Many platforms are being affected by an increased number of fake accounts. They open many organizations up to unforeseen threats and put the people they serve at risk, and they are not going away. In fact, over 82% of businesses report fake accounts as being a serious problem. However, simply implementing a better form of identity verification can keep bad actors at bay.
With more than 250k cases of online scams having been reported in the US over the last year alone, it is safe to say investing in ID verification is your best defense against the fraudsters that caused over $300 million in damages last year.
Invest in Identity Verification
Identity verification is one of the most reliable and flexible answers to the increasingly serious problem of fake account creations and proliferation. When handled correctly, identity verification affords companies of all types a scalable means of ensuring that their customers are who they say they are. This may be as simple as requiring that users supply an official identity document to verify their identity.
All kinds of companies and institutions make use of this process to secure not only themselves but their customers as well. Even unemployment benefits programs must resort to employing some kind of ID verification technique to ensure fraudsters cannot easily gain access to funds meant for their victims.
How Does It Work?
Companies can partner with identity verification providers to gain access to more sophisticated forms of identity verification. With the right partner, like Intellicheck, you should see high accuracy, speed, and far more flexibility than traditional, manual procedures.
Additionally, identity verification processes require no physical encounter to be performed, making them a perfect match for online companies and the people they serve.
The entire process can be handled quickly and efficiently by:
- Scanning IDs for analysis. Here, the goal is to ensure that the document itself is legitimate.
- Facial biometrics. The goal of facial biometrics is to ensure that the person on the ID is the one representing it. Advanced platforms, like Intellicheck, can send a simple URL link that enables customers to submit their ID with facial recognition through a selfie.
Instead of relying purely on manual processing which often offers very poor accuracy, is slow, and lacks adaptability, modern identity verification solutions guarantee greater convenience for your team and customers, coupled with far higher accuracy as well.
Stopping Fraud Before it Happens
Identity verification works in large part because it is proactive. Companies, especially platforms, that choose identity verification are tackling fraud risks head-on instead of picking apart disasters for clues about what went wrong.
Platforms with large users benefit from taking a proactive stance against fraud as it enhances the safety of their services for legitimate users and protects their organization from unknown entities engaging in manipulative or criminal behavior that is tough to spot and correct.
Choosing the Right Partner
Vetting partners that will serve to protect your customers and business is essential. A poor choice in a partner can lead to poor accuracy, speed, and flexibility. Unsuitable identity verification partners may not be able to offer flexible integration options, leading to high less integrated process and higher implementation costs. The result may also be low accuracy and speed.
Choosing an appropriate identity validation partner for your platform, it helps to investigate its accuracy, integration options, methods, and reputation. Or, you could save yourself time and choose an option that checks off all of the boxes with Intellicheck.
Intellicheck provides full identity verification services with sub-second results. Instead of waiting for hours for meaningful updates on the state of your users’ verifications, you can have them fully onboarded and assessed almost immediately.
Our system boasts 99.9% accuracy, maintaining an industry-wide lead on sniffing out even the most advanced forgeries and fraudster techniques. By offering state-of-the-art identity validation technology optimized for enterprise-grade utility, you can rest assured you and your customers are safe from fraud.