ID verification is an important aspect of digital KYC services that enable businesses to gather reliable information about the identity of their users. It not only ensures that a real user is trying to avail online available services of a company but it also makes sure of the fact that the person is using a genuine identity. But most of the businesses use services from a third party service provider in order to authenticate official identity documents of their customers. Some even offer it as a standalone verification service while others provide it in bundled form with their other KYC checks such as facial recognition online.
But whether a business uses an in-house ID verification service or takes assistance from a KYC service provider, the process of ID authentication has a number of benefits. The top 3 of them are explained below:
Trust between Customer and service provider
ID Verification ensures that only verified customers and users with authentic user IDs are brought onboard. It creates a relationship of trust between the customer and business entities =, opening avenues for greater cooperation. Business executives know that their customer base 100% authentic and the value of any customer support measures will be availed by 100% genuine users and will not be abused by any fake user or customer with fake credentials.
Reduced Account TakeOver Rate
Only in last 1 year, the trend of an account take over has been raising up significantly. Digital scammers and online fraudsters have found it more convenient to hack into the account of an existent customer rather than to make a new account with fake credentials. With dark web-based data black markets churning out stolen identity and financial data hacked from corporates and banks, account take over has raised 120% as compared to last year. An ID verification service can help sort out this problem by allowing users only with genuine identity documents.
Quick Sign Up
Now, most of the businesses might lack an innovative mindset to explore this benefit but many KYC service providers are even offering ID verification service that not only can authenticate officially issued identity documents but can also verify customized identity documents that might have been issued by a business to their customers for special access or to their employees. Customized identity document becomes an easier way to perform quick sign up for various services or to provide access to employees on to portals and platforms that are otherwise restricted to common users.
Now, these 3 benefits of ID verification are truly worth taking a not of for businesses but having a perfect ID verification service provider is also essential. Shufti Pro can easily fill that need with the help of its impeccable ID verification that cannot only authenticate ID cards from 225+ countries but also passports and driving licenses issued in these countries. Using artificial intelligence and human intelligence, Shufti Pro can help businesses in every part of the world to bring onboard a reliable customer base.