If you are considering adopting identity verification for remote onboarding in your business, you can be sure that you are making a step in the right direction. With the combined factors of rapid technological advancement and the pandemic affecting most industries, identity verification and screening has not been immune. As with many processes, identity verification and screening has been thrust into the digital world. It has become a remote process because of the limitations in place during the pandemic as well as the shift in customer expectations and demands.
There are various factors affecting the uptake of remote identity verification. One of them is the increase in money laundering and fraudulent transactions. The Covid-19 pandemic has seen significant growth in fraudulent transactions as well as money laundering due to a variety of factors, such as a rapid increase in online transactions. Criminal gangs and fraudsters have exploited the uncertainty and chaos of the pandemic to capitalize on insecure online transactions and to trick vulnerable people into fraud scams, something that is costing millions to economies around the world.
The good news is that using remote identity verification will help businesses in protecting against and minimizing this risk. When you implement remote identity verification, it will allow your business to put in safeguards at vital times to make sure that you are dealing with the right person and meet their compliance requirements.
Businesses in industries that are particularly vulnerable to fraud, like financial institutions, may find that these processes need to be further tightened or reviewed during the pandemic. By doing so, the risk of their business systems and data being at risk will be a bit lower.
For more information on the benefits of adopting identityverification for remote onboarding in your business, visit our website at https://authid.ai/
