Identity Verification Services are on The Rise Amid Covid-19

Over the last few months, the world has witnessed immense and crucial changes in the economy due to the pandemic coronavirus novel. The reason is people are advised to stay at home and most businesses are now operating remotely. 

This trend has raised security concerns and threats for both individuals and businesses. Among these threats, digital fraud and scams are on the rise. According to a report by the Federal Trade Commission, around 17,425 consumers have allegedly reported corona-related fraud in 2020 and to date, there have been more than $ 13 billion losses due to these frauds.

Among the frauds reported, mostly are consumer fraud including account takeovers, identity theft, phishing attacks, fake purchases, and some other frauds. All these frauds are a serious threat to business reputation and of course money. In such a situation, there is a need for an intelligent solution that can not only protect businesses from fraudsters but also enhance the customer experience of the users.

Industry leaders focus on Identity verification services

During this corona outbreak, many organisations are facing new challenges regarding security and digital fraud. To address these problems, they are already welcome identity verification solutions with open arms. The retailers giants - Amazon and Ali Express - are readily using identity verification in the form of biometric authentication to prevent fraud prevention. 

With features like "smile to pay" and "approval through video," the tech giants are streamlining their payment authentication and checkout operations efficiently. Incorporating such smart technologies facilitate organizations to curb fraudsters in real-time.

Moreover, with the corona situation going on, fraudsters are taking advantage of the outbreak and misrepresenting themselves on the internet in the form of equipment sellers, charity organizations , and patients of the novel coronavirus. Taking into account this trend, even the tech giant Google has stepped forward and made identity verification necessary for the advertisers. 

The purpose of doing so is that only authorised organisation and individuals can use the platforms to advertise Reviews their businesses and consumers can be aware of the location and identity of the advertisers that they are going to deal with.

Fraud prevention through digital identity verification solution

Due to the pandemic novel and the guidelines from the WHO to stay at home, the concept of traditional verification is becoming distinct. Due to ineffective ways to verify and authenticate the users and customers, there has been a relative increase in digital fraud and scams. 

The artists out there have successfully exploited the pandemic coronavirus and tricking users into revealing financial information opening up and that leads to identity theft and monetary loss. In this case, digital identity verification solutions are the need of the hour that can remotely authenticate customers' identities. 

Digital ID verification solutions are based on advanced artificial intelligence technology that eliminates the need for manual effort. These solutions can be professionally verify and authenticate users on the basis of certain factors in real-time from any part of the world and any time remotely. Some of the ways to verify customers online include:

1. Document verification that verifies the user's identity through ID documents such as passports, driving licenses, and ID cards. All users have to do is just display the document in front of the camera or upload the picture. The system automatically extracts the data check it's validity and information against the user eliminating fraud by identifying tampered documents.

2.