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e-IDV check is used to ensure that the user’s identity is accurate, and a smartphone or computer is used to ensure that the client is genuine. The companies that onboard their users after proper verification, in this way they can understand them well through biometric means. Integrating these solutions helps in compliance with the Anti Money Laundering (AML) regulations. Businesses that follow these guidelines can mitigate their penalties; otherwise, brand image will also deteriorate.
Importance of the Electronic ID Verification
The increased dependence on digital media has created convenience for humanity; the dark side of this technology is that it has also gained the attention of hackers. The scammers find it easy to hack the clients’ accounts and use them illegally. It saves the unnecessary expenses of the companies and the clients, as the users do not have to visit the office; their whole verification is done online. Now, organizations need to onboard customers through electronic verification; otherwise, there are chances they can register illegal clients. The unauthentic customer causes long-term loss to the business. The budget of the cyber solution market in 2023 was about $78.24 billion, and in 2028, it is expected to reach $158.83 billion.
How Electronic Verification of Identity Functions?
Electronic ID check depends upon the number of means, such as the type of business and the documents involved. Here are some of the most common means to verify clients:
- Document Verification
The clients are asked to submit copies of their documents, matched against the previously stored. The customer has to give their identity card, bank statement, and utility bills; the system in the back end checks that they have given the desired papers. If the image needs to be clarified or it is fake or photoshopped, then they are rejected. The user must only submit the required document; unnecessary papers are not accepted.
- Government ID Verification
In this verification, the clients must submit the image of the government-issued ID card and then compare it with the previously stored template. If both are the same, this means the client is authentic; otherwise, it means that the user has given the fake papers.
- Database Verification
Database verification means comparing the information of the client with the previously stored templates that are present in the system.
- Selfie Verification
Electronic check verification asks the client to submit their selfie; the users must take their image and then upload it on the portal. The system in the back end compares it with the pictures that are stored on the computer.
Advantages of the Electronic Verification System
The following are the top benefits of electronic identification verification:
- Increase the Access to the Organization
In traditional verifications, the client has to be present at the verification spot, but in digital means, this process can be done from anywhere. In this way, the companies can even access global clients, and they can increase their reach. The business can rank globally and increase revenue by integrating an electronic verification system.
- Fast Verification
The biometric system saves the time of the organizations and the clients, as they do not have to go through a complex, time-consuming process. The entire authentication is done in seconds, while the verifications that humans perform sometimes take even more than weeks. The employees must complete the whole task, whether it is data collection, gathering, analysis, or attestation.
- Reduces Human Error
e-IDV checks do not require humans; the advanced machine learning tools do the entire process. Therefore, they are error-free, do not misinterpret data, or do not perform wrong entries.
The solutions are customizable; if the company’s size is large, they can easily handle all the data, while employees can manage all the records manually.
- Enhances the Security
The organizations can enhance their security, and they can restrict the entry of unknown persons. The scanners make sure that only verified individuals are bypassing the particular territory. Any irregular activity is spotted at the moment and respond to the police.
e-IDV check satisfies the clients by providing seamless services; they acknowledge the user’s demand and design the product according to their taste. The customers get satisfied when their needs are fulfilled; the companies can increase their client retention rate by building the trust of their users. The business has to make sure that the data of their customers are in safe hands; it is the core value of the businesses to secure the personal information of their customers. The organization can reduce its extra expenditure, and this one-time investment has proven benefits.