As we’ve allowed technology to play more and more of a prominent role in our lives, we’ve managed to expose ourselves to considerable risk Account takeovers and identity theft have grown to become significant concerns for both individuals and businesses.
However, as a result, many companies have begun offering trusted identity as a service. As a customer, you want to make sure that, when utilizing these services, you work with a company who you can trust. Below are some of the primary components you’ll want to look for when using trusted identity services.
Why Trusted Identity Services Are Beneficial
Trusted identity services are useful for businesses because they can streamline the on-boarding process while also ensuring that data is secure. Financial institutions, for instance, can onboard customers in a matter of minutes. No longer are days when financial institutions would request hard copies of paperwork or IDs.
Now, trusted identity services allow financial institutions to verify identities instantly, from anywhere in the world. In a world where employees work remotely and financial transactions occur globally, this is critical.
Perhaps more critical is the fact that customers can trust this process as well. They won’t have to worry about their information being stolen or misused. Trusted identity services rely on deep-rooted algorithms to verify identities. There’s a strong chance that an individual never sees sensitive information. Instead, the algorithm merely indicates whether the person is legitimate.
So, the individuals who must provide this information can rest assured knowing that their sensitive financial information is safe.
Components Of Trusted Identity As A Service
If you’re looking to engage in trusted identity services, you’ll likely want to make sure that a couple of basics are provided.
First and foremost, you’ll want to make sure that you have access to ID verification. ID verification services will allow you to determine if the identification is unique and if it belongs to the user. Not only can quality ID verification services ensure that the ID is not fake, but they can also use facial recognition technology to ensure that the person submitting the ID is the same person whose picture is on the ID.
Additionally, thanks to today’s modern smartphones, users can likely do this from anywhere. Today’s smartphones come with dual cameras. While the average individual uses this feature to take pictures in Portrait Mode, dual cameras are also useful for capturing holograms and watermarks. All an individual must do is scan their ID with the camera on their phone. Algorithms will then do the rest to determine if the ID is real.
Trusted identity services should also provide you with document verification. You’ll likely need to request two or more forms of identification from someone when verifying them for a transaction.
Document verification ensures that things such as birth certificates and Social Security cards are legitimate and belong to the person who is submitting them. The best-trusted identity services can take even the most crumpled of documents and determine whether they’re legitimate.
Perhaps best of all is the fact that this verification occurs instantly. No longer do companies need to collect hard copies of documents and submit them to a third-party for verification. Today’s trusted identity services allow companies to speed up their on-boarding practices significantly.
Are Trusted Identity Services Necessary?
Depending on what country you’re conducting business in and which industry you’re a part of, there’s a strong chance that identity verification is necessary. That’s because many governments have put anti-money laundering or Know Your Customer initiatives into place to help protect financial institutions and customers from engaging in illegal activity. So, there’s a strong chance that you need trusted identity services to ensure compliance.
However, even if you’re not required to practice AML or KYC compliance, it could still be in your best interest to do so. Investing in a trusted identity service could help protect your customers’ financial information, providing them with peace of mind. Customers may be more willing to work with your business if they know that you’re engaging in practices that help keep them safe.
Furthermore, investing in trusted identity as a service could help protect your company as well. Doing so could reduce the risk of you engaging in business with hackers or criminals, thereby protecting your company’s assets. The cost of trusted identity services pales in comparison to the cost of having your business taken over by a hacker.
If you’re looking to invest in a quality, trusted identity service, be sure to contact AU10Tix. AU10Tix works to ensure that your company meets the regulations set forth by your local government. Furthermore, we’ve worked with more than 70 top global enterprises, including:
• PayPal
• Visa
• Coinbase
Be sure to contact us today to learn more about how our trusted identity services could help your company thrive.