Business security is significant for the businesses’ proper functioning and overall well-being. Security breaches in industries are getting worse day by day. Data is the core value of businesses; its leakage is a threat to the company’s prosperity. Hackers are driving new means to decode the algorithms of the client account. In 2022, in India, 70% of the individuals claimed that cybercrime affects them; the US is ranked second as 49% of individuals were scammed. E-IDV provider is the best solution against all these security issues, which is very reliable and authentic.
What is an E-IDV Provider?
Verifying the individuals digitally to ensure that they are the same persons they claim to be, biometrics is done for these authentications such as face, finger, voice, and sound verification. It reduces the verification cost and time of the companies. The government has made it mandatory for some companies to comply with the latest KYC (Know Your Customer) and AML (Anti Money Laundering) regulations. It is quicker for both the company and the end-user, as both enjoy its benefits.
Difference Between Digital and Manual Verification
Here, we will discuss the points that differentiate digital and manual verification.
Online means are used for verifying a person; no documents are required from the E-IDV provider.
1. Accurate and Reliable
Users can entirely rely on these solutions, as artificial intelligence and advanced machine learning tools are used in them. These scanners extract and verify the data against the information previously stored in the database.
Clients do not have to visit the office or submit documents; every task is performed online. Customers upload scanned copies of their legal papers. Registration of the clients is also done from the comfort of their homes. It saves the time of the clients as well as the employees.
3. Free of Error
E-IDV services are free from human error; machines do not get tired; they can continuously work for many hours.
4. Handle Large Data
Electronic identity verification is customizable; these solutions can easily handle extensive data if the company’s size increases. The information is kept intact, and proper templates for each database are made.
5. Less Labour Force
As electronic check verification services perform all the tasks, therefore a large number of employees are optional. Businesses can save their revenue by one-time investment in these solutions.
6. Enhance Security
EIDV service providers enhance the company’s security by allowing only authentic persons to bypass the account. Any suspicious activity is immediately recorded and reported to the respective authorities.
7. Continuous Monitoring
Companies using electronic verification service providers can continuously monitor their employees digitally; no further capital is required for their assessment. These solutions are so advanced that they even analyze the risk rate of the client.
8. Enhance Customer Experience
Customers prefer companies implementing electronic ID verification because this keeps their information safe and secure.
Manual Identification System
In this type of verification, complex documents are required, and the customer’s physical presence is necessary.
Any untrained person performing the task can cause improper data entry, which makes it inaccurate. Humans are involved in it; therefore, reliance on these solutions is not recommended.
Customers have to follow the office protocols, such as weekdays and 9 to 5 timings, to get them verified; they have to visit the office for their verification.
3. Prone to Error
Humans get tired and commit mistakes unconsciously, so this verification is not error-free. Correct information entry or proper validation can lead to the onboarding of risky clients to the business.
4. Unable to Handle Extensive Data
Humans can not easily handle large amounts of data, as they will commit more mistakes, and excessive time will be utilized for it.
5. More Labour Force Required
Officers must perform the whole task, from collecting, gathering, and analyzing data for every task employees are required to, increasing the company’s expense.
6. Not Secure
As humans perform the whole task, they can even intentionally leak data for money, so this system does not prevent the company from fraud. Scamming such companies is easy, as the hacker does not have to bypass complex and multi-step authentication.
7. Unable to monitor
Customers can not be monitored through this verification, as their data is not in the database.
8. Poor Customer Experience
Customers prefer to avoid such businesses in which their information is not in safe hands.
Traditional ways cannot meet the current challenges; the companies must get them compliant with the new regulations. Electronic ID verification provider enhances the companies’ security and keeps them free from fraudulent activities. Customers trust the companies that keep their information in safe hands; prioritizing customer privacy is the customers’ fundamental right. Clients onboarding, authentication, and even monitoring, every task can be performed with just a single click of the E-Idv provider—a significant rise in revenue for the businesses implementing these solutions.