With the expansion in criminal activities and data breaches, it becomes crucial for regulators to enforce stringent rules for organizations. Businesses must stay updated with contemporary regulations and abide by current laws to offer improved security. One effective strategy for organizations is to adopt dynamic Know Your Customer (KYC) and recognize document verification standards. These benchmarks help companies comply with regulations and eradicate the risk of money laundering and fraud.
This blog covers all the diverse use cases of automated identity document verification, analysing how it can be efficiently used.
1. Financial Services
In the advanced age, automated document authentication has become a crucial component of the financial services industry. Its importance lies in mitigating the risk of identity-related fraud and stopping the sector from incurring huge non-compliance fines. By embracing this technology, the industry ensures the security of thorough transactions, resulting in a positive client experience. Usually, a business-grade automated identity document verification solution is used by:
- Lenders
- Conventional Banks
- Cryptocurrency
- Wealth Management Companies
- Credit Card Firms
- Investment Platforms
- Brokerages
- Foreign Exchanges
- Payment Providers
- Insurance Enterprises
- Remittances
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2. Retail and E-commerce
E-commerce has appeared as the most vulnerable sector for cybercriminals to manipulate. It shows innovative techniques to achieve important client information and execute fraudulent activities. Identity theft stands out among the most common scams that plague this department. E-commerce organizations face substantial challenges in recognizing the identities of their clients despite the presence of security measures.
To handle this issue, organizations must execute a robust identity document verification system able to detect fake ID documents. Moreover, a lack of reliability usually leads to individuals abandoning websites without executing their purchases.
Organizations can enhance client trust and eradicate cart abandonment by enforcing a suitable ID verification system. Furthermore, companies that prioritize fighting identity fraud automatically enhance their reputation. By empowering identity verification attestation, retail businesses and e-commerce efficiently minimize fraud. It also boosts revenue by quickly validating user identity, enabling companies to accept authentic clients confidently.
3. Healthcare
The healthcare department is another substantial industry where online identity verification plays a vital role. With the quick global expansion of the healthcare industry driven by high-tech innovations, it has become crucial that the organization faces diverse risks, including data breaches and identity theft.
These risks ultimately lead to unauthorized access to patients’ medical records, resulting in life-threatening drug diagnoses and administration errors. Enforcing digital document verification in healthcare companies enables them to provide services with improved efficiency. By employing an online identification process, healthcare companies streamline procedures, secure confidential patient information and reduce costs.
An automated identity document verification streamlines the operations of healthcare companies by allowing them to:
- Ensure compliance with HIPAA regulations by verifying patient identity.
- Facilitate the distribution of prescription medications through an organized process.
- Enable remote onboarding of patients.
- Prevent incorrect updates, transfers, or releases of medical records.
- Mitigate financial losses caused by fraudulent claims and invoices.
4. Government
The U.S. has suffered a financial loss of $200 Billion due to fraud unemployment claims since March 2020. Identity theft is the main culprit behind this dreadful situation, as scammers manipulate stolen identities obtained through data breaches.
Government agencies use identity document verification solutions to identify this issue to facilitate secure and fast delivery services while securing sensitive personal information from exposure. Online identity document verification plays a vital role in different government services such as:
- Communications
- Voting
- Healthcare Programmes
- Business Registration
- Employment Programs
- Payments
- Surveys
- Applications
- Taxes
5. Education
The Covid-19 pandemic forced educational institutions and schools to transition to online education and fasten their digital transformation efforts. However, this transition brings further concerns regarding potential damage and fraud to reputation. To consider these issues, educational institutions and schools can enforce dependable identity document verification solutions to confirm the identity of online students. This execution results in the following benefits:
- Cater to a different community of international students
- Support the academic integrity of both the students and institutions
- Improve the productivity and efficacy of student support services
The online identity document verification process offers a few benefits to the education sector, such as:
● Proctoring Solutions
Confirm the identity of students before their online exams.
● Distance Education
They make sure that only registered students attend classes and lectures.
● Continuing Education
Make sure that remote students execute proper accreditation for assignments.
● Higher Education Institutions
Provide new students with an efficient and streamlined registration process.
The Bottomline
Online document authentication is vital in reducing the risk of identity-related fraud and ensuring protected transactions. E-commerce and retail businesses improve client trust and minimize cart abandonment by enforcing robust identity verification systems.
Healthcare organization benefit from digital document verification by simplifying operations, complying with regulations and securing patient information. Government agencies usually rely on identity document attestation to stop scamming activities and secure sensitive information. Educational institutes leverage identity verification solutions to analyze the authenticity of online students, improving academic integrity.
