Online businesses, even the most profitable ones, have one problem in common. Most of the times, they encounter users who provide fake credentials or forged financial information to use their services. Whether it is an online service or an e-commerce website, every online business has to lose a substantial amount of their revenue because of such scamming and fraudulent elements.
This is the downside of using digital tools of modern-day cyberspace that provides relative anonymity to users. But there are other digital tools available as well, that can reduce the business you lose because of online frauds and identity thefts. Online identity verification services can enable every business, that operates either online or in the physical domain, to identify users who try to use fake information to sign up for a particular service.
What are Identity verification services?
Identity verification services – as the name suggests – perform thorough vetting of important aspects of a person’s identity. It is also known as KYC verification. Most of the services and products offering Identity verification or KYC verification take help from an official identity document to ascertain important aspects of a person’s identity like Name of a person, address, Date of Birth and Nationality of a user.
Most of the times, an identity verification service performs a comprehensive check to prove the authenticity of an identity document itself, before it uses the document to prove the identity of a user. Shufti Pro is one such digital identity verification product that properly screens the identity document and uses techniques like Artificial intelligence, machine learning algorithms, and pattern recognition to ensure the authenticity of an identity document.
What can Identity verification do?
Well, the simple answer will be, A LOT! It can help you collect a verified database of your users and then you can analyze their behaviour or receive feedback for your service. Identity verification creates a sense of trust among the online merchant and their users, complementing the overall customer services standards as well as user experience. Identity verification services also create the feeling of legitimacy in the mind of users regarding a business venture. They understand that the management values their own services and are serious in bringing onboard, only verified customers to add vitality to their business venture.
Like a flip side of the coin, not everything that Identity verification service do is good. Most of the times, it may take up to a few minutes, if not hours & days, to verify the identity of a user. It is true that even the most “popular” KYC verification system doesn’t live up to their hype when it comes to verification speeds. But then again, there are KYC verification services like Shufti Pro that promises to provide real-time verification results to its users.
Even in case a customer chooses to double check those verification statuses with the help of Human Intelligence, it takes only less than 30 seconds to perform a KYC verification using Shufti Pro. This has been made possible by smartly designed Artificial Intelligence of Shufti Pro that can identify and verify users from all over the world because of its Universal Language Support.
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