There’s a growing chorus among companies suffering data breaches in recent times. Companies want safeguards and move away from slow and insecure knowledge-based authentication methods. The realization is dawning that online authentication solutions are more efficient in accurately establishing someone’s identity.
Emerging technologies like biometric facial recognition are helping businesses to establish beyond doubt that people are whom they say they are, and there’s enough evidence on paper to prove it.
Experts handling KYC identity verification solutions by Passbase believe that online identity authentication solutions afford the best protection to the brand, the clients, and transactional data.
The Top 10 Identity Authentication Methods For Online Businesses
The most advanced authentication software solutions that efficiently authenticate user access to critical business systems are available.
1. AI & ML: Real-Time Identity Authentication
Artificial Intelligence (AI) and Machine Learning (ML) systems use computer algorithms to detect discrepancies in ID documents, images, and video streams with every check. AI and ML analyze data faster with greater accuracy and cost-effectiveness than humans. AI-powered authentication solutions guarantee 99.99% accuracy in data interpretation.
2. Big Data Analytics: Removing Friction And Frustration From Identity Authentication
The meticulous analysis and tagging of big data (meaning, the segregation of data into good/bad images) enable algorithms to become more innovative and accurate at detecting ID anomalies.
3. Data Auditing: Using Algorithms For Identifying And Remedying Signature Anomalies
An auditing mechanism samples 10-20% of ID verification history and cross-checks with the client data to ensure that the verification engine correctly flags fraudulent IDs. Data auditing ensures that a good customer is green-lighted quickly.
4. Liveness Detection: Neutralizing The Attack Vectors In Digital Onboarding
The misuse of static images and manipulation of pre-recorded videos to alter or fake identities is becoming a security hazard.
Biometric facial recognition working alongside liveness detection, ensures that due attention is paid to network security importance. Even minute identification details are captured for posterity.
5. Geographical Spread: Giving Identity Authentication A Global Reach
Identity authentication solutions now cover large geographical areas unrestricted by national boundaries. Authentication systems effortlessly analyze people of many countries, languages, documents, and identification methods.
6. ID Version Support: Enabling Identity Authentication Across A Full Range Of ID Types
Modern authentication protocols cover and support all versions of national IDs. Even a simple identification tool such as the driver’s license presents a formidable challenge because more than 15 versions exist across the states. Many are issued with unique security features that have changed over the past decade.
7. Expired IDs: Excluding Unreadable Expired Documents
In offices of the MVD and Passport Issuing Authorities, it is the practice to punch expired or invalidated IDs with a hole to prevent the IDs from being misused. Advanced ML algorithms can detect, and flag punched holes and blurry fakes.
8. Fraud Database: Firewalling Authentication Systems And Databases From Cybercrime
The efficient authentication solution relies on a vast and ever-expanding data backup of issued authenticated IDs and an updated fraud database. The algorithm detects and rejects fraudulent IDs presented across all the web properties in the domain.
9. Stolen IDs: Putting Strong Safeguards In Place For Preventing Identity Theft
When a customer reports a stolen ID, the system immediately updates the record and accepts the new ID after due diligence.
Suppose the stolen ID is presented before it was reported lost by the original user, systems protection kicks in.
Multiple channel authentication, such as insisting on a selfie-and biometric scanning, discourages fraudsters who try to avoid revealing their true identities.
10. KYC, AML, And BSA: Ensuring Compliance With Government Directives
One of the big takeaways of adopting online authentication systems is better compliance with directives issued by the regulatory authorities in many nations. Your company stands to save millions of dollars in fines and penalties if authentication protocols comply with Know Your Customer (KYC), Anti-Money Laundering (AML), and Bank Secrecy Act (BSA).
Thanks to data breaches, cybercrime, and government compliance directives, establishing trust and fortifying company-client transactions has become imperative.
The traditional methods of confirming customer identity using knowledge-based authentication and credit bureaus were vulnerable to cybercrime.
Governments, regulatory authorities, and enterprises decided to shift to more robust, secure, and resilient authentication methods for establishing proof of identity beyond doubt.
Thankfully, identity authentication is becoming easier with the advent of Artificial Intelligence and Machine Learning algorithms that are more effective in keeping cybercrime at bay.