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Biometric verification – A full proof solution for Digital Fraud Detection

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Biometric verification - A full proof solution for Digital Fraud Detection

Digital fraud has evolved over the years just as the online businesses have started operating on cyberspace owing to ease of doing business using internet-based resources. The biggest form of digital fraud originates from identity theft and using personal details of real-life customers to avail services that digital criminals have no right to use. Online businesses have used different methods to counter digital identity theft but none can fully secure itself from online scams originating from stolen identities. But biometric verification has the ability to verify the identity of the user in a way that will be nearly impossible to duplicate for an identity thief.

Different methods of Biometric Verification

Biometric verification is mainly performed with the help of unique biometric features of a verifying person. The most common method to perform biometric verification is with the help of fingerprint scans. But it is not the most feasible option for businesses that want to perform online identity verification or that want remote ID verification services. Iris scan verification is also in the same category of biometric verifications that is hard to be performed for digital KYC services.

Facial Verification services are a more appropriate method to verify the identity of incoming users. Neither does it require specialized hardware equipment for in-house identity verification nor does it creates any problem for businesses that want online identity verification services.

The utility of Biometric Verification Services

Most online businesses that want to fight cyber fraud, favor document verification and ID verification services, but the truth of the fact is that biometric verification is equally, if not more, useful form of identity verification. It is not only cost effective but easier to perform. With facial verification as your preferred method of biometric authentication, user verification will become hassle-free. Proof of identity verification can also be easily secured with the help of face recognition being used as an ideal method for biometric verification.

Document verification or ID-based authentications can be particularly tricky to perform as the entire KYC process can take a few minutes to complete even by the end-user and even after the entire personal information is collected by a third-party KYC provider, it takes a few more minutes, if not hours, to verify the personal information provided by an end-user. Biometric authentication especially faces verification, will not take more than a few seconds to be completed including the time taken to take the picture and sending the verification results to both the end-user and business using biometric verification for identity verification.

Although the method of face recognition might seem straight forward to be used as an inexpensive format of user identification and KYC verification, only a few KYC service providers have been able to master the art of face recognition. Shufti Pro is one such identity verification service provider that offers facial verification as the preferred method of biometric verification to its customers. Shufti Pro is an AI-based SaaS product that uses machine learning algorithms and liveness detection to fight facial spoof attacks. With real-time verification results provided at just 20¢ a piece, there is hardly any better service to verify the identity of online users.

 

CEO of Penske Media Group. Experienced Content Editor with a demonstrated history of working in the newspapers industry. Spoken on stages around the globe - NYU, US Embassy, P&G Toronto and much more.

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