Identity verification is the need of this hour to automate various operational procedures in businesses and other government organizations. An effective ID verification process is even more critical in the banking sector to prevent AML (Anti Money Laundering) and offer optimum security to the bank as well as customers.
Though many industries are delving into adopting this technology, banks especially need to adopt this technology in its entirety. ID verification methods to know customers’ identity helps in eliminating chances of financial crimes and other digital frauds.
How Online ID Verification Works?
The process of online ID verification consists of a Multi-Factor Authentication (MFA) model, and it is a part of the identity access management (IAM) policy. In this process, a user needs to provide two or more types of information to gain access to a specific application, tool, online account, or digital system.
The online identity verification process may also include entering a One-Time-Password that the user receives in the form of a text message notification via their registered mobile number. Here is a list of a few factors that organizations use as factors of ID authentication before giving them access to an application:
- User ID And Password
- Validated Email Address to Send a Login Link
- ID Scanning
- Finger Prints
- Facial Recognition Features
- Voice Command
- Retina Scan
- Oher Biometrics
The use of an effective user authentication model can act as an anti-data theft scheme. And, it can save banks, NBFCs, and other organizations from becoming a victim of online fraud.
How ID Scanning Can Help Your Organisation
Many organizations also opt for an effective ID scanning technique where they use a bar code reader or a magnetic stripe reader, or both to scan different kinds of Government-issued ID cards and confirm user identity.
You can also opt for such an ID verification model and give access to your users or customers to a specific area that is under high security. ID scanning technique can be used by organizations like banks, other financial institutes, government offices, laboratories, hospitals, hotels, gyms, etc., where physical entry is required for individuals.
The Final Take
Today’s digital world is full of opportunities for organizations to automate their working procedures and speed up their daily operations. However, it is also full of options where online frauds and data thefts may happen. The best way to eliminate online fraud is to deploy an effective identity verification technique