Benefits of Digital Identity Verification
What is clear is that technology has made our everyday lives more convenient and easier, however, the associated cybersecurity threats cannot be overlooked.
Every year, millions of people put their identities at risk, as cybercriminals are always on the hunt for fragile networks that can be easily circumvented. This means that weak authentication or a loophole in the overall identity management system can be fatal for an organization.
Hackers are able to impersonate network users and gain access to sensitive business information, which is then exploited for various purposes.
Therefore, a more robust line of defense is becoming the need of the hour in the form of digital identity verification, as organizations have to face financial losses running into millions along with deteriorating brand image just because of the increasing number of identity thefts.
When it comes to the advantages of digital identity verification, the list is endless. Here are some of the benefits associated with digital identity verification:
AI algorithms for secure authentication
AI allows real-time rating/evaluation of the readability of a document image, allowing the system to perform a “guided document capture”, which is basically an on-screen guide to take the most readable capture possible (zoom in/out, more light, less light, have the camera adjust the image to make it as readable as possible), allowing users to take a quality photo for optimal processing. It also allows, when readability is good enough, to capture the image without having to press the screen or a button to take the picture, as it is taken automatically. Finally, AI also enables Facial liveness detection’s biometrics, which consists of the use of computer vision technology to detect the secure presence of a live user, rather than a representation such as a picture, a fake video, or a mask.
Unique and comfortable user experience
Users receive a phenomenal and unique user experience due to the simple verification process. Digital verification has never been easier and more convenient. No analog or digital contact with other people is necessary for identity verification. Therefore, verification, e.g. for the conclusion of a contract, can be carried out anytime, anywhere, on any device with a camera and an internet connection. Convenience has never been so easy.
Significant reduction of process costs
SignD’s identity verification solutions enable companies to save significantly on process costs, as the costs per identification case are significantly reduced. Outsourcing of external labor can be reduced or even eliminated. In-house employees increase their work efficiency by reducing physical contact with the customer and assistance, e.g. for signing contracts. In addition, the entire workflow becomes more efficient, as the data obtained from the analysis is immediately available to the appropriate systems.