As online business solutions and digital transaction services continue to evolve, the competition for new customers – while keeping the ones you’ve got – will continue to be fierce. Innovated technologies impact both sides of the business/client relationship. To stay ahead, businesses must find the best way to integrate new, emerging technologies with their current products and services while effectively appealing to shifting customer needs and demands.
This is truer than ever when it comes to ID Proofing new and existing customers. Online businesses have expanded their ID verification technology, specifically during the pandemic. In many cases, companies are even under a legal burden to verify the identity of individuals they conduct business with. In addition, regulatory authorities have become more demanding about Know Your Customer (KYC) compliance. This, among many other reasons, is why effective identity verification solutions are critical for ensuring your company’s future. Investing in robust identity fraud prevention protects your existing clients, builds brand trust, and reduces your business’s risk of exposure to criminal fraud and exploitation.
Global Identity Verification Solutions
Whether your company operates in multiple countries today or is planning to expand, it is important that your identity verification solution can quickly and accurately navigate the challenges of verifying the identity of global clients.
Expanding your identity verification process to include on-boarding global clients is an investment that can bring much needed change to the global economy. People who are underbanked or living in emerging economies are beginning gain access to financial services. Overseas workers can now more quickly and securely send money back to their families and communities. Individuals around the world now safely and confidently purchase goods and services online without borders. And, your business needs to be able to serve this emerging worldwide clientele.
But when you serve customers all over the world, you need an identity verification solution built for global clients. ID documents vary from country to country, as do customer attitudes toward privacy, convenience, and security. Global Document Verification can be used as a standalone alternative to Know Your Customer (KYC) ID Proofing protocols, or it can be used to supplement existing systems when to strengthen partial results. Multi-identity solutions provide you with confidence that your international-based client is exactly who they say they are.
On-boarding Global Clients with Document is not enough
With thousands of identification documents in circulation worldwide, it is impossible to stay current with all iterations of official documents issued by state, national, or even local authorities. Each country has a list of ‘state-approved’ identity documents that are required to be produced with certain unique and identifiable security features (such as watermarks or holograms). These protections make it difficult to forge and provide the document and its bearer a basic level of security against fraud or duplication.
The process for on-boarding internationally based clients is very similar to the process for verifying the identity of a domestic client. New customers are guided through a series of basic prompts and are asked to provide general personal information such as:
- Date of birth
- Passport Number or other National ID Number
The new customer will then be prompted to provide images of ID documents using a mobile device or high-quality webcam. In some instances, this step may also include the new customer providing a selfie to match against the photo in the ID documents, such as:
- Driver’s licenses
- Identity cards
- Resident permits
The images are then authenticated using artificial intelligence and machine learning, connected to a global network of document verification services. Document verification involves matching the document photos provided to a database of over 5,000 forms of government-issued identity documents to accurately assess the authenticity of a client’s claimed identity.
More importantly this document information is backed up by identity data and anti-money laundering and politically exposed persons (PEPs) checks.
Once the new customer’s identity has been verified using these means your business can onboard them with confidence.
Preparing for the Global Digital Market
The increasing frequency of identity theft and cyberattacks is driving the growth of the identity verification market. Experts predict the identity verification market will grow from $8 billion in 2021 to $17.7 billion by 2026. Integrity by Aristotle is ready to assist your company in building the right global identification verification solutions for your customers, wherever they may live. Contact us today to see how we can bring you the best in global identification services.