Today, businesses and customers are in a back-and-forth battle regarding online payment and sharing user information. While customers feel uneasy sharing their information online, especially when making payments, businesses, on the other hand, feel online payments are a breakthrough technology for business growth.
There’s no denying that safe online payment technologies are a breakthrough invention in the digital business space. However, businesses must integrate safety measures like identity verification to earn customers’ trust. Below, we’ll look at the effective technologies businesses can adopt to verify user identity and improve safety.
Document Verification Through Scanners
Whether you’re verifying customers’ data from a digital or physical ID, document verification is still one of the most effective identity verification methods for businesses. The process involves using ID scanning software like an MRZ scanner to capture, extract, and verify a customer’s data. Using this method, you can only scan government-issued IDs such as driver’s licenses, passports, and national IDs.
Once the software scans the ID, it cross-checks the key information on that document against existing government standards to ascertain authenticity. The scanner reads security features like machine-readable-zones (MRZs), watermarks, and holograms, and authenticates them using machine-learning algorithms against worldwide databases to confirm legitimacy.
Two-Factor Authentication (2FA)
Two-factor or multi-factor authentication (MFA) is another effective technology for combating identity fraud. It’s commonly used in applications such as emails or payment accounts where users are requested to input a code delivered to their phone or email. 2FA or MFA ensures that even if your customer’s password is compromised, the identity thieves may not succeed in completing a fraudulent transaction.
Since data breaches can expose or crack even the strongest passwords, having an additional layer of protection is important. 2FA adds an extra layer of security that might just be the difference between your online safety and a huge loss. If you receive a 2FA prompt or code you didn’t request, check your account immediately and change your passwords to retain your account’s security.
Database Verification Methods
Businesses often use database verification to confirm users’ identities by accessing and analyzing information from reputable databases. The most commonly analyzed databases include proprietary databases, public records, and online information. You might want to use a database verification method if users present government-issued documents like driver’s licenses or passports for verification. This is because the information from these documents is easily verifiable from the public databases.
The main advantage of database verification technology is that it allows you to quickly scan a vast amount of data to verify users’ information. For example, just by feeding in the individual’s photo or name, you can verify if they’re the rightful owners of a digital identity.
Mobile Phone Verification
Verification through mobile phones often means sending a code via text and asking users to input it or calling and reading it to them. Either way, this method is effective for verifying the person in possession of the phone is the one verifying their identity.
As digital verification technologies continue to evolve, it’s important to keep up with the trends by adopting the latest technologies for verifying user identities. Maintaining a robust user identity verification system promotes customer safety and boosts your business’ reputation, which attracts even more customers.
Comments