Solving Identity Theft Using Identity Verification Systems

According to Identitypass, in the process of verifying identities for businesses in Nigeria, it has been discovered that in every 10 IDs verified, at least 1, turns out to be fake.

Going by that statistics, now Imagine, in a country such as Nigeria which has an estimated population of about 220,103,977 citizens , businesses are exposed to millions of fake identities that stand as threats to all businesses.

So, how can Identity Verification systems help ???

1. Facilitates the Onboarding & Ongoing Monitoring Process

Primary data during onboarding includes Name, date of birth, address, and identification number. Verifying these four key data is germane to getting clearer demographic details and records of unique identities and also useful for accurate, scoring, monitoring of behaviors and activities of individual profiles based on criteria.

2. Centralize access to fragmented referenced database

Not all data collected from individual entities are verifiable except by gaining access to trusted databases such as that owned by governments across the world. Due to the disjointed operations of various agencies and organizations charged to hold these vital information, identification Verification systems such as Identitypass serves as middlemen to retrieve these details and compare data submitted by client with those from trusted databases to either validate match or deny false/suspicious entry. All done within few seconds.

3. Reduce Human Error

Let’s face reality. Humans definitely can’t be totally pushed aside from the pursuit of ensuring fraud-free transactions. Although, due to certain limitations such as limits of concentration, time and energy, humans can find technological systems useful in helping to retrieve verified data, in order to gain deeper insights about users/ businesses, detect, as well as prevent fraud.

4. Anti Money Laundering (AML) / Combating the Financing of Terrorism (CFT) Compliance: With Identity Verification Systems integration, businesses stand better chances of building a more detail focused, safe and AML/CFT Compliant system throughout transactions with Users.