As financial and customer services make a drastic shift online, there is a significant rise in identity theft. The news is continuously filled with data breaches that have affected millions of consumers. The growing number of identity theft means all businesses want to invest and apply high-secure systems to protect themselves and their clients. With online services requiring a KYC (Know Your Customer) process, identity verification technology is at the forefront. When they apply the latest identity verification technology that satisfies KYC regulations, businesses secure themselves against identity frauds and cyber attacks. It also helps a business gain customer trust and confidence that eventually boosts sales and revenue.
These are some of the current trends in ID verification technology pushing storming new developments in the field.
Complete integration
Technology companies are increasingly growing their awareness about financial institutes’ needs to upgrade tools and systems and integrate them into the existing ones. Since a complete system overhaul is time-consuming, expensive, and unnecessary if the current is not that old, companies want tools that can be integrated successfully.
Thus, tech companies are developing and upgrading their ID verification technology with complete integration in mind. These developments bring out the potential compatibility issues during testing and solving them during the prototype phase. The process ensures that once companies adopt ID technologies, they stand the real-world test without any anomalies.
Powerful biometrics
With ID verification technology comes biometric systems. It is quickly becoming a hot topic in the industry. It is a critical part of ID verification technology with varying applications like social media accounts, iris scan, fingertips, and even facial recognition. Biometric technology has been in use for quite some time, but Apple was the first company to offer fingerprint unlocking on their iPhones for consumers.
Now, businesses are offering the same biometric technology to customers as a part of their online customer onboarding process. And with the latest technology installed, it guarantees a secure process with effective results.
Consumer-driven changes
Nearly 44% of American consumers quote banking fraud and ID theft as their top concerns. Each year ID theft costs financial institutes around 16.8 billion dollars along with damaged consumer goodwill. That puts ID theft prevention on top of the agenda for organizations. As the world becomes heavily dependent on online services, consumers and organizations become equally conscious about security. It calls for practical identity verification tools with fast application.
Mobile demand
The 2020 pandemic made sure the world quickly transitioned to mobile services with fast service delivery. With this transition, there is a greater risk of fraud, and that has made businesses consider mobile malware and threats it brings, like capturing personal information and track messages. Companies are working day and night to offer solutions that can effectively protect consumer data.
ConclusionIdentity verification technology now lies at the core of online business and services, and consumers need assurance before they can climb on board. Companies like iDenfy are creating new-age and sophisticated ID technology for financial institutes and other organizations alike. You can read more about them here.
