Over the past couple of years, increasing identity fraud has majorly affected all industries. The industries affected by identity fraud are specifically banks, finance, crypto and fintech sectors.
Global business to survive the deepfakes that are threatening them every second needs to have liveness checks for documents as well as biometrics. Though relying solely on the liveness checks without evaluation is not a good idea.
Implementation of signal source control through hardware-enabled solutions can be helpful for the organizations. It is becoming increasingly difficult for humans to differentiate between fake and real as deepfakes are becoming so life-like, making it crucial to check the signal sources integrity as it prevents unauthorized injection during the video session, specifically within the identity verification (IDV) process.
Biometric verification methods solidified by businesses
Businesses need to add more defense in order to further reinforce their biometric verification techniques. The techniques include facial recognition, fingerprint scanning, and voice identification.
Majority of identity fraud happens using traditional threats like fake IDs and synthetic fraud, highlighting the requirement for businesses to create a balance by being prepared for highly sophisticated attacks that can happen in the near future while continuing to address the more prevalent threats.
There is continuous evolution around the ID verification landscape due to strict laws, increasing expectations of users, and demanding newer workforce. Stricter age verification implementation by the governments for protection of minors and regulate access to restricted services. These rules may likely push further acceptance or adoption of technologies such as biometric age estimation.
The ID verification industry will have to create a middle path by developing a user centric design prioritizing convenience and personalization as users are looking for a quick personalized IDV solution whereas businesses need a more flexible system.
Along with the above categories, a newer category of IDV user is emerging; the workforce. The workforce category is important as we are now in an era where remote and hybrid work is the new norm and IDV is crucial for prevention of any fraud like fake ID and ghost employees.
AI and ML transforming identity verification
There are emerging problems with fraud, compliance, and user demands which are rising the advancements in ID verification technologies. Also, this has led to adoption of new digital identity documents, those include Digital Travel Credential (DTC), mobile driver’s licenses (mDLs), digital identity amongst others.
Technologies like AI and ML will be gaining momentum in IDV. The AI and ML technologies have been in place for Identity Verification solutions for some time, though its impact will be more tangible as AI-generated fraud continues to evolve and become a serious threat to organizations globally.
Identity Verification Solutions and Fraud Verification Services by IDMERIT UK
Identity Verification Solutions
Digital Identity verification is an important part for any business or organizations. IDMERIT UK identifies the top risk factors and takes proactive measures to protect businesses against deepfake threats. IDMERIT UK can help businesses protect themselves from deepfakes by verifying the identity of their employees, customers, and partners. The respective businesses can thus be able to decrease the risk of deepfake attacks by verifying the identity of all the individuals.
IDMERIT UK provides identity verification solutions that help in significantly reducing vulnerability to such theft. Staying informed and cautious is the best defense against identity theft, but identity verification solutions provided by IDMERIT UK act like a shield against the worst happening. IDMERIT UK provides advanced identity verification Services designed to meet strict regulatory requirements and protect businesses from KYC and identity theft related losses.
Fraud Prevention Solutions
Fraud Prevention Solutions can help in protecting businesses against identity fraud, and non-compliance. IDMERIT UK’s AML solutions provide businesses with a powerful and effective tool for detecting and preventing fraud. IDMERIT UK uses advanced technologies like machine learning, and risk profiling to help in identifying and preventing fraud.
