Identity proofing is a very important part of your security infrastructure. If you are not yet using this technology in your business, you need to seriously consider implementing it.
Identity proofing refers to the process of verifying the identity of a user - confirming that they are who they claim to be. This may sound like ordinary authentication, the kind based on a username/password combination, but in real sense identity proofing actually comes into play before users get their credentials to access an application or alongside the traditional authentication process.
The ultimate goal of identity proofing is to make sure that the identity of a user matches their actual identity. In other words, the user’s identity is real and not fictitious. This is why identity proofing is a first-line defense against today’s attacks on the identity perimeter.
Identity fraud costs both individuals and companies a significant amount every year. According to the Consumer Sentinel Network, which is maintained by the US Federal Trade Commission (FTC), 3.2 million identity theft and fraud reports were received by law enforcement as well as private organizations in the year 2019. Of these, 1.7 million were fraud-related, while about 651,000 were identity theft complaints.
It is more likely that identity fraud will prove even more expensive in 2022. The coronavirus pandemic, along with social and economic disruption on a global scale, has led to a spike in fraudulent activity. In July of the year 2020, the FTC warned that Americans had already lost more than $77 million to fraudulent Covid-related schemes - and those are just the reported losses. Actual losses are likely to be significantly higher.
With identity proofing, fraudulent cases can be reduced. This technology allows you to verify a user’s identity based on life history (a credit report), biometrics (a facial scan), and other factors before they are granted access to your system.
For more information on identity proofing, visit our website at https://authid.ai/
