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How ID verification protects all types of your businesses

ID Verification is the process through which a business authenticates the information provided by the customer. The process also verifies the information mentioned on the identification document displayed by the customer in front of a web camera through which the information is collected and or compared. ID verification also involves the verification of the authenticity of the physical document itself against authoritative sources by dedicated service providers.

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How ID verification protects all types of your businesses

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  1. How ID Verification Protects All Types of Businesses?

  2. ID Verification is the process through which a business authenticates the information provided by the customer. The process verifies the information mentioned on the identification document displayed by the customer in front of a web camera through which the information is collected and or compared. ID verification also checks the authenticity of the physical document itself against authoritative sources.

  3. How is ID Verification Performed?

  4. Let’s take into example an ID Verification Provider - Shufti Pro ● ● A Customer has an account created with Shufti Pro A Customer would enter in key information and identifiers like Name and DOB The customer uploads a photo/selfie of themselves and their ID document or undergo a Live Video Verification and do the same as a continuous process in real-time. ●

  5. Let’s take into example an ID Verification Provider - Shufti Pro ● ● ● The Face is Matched to the uploaded picture or through live Video stream Previously entered information is compared to the fields on the ID Document. Document Authenticity Checks will be Carried out EG Holograms, MRZ Code, Surface Irregularities, Doctored Checks, Form and Text Relevant Matches. The AI Shall Process ALL Information and Details and Display Results in 30-60 Seconds ●

  6. Where Does ID Verification Apply?

  7. ID Verifications Have many Important Use Cases and Facilitate Multiple Industries ● ● ● ● ● Financial Services Travel and Hospitality Customer On-boarding Ecommerce Payment Processing at POS and/or CheckOuts

  8. How ID Verification Helps Your Business ● ● ● ● ID Verification reduces fraud through decreased false matches. ID verification allows greater on-boardings through increase acceptance rates. ID Verification facilitates companies in KYC and AML regulatory compliance. ID Verification reduces turn around times to 30-60 secs than 4-7 days previously. ID Verification is one of the elements in digital fraud prevention. ●

  9. What Shufti Pro Bring to the Industry ● ● ● ● ● ● ● Scalable Services according to Regulatory Requirements Verification times of less than 60 Seconds Global Documents Coverage of over 2000 ID Documents Intelligent AI with verification accuracy rates of 99.6% GDPR and PCI Compliance and many more.. Competitive Pricing and No Commitments 24/7 Transparent Customer Services

  10. Conclusion ID Verification is a core process of any KYC program of a company, which is a mandatory compliance requirements for businesses to follow. ID verification keeps companies secure from recent fraud threats, ensure best practices to ensure fraud prevention and in the process, helps build good relations with regulators.

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