3 ways businesses can eliminate fraud during COVID-19

Technology has shortened the distances and is building bridges crossing the barriers of distance and language. Unrivaled economic opportunities are emerging due to such technologies. But this digital world has given birth to many online scams and risks to businesses across the globe. By dealing with people remotely, you are unable to meet them in person and cannot verify them. This gives fraudsters a chance to attack the business for many fraudulent activities such as identity theft, data breaches, account takeover, fake identities, etc. During this pandemic, all brick and mortar businesses are grounded. As businesses are enforced to operate online, there are more risks of cybercrimes. Thanks to artificial intelligence AI, the Internet of Things (IoT), virtual reality (VR), and robotics we have many digital solutions available that can help deter scams. There are many contactless solutions available that can authenticate a person in no time without having any direct contact with them which stops the spread of the virus as well.

It is not easy and risk-free dealing with different people present in different parts of the globe so businesses need to analyze and understand who they are dealing with to abate the threat of terrorism and financial crime. KYC and AML regulations for businesses are fairly uniform across the globe so identity verification is obvious to an eye. Businesses are under the radar of regulatory authorities so they have to perform proper identity checks to meet the KYC and AML compliance standards.

Alternative technologies for verification for businesses

Artificial intelligence-based digital identity verification systems provide an option to seamlessly authenticate identities without any direct contact with a scanning machine to contain the virus. These identity proofing systems can be integrated onto the online businesses to authenticate the identities of individuals around the globe via the internet. Customers can be verified without any human interaction which is required in this virus outbreak. For quickly onboarding customers without any in-person interaction with these digital solutions has a milestone achieved.

Face Verification

The use of AI systems to detect and map facial features for authentication purposes helps prevent many risks of frauds such as 3D mask attacks, distorted images, print photos and screenshots, fake video replays, and eye-cut photo attacks. Face verification solution provides a feasible alternative for fingerprint scanners to perform biometric authentication. With a liveness detection feature, the originality and presence of the individual are confirmed.

Document Verification

To detect the authenticity of various government-issued documents and to manage fraud and identity theft many artificial intelligence-based solutions are used for document verification. The verification of ID cards, driving license, passport, bank cards, etc. is completed by using OCR technology that is used to extract data from these documents.

Video KYC

During a video call with a business, representative individuals are identified. With AI-based video KYC solution, identity verification is completed in real-time during the video call. By using OCR technology the information from the documents is extracted for verification. This is another better alternative technology to avoid contact with anyone in this pandemic and verify the individuals.

AI-powered alternative solutions for identification help fight many frauds in the business sector which are operating online due to lockdown. The identity verification industry is growing steadily in recent years as more and more businesses are adopting it. Businesses need to adopt alternative contactless solutions to provide KYC and AML verification in this time of pandemic businesses. AI solutions provide a contactless seamless solution to authenticate customers and onboard them.