Identity document authentication is a very important process in ensuring the security of your business systems and data. This verification process ensures a person is who they claim to be when opening a bank account, applying for a loan, or other financial processes. Even though it is a very crucial security measure in combatting new account fraud, it also plays a role in Know Your Customer (KYC) and anti-money laundering (AML) efforts at financial institutions which assess and monitor customer risk.
Digital ID authentication brings the identity verification concept to today’s remote world. In this day and age where data breaches, account takeover attacks, and identity theft are on the rise and there is an increased demand for remote processes because of the Covid-19 pandemic, businesses need to detect identity fraud and determine if someone is who they say they are.
Digital identity verification methods like face recognition, biometric verification and digital ID document verification can help companies, governments as well as financial institutions verify the identity of a person online.
Digital identity document authentication be used when the person and their ID document are not physically present. This technology can also be used to speed up ID verification, such as the use of e-gates to scan passports at airports.
Without doubt, digital identity document authentication is a key step during the account opening and customer onboarding process. By being able to verify the identity of an applicant, financial institutions can run checks to make sure that the applicant is not a fraudster, criminal, bad actor, or attempting a scam. This can be very helpful in ensuring the security of your business systems in this day and age when cybercrime is on the rise.
For more information on the benefits of identitydocument authentication technology, visit our website at https://authid.ai/
