Going Global: Why You Need to Integrate Identitypass’s Document Verification
With technology taking over our world and people conducting 80% of their transactions online, trust between customers and businesses has become critical and must be earned, even if it is difficult. Digital companies must accurately verify both potential and current customers, and this can only be accomplished by implementing KYC processes as a critical component of customer due diligence. The big question for any growing business that interacts with people from all over the world is, “Do I know my customers?” As legitimate customers flood into your system to interact and engage with your services, imposters and fraudsters are also gaining momentum and devising adaptive and innovative measures to infiltrate your system for their nefarious intentions and acts. Digital KYC checks are more important than ever, but they should not be a difficult step in your customer’s journey with you. This means that, even as you work hard to keep fraudsters out of your system, your KYC processes and onboarding solution must be as seamless and convenient for your customers as possible.
There are positive and negative things on the internet, including ongoing attempts to defraud innocent people of their money or identities. More than 2.8 million consumers reported fraud cases to the Federal Trade Commission in 2021. According to the report, consumers reported losing more than $5.8 billion to fraud in 2021, with imposter scams being the most commonly reported category, followed by online shopping scams.
Adopting solutions through stringent regulations and the need for compliance influence market growth. Regulatory authorities have become stricter about know your customer (KYC) and anti-money laundering (AML) compliance as the identity verification market is expected to grow from $8 Billion in 2021 to reach $17.7 Billion in 2026, representing a compound annual growth rate (CAGR) of 17.1 percent.
Identitypass understands the growing need for security, compliance, and trust between digital businesses and their customers. These can be challenging, but technology is making online security easier for online companies and their customers. Our newly introduced document verification endpoint can assist you in expanding your business to a global level while remaining as secure as possible.
This article shows why you need to implement document verification as part of your digital transformation and growth strategy. Here are some benefits of integrating with Identitypass’s document verification endpoint:
Be Up to date with recent global security trends.
The KYC and Customer Due Diligence processes are constantly undergoing changes and technological disruptions, which means that what worked ten years ago may no longer work today as business processes and onboarding procedures have improved. The manual process of verifying customers’ identities is now antiquated and outdated, and it is no longer recommended by most governmental agencies in charge of business laws around the world. Knowledge-based authentication questions, for example, may be simple for users; however, information can be easily lifted from social media, the dark web, or other publicly available databases, allowing fraudsters to impersonate whoever they want. Furthermore, while two-factor authentication methods are beneficial, they are vulnerable to compromise because fraudsters have discovered ways to intercept these processes.
Customers discouraged by stringent KYC systems are increasingly likely to seek a more technologically savvy service provider for their needs. With the document verification endpoint, your company has everything it needs to abandon outdated processes and implement faster and more effective KYC checks by simply scanning your customers’ ID (over 3500 types of documents) and onboarding the genuine ones in real-time.
Promote Customer Loyalty
Even though customers are now increasingly operating in a digital rather than physical space, they are not willing to accept less when it comes to service delivery. This means that, more than ever before, customers want their data to be handled most securely.
When offering online services, you must prioritize three key objectives: Keeping customer data safe and secure, providing a seamless customer experience that increases conversions, and ensuring that only genuine customers are onboarded.
The good news is that the latest Identitypass document verification endpoint makes it simple to do all three of these. The cutting-edge document verification system creates a transparent and streamlined customer journey that increases the conversion of genuine customers while preventing bad actors from infiltrating your platform. Once your customers are convinced that you genuinely care about their data security, they will trust you and become powerful advocates for your company.
Cut down on continued costs of operations.
Using the automated document verification endpoint eliminates the overhead costs of hiring personnel to verify documents manually. This is possible because document and ID verifications are performed quickly and in real-time. Furthermore, document verification assists you in creating cost efficiencies by saving you money by avoiding costly fines associated with non-compliance with AML and KYC regulations.
Prevent Exposure to Fraudulent different documents
In recent years, the number of global data breaches has increased exponentially. According to Check Point Research, cyberattacks increased by 50% yearly, with each organization facing 925 cyberattacks per week globally. According to statistics, businesses met 50% more weekly attacks in 2021 than in 2020. This is due to fraudsters devising increasingly complex methods to circumvent old systems and commit financial crimes, identity theft, and account takeovers. Every day, it is estimated that 30,000 websites are hacked. A company is hit by a cyberattack every 39 seconds, and more than 60% of organizations worldwide have been hit by at least one type of cyberattack.
One of the most important reasons your company requires the document verification endpoint is its ability to significantly reduce the risk of a data breach or fraudulent activity on your digital platform. We assist in running various checks on the document to ensure its legitimacy; we can also compare a user’s selfie to the image on the document in a neutral, highly accurate manner.
Easy Compliance with Global AML and KYC requirements
More than 200 countries now have stringent compliance regulations, including AML and KYC, requiring customers’ identities to be verified and identity records to be kept.
These rules were implemented to reduce data breaches, cyberattacks, and identity theft. They generally refer to how data is collected, how it should be protected, and how processes should be monitored appropriately.
You don’t have to be concerned about ID authority access in a market, whether in Africa, Europe, Asia, South or North America, with Identitypas’s Document Verification endpoint. You can now accept an image of an ID to onboard customers without fear of forgery, fraud, or friction. Combining Identitypass’s document verification endpoint with other verification processes allows for a multi-layered approach to strengthening your identity verification systems, increasing trust in your KYC checks to reduce fraud and mitigate risks.
It is important to note that these regulations vary from region to region. As a GDPR compliant company, we easily present you the opportunity to use Document Verification to onboard your users end-to-end or add Document Verification to your onboarding flows.
How to Get Started
- This product is made available to every one of our existing merchants. All you need to do for new business owners who want to integrate this endpoint is sign up on Identitypass.
- Once you’ve signed up and set up your account, you only need to request this endpoint and integrate the API through our documentation page.
- You can verify documents directly from our customer’s dashboard using our Quick verification feature/channel.
We can’t wait to see how this endpoint improves your verification experience.
Are you interested in using our API? Sign up on Identitypass or reach out to us at firstname.lastname@example.org.