How Biometric Will Play The Crucial Role In Future For Fraud Prevention?
Recent years have seen a new trend in online services where facilitating users in the comfort of their home has become a priority for digital businesses. Even those companies that have a physical presence in the normal world with storefronts and unlimited chain of outlets, prefer to cater their customers with online shopping portals. These businesses are not even hesitant to offer their services or products for sale on a niche-specific platform. But with an increased number of avenues to generate more revenue, the probability of becoming a victim to digital fraud also goes up. Businesses have already reported a gradual increase in the number of cash back requests and multiple cases of identity theft that they have to deal with on their several digital channels.
Digital Fraud prevention measures
In order to sustain a reasonable growth in online sales, businesses are bound to adopt digital fraud prevention measures but which method can be more feasible to deal with online scams has to be decided based on the utility of verification method. There is ID verification service and address verification method but not only that process is very time consuming to complete but it also requires a lot of additional personal information that can easily become a headache for verifying business in this age of frequent data breaches.
Biometric verification is the most useful method for online fraud prevention as it is nearly impossible to duplicate or steal biometric information of a user, especially for in-person verification. Remote identity verification are also pretty successful in identifying true identity of an incoming user.
Which biometric verification you need?
There are 3 main medium to perform biometric verification using unique biometric information of an incoming user. Fingerprint scans are the most common form of biometric verification and companies looking for more full proof verification results, even opt for iris scans to detect true identity of a verifying individual. But both these forms of biometric authentication not only require special hardware equipment to complete user authentication but are not feasible form of identity verification for remote KYC checks. This is where the 3rd method of biometric verification trumps both fingerprint and iris scans: Face verification.
Every human being in the world has unique facial features that can easily be detected and help to identify the true identity of that person. Using those unique biometric features, a KYC service provider can help online businesses to fight identity based digital scams and online frauds.
Liveness detection can make sure of the fact that a fake or doctored image is not used for face verification. Biometric verification with facial recognition helps in ensuring the true identity of a potential customer in near real-time, creating ease of use for the end-user and peace of mind for the businesses taking help from biometric verification. Shufti Pro is among a handful KYC service providers that offer biometric verification with the help of face recognition technology. What makes them stand out among other KYC solutions, is their ability to offer identity verification services in over 230 countries of the world.