Online identity verification

Identity verification Precluding Digital Scams in Online World

Digitization is reforming the modern globalized world with the advent of technological advancements. Online businesses and platforms on one side are facilitating communities with services and on the other hand, they are prone to several security challenges. In this online world, internet users have built up an identity. Online platforms asking users to enter their data for identity-check against security parameters. The information collected includes name, address, email address, DOB and financial details for digital payments.

But, this data raises security concerns for online users when it comes to secure the collected information. Online identity verification powers secure online activities such as online shopping, banking, gaming, etc. With the aim of a smarter world, the gap is becoming invisible between the physical and virtual worlds. But, the challenges are there. The technology that is revolutionizing is not only for the service of the community. Fraudsters are also taking full leverage of it to identify the loopholes in the online world and penetrate into them somehow to perform malicious activities.

Fraudulent activities such as identity theft, data breaches, account takeover, and digital payment scams are getting common that are challenges of today’s every online business. Highly confidential information about online customers is on stake. To combat this, there is a need for proper dynamic security measures that hold the loss beforehand. A report by UK’s insurance group estimated that in the UK, in every 19 seconds, a small business is hacked. This is because of insufficient security walls against online fraudsters.

Digital Identity Protection

Digital identity plays an important role in the online world. It enables users to have controlled access to their online activities sitting anywhere in the world. This leverage comes up with online security hazards, among which identity theft is the one.

Online platforms that lack security are hacked by fraudsters through phishing attacks, credentials stuffing or account takeover fraud, etc. from where all the personal and financial information of online customers gets compromised. There is a need for best identity theft protection techniques to combat the risks of identities of users from being stolen.

In the digital space, with the advent of the Fintech industry, banks, online businesses, services, and third-parties interact with each other and share customer data, there is a dire need for the user authentication mechanism to have controlled access over a shared medium. In this way, no unauthorized entity would be able to access the confidential databases with an intention to commit fraud.

Moreover, this concern led banks to enhance security over their portals and physical institutions by taking in place strong identity verification systems that authenticate each onboarding identity against supporting pieces of evidence. Identity proofing requires the user to be verified against government-issued identity documents or through biometric authentication.

Ensure a Secure Data Storage

Online businesses and companies rely on various applications and systems. Data sensitivity is on the rise due to which its a challenge to provide a secure system. Providing controlled access to user accounts and databases can help businesses prevent high-risk entities from breaching. Online identity verification in real-time can help businesses assign permission to only authorized identities. This is done through an online document or biometric authentication. Within a second, identity is verified and access permission is provided to the user.

Controlled access deters the risks of online frauds. It is a regulatory requirement as well to take care of individuals’ online privacy. Any discrepancy can result in hefty regulatory penalties which vary from fines and imprisonment to business assets freezing and abandonments. A secure online world thus could be healthy and fraud-free.

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