You must be familiar with the fact that the data production rate is increasing simultaneously with the up-paced population across the globe but do you know the actual statistics? According to analysts, every individual tends to produce 1.7MB of data during the year 2020. Every single day, human beings tend to produce 2.5 quadrillion bytes of information. These figures are projected to increase with the speed of light with every passing year. It is projected that by the year 2025, humans will tend to produce 463 extra bytes of data.
Unfortunately with this immense evolution in data production rate, we are witnessing unpredictable and extraordinary levels of vulnerability. Identity theft cases are evolving at a swift pace in parallel to technological advancements. In 2020, 49% of the confirmed data breaches came into existence, surpassing 37 billion, a 141% increment in comparison to the year 2019.
Thanks to progressions in artificial intelligence and machine learning algorithms due to which seamless ID verification solutions came into being. There exist a wide range of products that provides real-time identity verification solutions to combat identity theft cases and for the enhancement of security protocols of financial infrastructures. Let us have a deep insight into different AI-powered Id verification solutions to verify ID online.
#1 Document Verification
AI-powered document verification solutions permit quick and secure customer enrolment with a high rate of accuracy and efficiency to protect customers from cyberattacks. Document verification is performed using official documents such as government-issued identity cards, passports, driving licenses. Digitized document verification solutions eliminate manual labor which is usually prone to human error. Digital document verification is performed with the assistance of innovative technologies such as optical character recognition (OCR). There exist such products that perform document verification with 98.67% in a matter of 3 to 4 seconds. Intelligent character recognition (ICR) ICR systems which are slightly different yet more advanced as compared to OCR systems are also incorporated for seamless document verification. Hence, Document verification is not only mandatory for financial infrastructures, but document verification is also important for the security of freelancing platforms. Hence document verification is the most effective solution to verify the identity of users.
#2 Biometric Verification
One of the most ideal ways to deter fraudulent activities is biometric verification. With the passage of time, criminals are becoming more sophisticated. They are continuously crawling to bypass identification checks. Considering these up-pacing chargebacks, the incorporation of biometric verification provides the most effective and efficient identity theft protection. With the assistance of physical as well as behavioral attributes of individuals, it is convenient for enterprises to verify the identity of individuals. Pupil, iris, retina, face, palm, walking style all this is included in biometrics. There would be no doubt in saying that cybercriminals can hack someone’s user credentials, but they cannot hack someone’s biometrics. Biometric authentication involves depth scanning, 3d mapping, and liveness detection. AI-powered facial biometric authentication helps in the prevention of spoof attacks.
#3 Address Verification
Whenever it boils down to identity verification of individuals, address verification is something that cannot be neglected at any cost. Address verification is basically an authentication measure that helps to verify the addresses of individuals before they commit any transactions. Immense acquisition of address verification checks is observed in the e-commerce industry which also proves to be highly beneficial for the prevention of time wastage. Address verification ensures that legitimate users get in touch and they carry out all the transactions in a safe and secure manner.
Following is the list of those documents which are reliable for the purpose of address verification:
- ID card
- Rent agreement
- Tax bill
- Employer letter
- Rent agreement
- Tax bill
- Driver’s license
- Insurance agreement
- CPR smart
- Utility bill
- Bank statement
#4 Age Verification
Age verification is basically a mechanism acquired by businesses as well as financial infrastructures to protect audiences from consuming such content which is not appropriate for their age. Every child can effortlessly access the internet in this modern age. Online education during COVID-19 is an excuse for children to have access to WiFi. Age verification solutions play a pivotal role in providing suitable and appropriate content and for the prevention of a child’s exploitation. Age verification limits underage access to non-consenting transactions that leads to chargebacks.
The influx in tech innovations is prominently observed especially since the past decade. This leads us to the fact that It’s high time for businesses especially after the pandemic of COVID-19 when everything was prone towards digitization to integrate themselves with such solutions that verify the ID of individuals online. AI-powered identity verification solutions assist financial infrastructures to enhance their security protocols. Numerous ID verification services ensure that authorized users can only access applications and services. Binary checks are not enough for the detection of sophisticated and up-pacing cyberattacks. Synergizing artificial intelligence and human intelligence global identity verification solutions detect chargebacks through liveness detection and also with OCR data extraction with a high rate of accuracy and efficiency. Technology is not limited to OCR systems. The more advanced form of OCR technology, called Intelligent character recognition (ICR) is also incorporated by enterprises for text and signature recognition purposes. This assists in the prevention of counterfeits and illicit activities.