Explore the emerging trends and technologies shaping the future of identity verification, from AI integration to selfie biometrics and process automation. How to enhance security and efficiency in the digital era?
With more and more transactions taking place online, identity verification has become crucial for the prevention of fraud. Due to increasing digitisation, identity verification has seen a significant shift away from traditional methods, which involved physical documents and towards digital verification.
Along with this shift comes new challenges as businesses must protect themselves against the evolving nature of digital fraud. Businesses must also have the right tools and processes to verify customers’ identities in the future. This article will explore the key trends and technologies which will shape the future of identity verification.
Emerging Trends that will shape the Future of identity verification
Balancing privacy and Convenience
Customers expect their personal information to be kept confidential but also demand access to financial services without a complicated verification process. Efforts to balance these demands have led to the increasing adoption of document-centric identity verification processes.
The process of document verification is relatively quick and easy, involving the user uploading images of the ID document and a selfie. The digital identity verification software takes roughly five seconds to authenticate the ID and perform a biometric face comparison, offering a quick, seamless user experience.
Digitising the customer experience
The use of biometrics verification, artificial intelligence and machine learning solutions provides a quick and secure identity verification process that offers convenience and reduces the risk of fraud. Behavioural biometrics analyses an individual’s behaviours patterns, including typing speed and mouse movement, to verify their identity.
Similarly, facial verification involves comparing an individual’s facial biometric data from their selfie image against their ID photograph to verify their identity in just seconds. This process includes a ‘passive liveness’ check which determines whether the photo is of a real person in real-time or a fraudster using an existing photograph or video. Whereas traditional methods of identity verification can be hacked or stolen, behavioural biometrics offer a secure alternative.
Using AI and Machine Learning in the background
AI and machine learning technologies enable identity verification processes to become faster and more accurate with less built-in bias. AI and machine learning technologies have the ability to analyse vast amounts of data in real-time to identify patterns and anomalies which may indicate fraudulent activity.
The ability of AI and ML to analyse large amounts of data enables businesses to quickly discern between real users and fraudulent ones, effectively reducing the number of false positives and improving fraud protection. Using AI for this purpose reduces the burden on compliance teams while fully meeting compliance requirements.
Selfie Biometrics will become prevalent in the background
Selfie biometrics is a fast and convenient way to verify customers’ identities. One of the main advantages of selfie biometrics is that they provide a high level of security and are difficult to fake or steal, making it more difficult for fraudsters to use fake identities.
The integration of machine learning technologies enables biometric systems to improve their accuracy and ease of use over time. When used in biometric systems, machine learning can detect patterns in behaviour and intent to speed up the process and provide an improved customer experience.
Another AI-powered advancement that is likely to shape the future of identity verification is 3D face verification. 3D face verification would be able to identify customers in real-time even while they are wearing glasses or masks and can be used in conditions where 2D verification isn’t effective.
Automation of Processes
To meet increasing customer demands for fast and efficient services, businesses are turning to technology to automate many manual and time-consuming processes involved in identity verification. While manual checks can take several minutes to several days, automated identity solutions can provide comprehensive checks in a matter of seconds.
Automating not only improves the customer experience but also allows businesses to process more customers in a shorter amount of time. By taking advantage of automation, businesses can gain an edge over competitors who may still rely partly or fully on manual processes.
Incorporating Customer Preferences into the Processes
Financial businesses can build stronger relationships with customers and increase customer satisfaction by offering them the opportunity to choose the identity verification methods they are subjected to.
Recent research by GBG finds that facial biometric verification is the most preferred method of identity verification among Australians, and it is considered quick and secure. Facial verification is also considered harder to ‘steal’ and offers more security against rising threats of fraud and identity theft.
The trends discussed in this article will be influential in shaping the future of identity verification. Although identity verification is essential to maintaining security and privacy in today’s digital world, businesses must be equipped to navigate the challenges that come along with it.
If you’re looking for a tailored solution equipped with the latest identity verification technologies, visit https://gbg-greenid.com/ to learn more about GreenID’s end-to-end identity verification platform.