Pretty much every business has an online site and the vast majority of them offer online services, verifying identities is a critical assignment for this situation. Businesses, particularly FinTech are offering on the web types of assistance for their clients. The client can move his assets to another record without visiting a bank.
Likewise, dating has also changed to online dating. This can also be the modern-day form of dating. Now, daters can meet on online platforms, making dating easier.
Why ID Verification is getting Essential for Online Dating Platforms?
Romance Scam is Rising
The online dating landscape is defenceless against various dangers and scams. Securing the daters’ data is turning into a basic errand for online dating service providers. There are reports that criminals are using dating websites to get financial benefits, this is also known as the romance scam. According to the Federal Trade Commission (FTC), victims lost $304 million because of romance scams in 2020.
Combatting Identity Theft
ID theft is a cybercrime where real client information is taken or hacked, and another online account is made utilizing his data. The accounts can be social media, online banks or e-gaming.
Then, at that point, he continues with his criminal operations there, for example requesting some money from the genuine client’s companions or utilizing unforgiving language with them.
In another situation, the record of the clients is wrongfully dominated. This is likewise done similarly to wholesale fraud, by breaking their passwords.
Financial institutions likewise have the risk of money laundering, a criminal behaviour for protecting poorly got reserves. Cash is washed in banks utilizing ghost or assumed control over accounts. The money launderers utilize numerous accounts to launder cash, it turns out to be not difficult to place, circulate, and extract illegal assets through this.
How to Verify Online Users’ Identities?
The traditional way for identity verification is by meeting clients and checking their IDs physically. The cycle is time taking and requests additional assets and endeavours, besides, clients are not happy with it. The manual ID check technique doesn’t conform to advanced client requests and speed prerequisites. Online organizations can’t bear and execute it. The requirement for some powerful ID verification is getting inescapable.
Fortunately, the below two techniques satisfy all the above prerequisites.
Digital ID Verification (E-KYC)
The check is performed by AI-enabled software that utilizes OCR for information extraction. Just IDs endorsed by the public authority are used to check the identity of an individual, like an ID card.
It is a thorough interaction, however, requires just a minute to finish. The following is the verification acted in this way:
- Biometric Verification
- Address Verification
- Age Verification
The picture of the ID report is transferred alongside a selfie. The picture goes through document authentication. Whenever checked legitimate, then, at that point is utilized for confirmation. Facial recognition is directed at selfies and a picture id. The address data is fetched from the ID, the age is determined utilizing DOB. A confirmed location helps in the onboarding of genuine clients.
Video ID Authentication (Video KYC)
This resembles a live video meet led by a KYC expert who performs identity verification service. The client and expert are connected over a live video call, the IDs are presented to the camera. The expert taps the screen capture and the software approves the ID. Facial recognition is conveyed progressively by the expert and software.
Both are extended innovations and are utilized universally. A business can go for any of the procedures, for example, which is more appropriate.