The use of technology is enabling governments, institutions and organisations to uniquely identify individuals and with a digital identity verification process in place, which includes identity document authentication and biometric recognition solutions, the problem of the 1.5 billion people estimated to be without an official form of identity could be solved. The technology of digital identity could also be the solution to the amount of unprecedented data breaches that companies have experienced in the past few years.
Using a digital identification verification process has grown in popularity over the years but an increasing number of fintech companies creating their own solutions. Various financial service providers such as loan companies are turning to these solutions to comply with anti-fraud and anti-money laundering legislations with more and more companies slowly beginning to realise the need for such solutions.
The Sustainable Development Goal 16 project demonstrates the importance of digital identity and the role that it will play in the future. Backed by the United Nations, the project seeks to ensure that everyone has a legal form of identification by 2030.
So what does this mean for your business?
Criminals are able to forge identity documents meaning that traditional identity verification methods can no longer be seen as a secure way to provide identity verification. With global businesses falling victims to the increasingly sophisticated techniques of fraudsters, the role of digital verification become even more important.
There is a need for digital transformation which is still something of the future for many businesses. Financial institutions were some of the first organisations to explore KYC, AML, anti-fraud and identity theft technologies as a means to explore new business opportunities whilst reducing their risk of fraud. However, other firms have yet to follow suit and could find themselves subject to fraudsters.
Investment into digital solutions can prove to be costly and time consuming however, in the long run, they bring organisations peace of mind as well as a competitive edge. Digital transformation not only enables firms to decrease the risk of fraud but it also aids regulatory compliance (which will reduce fines and penalties) as well as allow for better management of customer databases by combining offline and online identification methods.
Melissa’s Global ID Verification software enables organisations to implement smart and simple fraud prevention and KYC processes to improve the customer experience while reducing the risk of fraud. Our Global ID Verification is a premium electronic identity verification program that gives companies the ability to:
- Verify initial identity information for accuracy
- Minimise potential fraud and meet regulatory requirements
- Manage front-end risk by leveraging billions of current and accurate records to confirm identity
Research shows that identity verification checks can fail in the first instance due to inaccuracies found in the underlying data – Melissa is proud to be one of the only companies to provide an identity verification solution that provides an extensive check of all underlying data.
Our software can be customised to fit your ID verification process and risk management requirements, helping optimise onboarding and fraud detection in the following arenas: Ecommerce, AML Compliance, Customer Due Diligence, Card Not Present, Know Your Customer (KYC), and FinTech/RegTech.
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