Where technological advancement has facilitated firms to have more robust and automated solutions regarding various business operations, the ratio of cybercrimes is increasing every day. As per the report, from the year 2019-2022, the financial loss by cybercrimes reached from 3.5 billion to 10.3 billion U.S. dollars. Companies require authentic verification processing to avoid fraudsters onboard. EIDV checks utilized regarding identity verification process individuals’ data and identify their authenticity. It is an entirely paperless journey where users can access companies online. This blog post will explore the role of EIDV checks in various organizations regarding fraud prevention.
Strength Of EIDV Check Solution
Electronic Identity Verification solutions enable firms to verify their clients remotely with online EIDV services. It involves various checks over government and private electronic databases to identify individuals along with previous records. The global EIDV process is a systematic solution for verifying individuals’ identities by using scanned documents. It is an entirely paperless procedure and facilitates organizations with cloud-based storage.EIDV solutions utilize digital Artificial intelligence (AI) technology and provide automated solutions. Robust mechanisms of AI models mitigate the risk of errors and allow organizations to have reliable identity verification solutions. Additionally, organizations can have more seamless, efficient, and quick ID verification solutions to discourage fraud attempts.
Methods Of Electronic Identity Verification Service
Identification methods may vary as per the organization. Similar to traditional processing companies use different types of verification as per their convenience. Depending on the business operations, an organization can use one of the given methods regarding identity verification.
Firms may ask their client to provide various documents in digital or scanned form. Automated solutions are processed to verify the information over there. All the provided documents are checked to identify tempering, fakeness, or forgeries. Sharp AI detector used in the EIDV process enables firms to catch the illegality of fake documents and make organizations aware of red flags. Documents required for the verification process may involve bank statements, utility bills, social cards, or tax slips.
Legal ID Verification
Multiple legal documents regarding ID verification are used to find the authenticity of individuals. These documents may include government-issued ID cards, state IDs, licenses, and passports. Automated processing along AI algorithms is highly efficient in detecting any kind of fabrication. EIDV checks allow firms to identify the imposters using fake IDs to reach them onboard for illegal activities.
Cloud-based storage facilitates organizations to check various criminal records in case of any red flags. It makes firms accessible to reach mugshots of suspected users to validate their identity. Provided information is checked against various publicly and privately available electronic data records.
Real-Time Face verification
Many companies use biometric facial recognition services such as EIDV checks to identify the authenticity of their clients. The captured face is compared against the image provided over ID cards or passports. It facilitates firms to reach the authenticity of clients with biometric face verification solutions. Individuals are verified as per the uniqueness of facial geometry that involves various features such as depth of iris, length of nose, face contour, etc. Moreover, it enables organizations to identify spoofing attacks.
Firms Which Use EIDV Check Solution
Following are the more appropriate use cases of the EIDV check solution.
Banks employ EIDV check solutions to prevent money laundering and financial terrorism. Many fraudsters use fake IDs to open bank accounts and execute illegal activities. Electronic ID checks employed in the EIDV process discourage imposters from being there onboard.
Many hospitals and pharmacies use EIDV check to have frictionless patient ID verification and to have successful Know Your Customer compliance to avoid legal actions.
Insurance firms utilize EIDV check service to avoid complexities regarding account opening, loan, and transactional application processing. EIDV enables insurance companies to have smooth onboarding processing.
Real estate Businesses
EIDV service is utilized for fast and authentic confirmation of clients who are there to lease or purchase properties. It facilitates real estate businesses to replace lengthy document verification processes with automated EIDV services.
Utilize the EIDV check solution to have secure onboarding and safety measures regarding e-wallets. Additionally, the EIDV solution allows the fintech industry to enhance KYC regulatory compliance.
Electronic verification systems provide a safe and secure onboarding experience by allowing only legitimate users to be there onboard. The EIDV check process provides multilayered security and enhanced KYC compliance in various sectors. Companies use various methods of EIDV solutions as per their business operations and ensure their security and protection. EIDV’s solution discourages fraudsters from using faded IDs and fake documents to process their illegal plans. Companies using electronic verification of identity methods integrate digital technology to cope with this modern era of technological advancement.