ENHow well do you Know Your Customer?
With our increasingly digital lifestyles, identity risk management is more important than ever. Traditional businesses are taking their operations fully digital, and new all-digital businesses are growing. From “ride sharing” and “booking accommodation” to “mobile banking” and “telehealth”, businesses need to onboard new customers online. However, the dark side of this increasingly digital way of life is the staggering growth in the number of attacks by cybercriminals and other bad actors. As the customer base increases, businesses also need to monitor the risks to their platforms.
An increasingly digital world magnifies the threat of identity impersonation and misrepresentation, which in turn leads to service misuse, and fraudulent activities such as money laundering and data theft. While on the one hand, businesses want to offer customers quick and convenient access, on the other, they also want to steer clear of fraudulent users. Balancing both is a challenge and businesses struggle with the trade-off. Customers worry too, and rightfully so about keeping their identity information secure. Confidential Identity information should not be open to easily duplication and data breaches should be the exception, rather than the norm. With 16.7 million victims of identity fraud in 2017 and $16.8 billion stolen as a result, businesses cannot afford to ignore Know Your Customer (KYC) protocols.
For businesses, Know Your Customer (KYC) procedures involve knowing customers’ identity, their financial activities, and the risk they pose. This is where biometrics technology can play a pivotal role not only to enhance but also streamline the KYC process with a quick, easy, and secure identity verification process. Currently, typical KYC procedures for “digital businesses” involve customers uploading a photo of a government issued ID such as passport, driver’s license, or state/national identity card. Some businesses don’t even require a photo ID and only in some cases the provided photo of the ID document is verified with an actual photo of the customer. As such, businesses are open to cybercrime thanks to ineffective KYC and identity risk management.
How can ID37 biometrics solution, more specifically our face and voice recognition capabilities, automate the identity verification process for customers, assist businesses with identity risk management and GDPR compliance, and safeguard security for all stakeholders?
Our solution uses face recognition to baseline and later authenticate users against stored biometrics data – in this case data stored against the customer photo ID by the business
Mobile applications of businesses can be easily modified to integrate biometrics and authenticate customers via “live selfie” with a smartphone when signing up or requesting a product/service
Customers can be given an option to complete e-KYC by using their face, voice, or a combination of a passcode, plus one of the other authentication capabilities
ID37 Biometrics mobile solution works in conjunction with an analytics portal to monitor compliance while ensuring data integrity and ease of use. If you already have a mobile application, we can easily integrate our biometrics identity verification solution to implement e-KYC, validate customer identity, and safeguard security.
Interested in learning more about ID37? Schedule a Demo Today!