Identity authentication is one of the most critical functions of any business. However, traditional methods such as password-based systems can be expensive and prone to fraud. Fortunately, there’s a better way: verification software. Here are five reasons why verification software is the future of identity verifications.
Real-time verification is the most accurate, the quickest way to verify your identity. Verification software can perform this in real-time or near real-time. Real-time verification takes place immediately after the initial identification process and before authentication takes place, while near-real-time verification occurs within minutes of an identification process being completed.
The use of self-service will also be a key feature of the future of identity verification. Self-service technology is already widely used in other industries, and it could be applied to identity authentication as well. Self-service reduces costs, improves efficiency, and reduces the need for human intervention.
Reduce costs and improve efficiency
Companies have been paying billions of dollars in KYC, AML, and other compliance requirements just to stay compliant with regulations. This can add up quickly, especially for smaller companies that don’t have the resources to manage this cost. Verification software is here to change all that by helping you get customers onboard faster through their identity verification process.
When your customers are on-boarded seamlessly without any manual review from you or your team, they will be in a better mood than when they’re trying to get verified during high-traffic times like Black Friday or Cyber Monday. That’s because verification software makes it easy for them so they can focus on what matters most: searching for the best products.
While most security solutions are built using a collection of proprietary technologies, verification software gives us access to a wide range of enterprise-grade security features that are designed to keep your customers’ data safe and secure. These include:
- Multi-factor authentication. When you use identity verification software, you can set up multi-factor authentication (MFA) for all users—both internal and external—to ensure that only authorized individuals have access to your accounts.
- Compliance with the latest security standards. Use leading frameworks such as ISO/IEC 27002:2022 across your solution stack so that you know your information will always be handled by the best practices laid out by industry experts in these fields.
- Military-grade encryption and tokenization options provide additional layers of protection against unauthorized access attempts or data breaches caused by malicious activity behind firewalls or within networks.
Better customer experience
Once you’ve set up your system, it will be easy for customers to verify themselves and get access to services more quickly. This means that they can start using the app or site as soon as possible, rather than having to wait for a human employee or contractor to check their information. You’ll also see an increase in the number of people who use your service because it’s faster than waiting around for someone else (and those people won’t be frustrated by the process).
Customers who verify themselves via software will be safer from hackers and scammers because they’re using their phone numbers instead of having them stolen. If an attacker tries calling to hijack someone else’s account, they’ll end up talking with someone who doesn’t belong on the other end—they’ll have no idea what type of information is needed because there won’t be any.