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Digital identification: The cornerstone for transacting with confidence online

Sept. 15, 2023 | Bruno Natoli, CEO, Mia-FinTech

Digital identity offers both opportunity and threats to businesses. Companies of all sizes have innovated and adopted ingenious ways to combat fraud and safeguard business assets. At the same time, criminals have broken new ground in navigating defenses and facilitating crime in the digital arena. It is a never-ending battle between organizations and criminals. According to the 2023 Annual Fraud Indicator, private sector fraud losses are at around £157.8 billion per year.

Imposters use digital technologies to bypass security and carry out illicit activities like money laundering or identity fraud. If such crime is uncovered, this can have a serious impact on an organization's credibility, especially PLCs who stand to lose customer and shareholder confidence.

With the threat of fraud at large, businesses need to incorporate a strong digital identity policy if they want to transact in confidence. There are many digital identity solutions and strategies available to companies that can help sift out the criminals and maintain digital trust with customers.

Electronic Identity Verification (eIDV)

Customer onboarding is arguably the stage that organizations must perfect to stand any chance of securing new customers. The first point of interaction between a customer and a business, customers expect signing up to be a smooth, seamless and stress-free process.

When managing customer onboarding, businesses need to balance risk propensity with user experience, ensuring substance and style have been given equal consideration. If the onboarding sequence is too long and tiresome, prospects will abandon it, but if your onboarding process is not secure enough, those with malicious intentions can slip through the net.

Electronic Identity Verification (eIDV) solutions can help businesses achieve the desired outcome of a fast and secure onboarding process by analyzing a submitted identity document in real time, whether physical or digital. eIDV solutions verify the security features on the ID card and deliver a score that either denies the applicant from continuing their customer journey or verifies their ID document as legitimate and able to continue to the next stage of onboarding.

Businesses that operate under strict regulations, such as banks, car rentals and hotels cannot let anyone under the age of 18 subscribe to their services or gain entry to their physical locations. The use of eIDV solutions ensures that only those that meet the age threshold can gain access with a quick scan of a submitted ID document. In terms of speed and security, eIDV solutions will accurately analyse physical and digital identity documents to help prevent digital fraud.

Biometric authentication

Document authentication is insufficient on its own to secure your business against the threat of fraud and deception. Passwords can be guessed, and devices can be compromised, plus criminals now have access to Artificial Intelligence applications and editing software like Adobe Photoshop where they can easily spoof identity cards, characterized by the rise of deepfakes.

But further measures can be taken to fortify security by taking advantage of something that is unequivocally unique to each individual and cannot be replicated: biometrics. The fingerprints and face are characteristics that differentiate from customer to customer and through biometric authentication, businesses can secure their assets and ensure that customers are who they say they are.

More at: https://www.digitalsignagetoday.com/blogs/digital-identification-the-cornerstone-for-transacting-with-confidence-online/