Millions of people fall victim to identity theft every year. Electronic verifications are now essential for companies that provide online transactions, as they help to improve security while providing users with a quick and easy way to verify their identity.
Electronic verification systems are the first step in Know Your Customer procedures. In most instances, this process consists of two steps, including document verification and non-document verification.
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Electronic Document Verification is Now the Norm
Electronic verification systems are used to check the legitimacy of someone’s identification. It also helps to verify the information the person is providing, such as their name and birth date.
KYC procedures are often adopted by online casinos as they help them ensure that they are providing a safe and reliable experience. If you have ever played Paddy Power blackjack games, you’ll notice that you need to undergo an electronic ID check before you can play or place ante, double-down, split, and insurance bets.
This is usually done by uploading a photograph of your ID through the online system, but there are more traditional forms of document verification available.
Some require the physical presence of documents so that they can be verified, but this can lead to human mistakes. By adopting electronic systems, both customers and businesses can take advantage of additional safety, speed, and simplicity.
Improved Risk Management and Fraud Detection
One key benefit of ID verification is that it can help to prevent fraud. It can also aid a lot with risk management. By verifying someone’s identity, businesses can rest assured knowing that the person who they are interacting with, is who they say they are.
This helps to prevent identity theft, financial fraud, and account takeovers. Companies such as IDVerse are even launching their own fraud detection tools, such as FraudHub, in an attempt to stop fraudsters from gaining unauthorized access to customer data.
As new software is released onto the market, it becomes easier for businesses to adopt EVS systems, as well as gain new ways to protect their users.
Electronic verification processes are becoming more essential by the year, as they give businesses the chance to protect themselves, as well as the customers they serve in the digital age.
The benefits of systems like this go far beyond simply protecting identities. They also offer better security and a more streamlined operation.
Some systems even use AI and machine learning to help companies create a seamless user experience while staying ahead of the curve. With electronic verification systems offering companies a significant advantage, it is essential for those who want to succeed in the digital age.
According to data from Transparency Market Research, the mobile wallet market is set to be worth $16.2 trillion by 2031. For this reason, online verification is now more important than ever for businesses.
With that being said, just 35% of companies have adopted two-factor authentication. In 2024, EVS is going to play a major part in combating identity fraud, and when combined with multi-factor authentication, companies can drastically enhance their cybersecurity.
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