Customers identity verification in 2022 is obligatory for nearly every online business, whether work goes directly with customer’s money or company strives to increase conversions. Identity verification is an ultimate beneficial solution for both businesses and customers. Knowing your customer is required by regulations worldwide. Moreover, it makes modern online business safe place and creates more trust between companies and their customers.
Background on identity verification
VeriFace is pioneering future identity verification procedures to ensure frictionless, fully-compliant customers onboarding. Faster, sleeker, and much cheaper, VeriFace’s automated digital identity verification platform houses revolutionary, decentralized security architecture and state-of-the-art cryptography for robust protection against hackers and fraudsters. Leveraging next-generation technology, VeriFace’s user-friendly omni-channel platform offers a secure and affordable tool to conveniently comply with stringent data protection regulations.
Why is effective identity verification so crucial?
Identity verification procedures are the frontline to safeguarding customers and companies from potentially harmful fraudsters. Solid KYC, AML, and CDD procedures weed out any prospective threats looking to infiltrate the system for illegitimate means. Without effective identity verification measures, companies are vulnerable to fraud, identity theft, hacks, leaks, breaches, and high non-compliance fines. By nailing down robust identity verification procedures, companies can protect themselves and their customers, while complying with regulatory standards.
Effective identity verification eliminates fraud
Robust identity verification procedures negate the risk of fraud. This is done using a multi-tiered state-of-the-art identity verification technology stack. VeriFace’s identity verification stack provides Optical Character Recognition, Face Matching and Liveness Check with unprecedented accuracy far beyond human capacity. In this sense, fraudulents can’t slip through.
How does VeriFace solve this problem?
VeriFace provides a state-of-the-art identity verification technology stack with multi-tiered security against fraudulents and hackers. VeriFace offers up a highly-secure identity verification solution that’s fully compliant with current and future regulations. Thanks to the system’s automation, companies and customers can now benefit from robust, frictionless KYC procedures for a fraction of the cost. The VeriFace technology stack includes highly-effective identity verification tools, created for the future if identity verification and KYC.
Customer identity verification is an integral part of preventing fraud, protecting against hacks, data theft, and safeguarding against money laundering and financial crime. Ineffective identity verification procedures leave companies vulnerable to these breaches. Not only that, KYC and AML mechanisms put these companies at risk of non-compliance. With data compliance regulations ballooning, strong data management and customer onboarding procedures are the only defense against high non-compliance fines. However, despite the race to meet compliance, most companies are still employing manual KYC and AML procedures. Subject to high costs, long processing times, and frequent inaccuracies, manual identity verification processing is a security nightmare that’s both inconvenient and expensive.