Over 52 per cent of worldwide website traffic is generated through mobile phone devices. As both businesses and consumers are preferring online engagement, the threat of online fraud including identity theft has increased tenfolds. However, before now, methods of online verification of customers had been mediocre at best. Systems are now available for businesses to enhance the verification process of customers. With mobile ID verification customers can now be verified in real time which can enhance the customer onboarding process.
Before the use of smartphones became common, people had to verify their identities using physical copies of documents. With the increasing complexity in online identity theft, user authentication methods like passwords, two-factor authentications, and knowledge-based verifications are no longer effective. Also, in an age of digitsation customers expect their verification process to be faster. What they also need to realise is that companies are now bound by law to carry out a due diligence process. Such processes are carried out to ensure the prevention of fraud and curb financial crimes like money laundering. Although it is understandable to want online verifications to be painless and smooth. Thus businesses should take some steps to ensure a smoother onboarding process for customers.
Reduce the Risk to Your Business
Identifying and preventing fraud can become a lot easier if one knows what to look for. If you do not know what to look for in a potential fraudster, your task just became a lot harder. Mobile ID verification allows you to assess what kind of risk your business has from fraudsters and implement the required identity checks likewise. Depending on their needs, enterprises can implement document checks, facial verifications and address verification for their customers. Such verification procedures can also be used in combination. This can help businesses to reduce the risk of fraud, thus keeping safer business practices.
Make Account Creation Simpler for Clients
In an age of digital assistants and artificial intelligence, it is not unusual for customers to expect banks to initiate online account opening. The process may not be simple but it is doable. Mobile verifications make the process even simpler. All the customer has to do is enter his or her information. The documents normally required by banks for account opening can be scanned digitally from the customer’s smartphone – as every smartphone’s basic feature is a camera. Once the bank’s verification software authenticates the document, the client is able to open their account. For high-risk clients, banks can perform facial scans and AML background checks as well.
Reduce the time for verifications
Mobile ID verification allows for quicker customer onboarding. Manual procedures for verification take time and are prone to errors. To ensure a faster yet more effective procedure for verifications, digital identity authentication methods have proved to be the best option for every business. Customers also want to complete their onboarding as quickly as possible. If an online business takes more time than usual to verify them they can move on to the next one that provides faster services. Therefore, online verification of customers can ensure a faster on boarding process.