It is of paramount significance to abide by the cyber security rules to depreciate factors like identity theft, ransomware attacks, fraudulent financial statements and reporting, multiple forged IDs and counterfeit documents.
Difference between Identity Verification and Authentication
► What is identity Verification?
Ensuring ID verification implies that certain customer’s provided parameters are verified to rule out illicit activities. It’s an essential line of action to eliminate possible incognito activity, criminal background histories of FATF, ECL, AML warning, and red-listed individuals.
► What is identity Authentication?
When the verification is successfully processed, after customer onboarding, it’s time for evidence-proven authentication. The software platform has to authenticate users’ accessibility to the system, every time they sign in to the network.
Technically, the process is to assess whether the verified customer is who he says he is. These assurance checks are carried out under the accordance and compliance rule policy to deter embezzlement issues(fraudulent account takeovers), identity theft and to filter out the AML individuals involved in financial crimes.
Related: 5 Reasons Address Verification Is Crucial For Business
Use Case – Election Crimes Prevalence
Every time, not an election goes by that promises sheer transparency rate and authenticity. All for it to go down the drain, as the results turn out to be globally viral on the charges of rampant rigging.
Voting around the world has seen quite a number of misleading online scams in recent years. Adversaries’ malicious schemes to tamper with vote count and manipulate voting equipment seems to have made us adopt an indifferent attitude. A challenging environment has been created with these prevailing issues. Clickbait advertisement and promising unconventional notions cast a shadow over delicate minds which leads to unethical vote casting.
An imposter could easily bypass an ID verification barcode, manipulate his biometrics and hack into an already flimsy database. ID card verification and authentication possess weak verification and authenticity, with ceaseless ID duplication and tampered vote tallying. Crowd, background noises and a sense of urgency with the authorities on an event almost entirely favours the culprit into deception.
This predicament calls for a unified solution to curb ID Fraud. The automated solution should have reliable and ubiquitous access to authority and voters alike while also keeping up with the verification and authentic parameters on both sides.
► Action Plan: Mitigate ID Fraud
► Identity Proofing
► Digital Identification Solutions:
The voter’s will be assessed as per these credentials.
1. A voter walks in,claiming his ID credentials.
2. An automated solution, driven on AI verifies ID Online by extracting the fields on the document with digital identification parameters and cross-checks their authenticity.
3. The fields are compared & verified against biometric ID online.
To ensure a tightly fenced and frictionless ballot vote casting at polling sites, authorities need to regulate an automated solution for digital identification solutions to address the impending problems.
Education Departments: Justice Delayed is Justice Denied
Examination identity screening is a significant aspect expected to be monitored in every country.The management is bound to investigate whether the enrolled student with appropriate class attendance has arrived at the examination centre. To assess the student’s claimed identity, ID authentication and biometric facial recognition is the key to higher transparency values. Efficient AI surveillance can even detect and carry out individualistic microexpressions analysis.
Global Identity Verification Checklist
To keep an eye out for any suspicious activity, it is imperative to always sign up customers with an adequate and eloquent follow-up investigation. Proper diligent expertise in tackling the dark web is the need of the hour in this fast paced world. No company would want to be associated with PEP, FATF, AML sanctions and violation ranked criminals, or the dreaded Pandora Papers to malign their years built reputation and fear losing credible and sincere customers.
The report could reveal pending state taxes, money laundering, embezzlement fraud by setting up off-shore companies under numerous aliases. Nevertheless, onboarding customers of official/industrial powers, boundaries and guidelines extend to the stringent regulations by these aforementioned categories.
It’s threatening to live in a world of tycoonic dark web power as it is reliable and accessible to live in an opportunity oriented world.The most a company could do is make certain of the fact that they are virtually protected and aren’t involved in any unauthorised activities through an illicit source and aren’t being manipulated by counterfeit ID documents. A transparent approach is mandatory to accommodate sincere customers and develop a solid rooted base in the industrial world.