address, etc. such information is not as useful as it used to be in the previous era because, in this modern age of tech-innovations, anyone can find anyone’s static information by searching across the cyberspace. Combining that static data with dynamic data resources such as online formation and social networks will prove to be an effective solution for enterprises. His sort of information is not easy to create or purchase online. Combining static and dynamic data sources can play a promising role in deterring chargebacks and other illicit activities.
Myth #2 More Rules Lead to Enhancement in Security Protocols
The traditional identity verification solutions which were attained by the enterprises prior to the current era are used to be rule-based, but taking the tremendous data production rate under consideration, only setting up rules and regulations is not enough. Rules-based systems ultimately deny numerous legitimate applicants (numerous of those do not have much of the credit history) and let numerous fraudsters through. Thus, the creation of more and more rules is not going to help at all. Instead, scrapping rule-based systems altogether and the automation of digital identity verification solutions with the utilization of revolutionary artificial intelligence, machine learning, and deep learning technologies assist enterprises to enhance the rate of accuracy, efficiency, and effectiveness while keeping the false negatives and false positives down.
Myth #3 The Rules Cannot Be Violated at All
Rules are meant to be violated right? So obviously they can be broken. It is always tough to defect from a very well-established approach, but it might be the time to perform the process of reevaluation in a case when “tried and true” methods are not working anymore. Considering the fact how hackers can now effortlessly violate rules, the incorporation of rules-based systems is discouraged. AI-powered identity verification solutions and services play a promising role to distinguish between fraudsters and potential customers of the organization. Cognitive technology and robust identity verification solutions help organizations to take appropriate actions at the exact time of occurrence of illicit activity.
Myth #4 Manual Review is Needed For First Time Users
We are living in an era in which the complete world is accommodated with technological advancements and innovations. Manual processes are highly discouraged as they are prone to human error and are tedious. Verification of those customers who are new to the organization is tough. Enterprises must reduce their reliance on manual reviews and must attain AI-powered solutions and processes to make the business operations frictionless, accurate, effective, and efficient. This is viable with the assistance of a wide range of dynamic data sources.
We first need to analyze the complexities that are received by the enterprises. In order to change the thinking in a positive way. Real-time identity verification solutions are services that include KYC AML compliance, video interview KYC, know your business (KYB), know your patient(KYP), know your transaction (KYT), optical character recognition (OCR) data extraction, biometric authentication, 2-factor authentication, and NFC verification. Today, customer identity verification services are so robust and reliable that they perform the verification procedure in a matter of seconds in more than 150 languages from more than 3000 identity documents.
Hence organizations must not even think twice before integrating them with AI-powered identity verification solutions. Not only financial infrastructures but also numerous sectors such as health sectors, educational sectors, travel industry, e-commerce platforms, e-gaming platforms, peer-to-peer market, and telecommunication.