Did you know that identity theft is one of the fastest-growing crimes in the US today? It is estimated by the Federal Trade Commission (FTC) that as many as 9 million people in the United States have their identities stolen per year.
However, cybersecurity companies are fighting back and creating powerful products that can protect people’s identities and security. You only need to take a look at SEON’s top ID verification companies to see some of the impressive work that is being done at the moment.
One option is digital identity verification, and that is something that we are going to explore in further detail in this post. Continue reading to discover more about what digital identity verification is and the benefits that are associated with it.
What is digital identity?
Just like its human counterpart, a digital identity is made up of data attributes or characteristics, with examples including the following:
- Purchasing behavior or history
- Medical history
- Social security number
- Date of birth
- Online search activities, such as electronic transactions
- Password and username
A digital identity is linked to one or several digital identifiers, such as a domain name, URL, or email address.
As identity theft is rampant on the Internet today, digital identity validation and authentication measures are vital in terms of making sure that network and web infrastructure security in the private and public sectors.
What is digital identity verification software?
Identity verification tools are designed to help businesses understand who their users are in reality. After all, creating fake identities online today is all too easy, and so it is vital to make sure that a person is who they claim to be.
Furthermore, it can be a legal requirement for businesses to implement digital identity verification for anti-fraud, privacy, and compliance regulations.
What are the benefits of digital identity verification software?
Now that you have a good understanding of what digital identity verification software is, let’s take a look at five of the key benefits associated with this:
- Improve your security levels
There is only one place to begin when it comes to the benefits that are associated with digital identity verification, and this is with the fact that you can enhance security at your business considerably by making the most of digital identity verification software.
If you add a number of layers to your network’s authentication through the likes of multi-factor authentication (MFA) you are going to be able to improve the overall security of your business.
For instance, it is part of the PCI DSS requirements that you implement MFA in different situations so that you can stop users who are unauthorized from getting into your systems.
Therefore, even if an application update results in unattended and unknown consequences, complying with MFA makes sure that it remains pretty much non-intrusive.
- Enhance the customer service that you provide
Not only is digital identity verification software beneficial from a security standpoint but it can also benefit your business in terms of the level of customer service you provide.
We cannot deny that customer experience is everything. This is especially the case when you consider the circumstances over the past two years as a consequence of the pandemic.
If you reinforce your customer support with the very highest level of security, it really is going to make a monumental difference in terms of the experience people can enjoy when using your business.
If you use a cutting-edge digital identity verification system, you make it easy and seamless for customers to identify themselves. They can do this without having to jump through any sort of hurdles that will be detrimental to the overall experience that they have with your business.
Plus, you also need to consider the fact that customers are going to appreciate the fact that you are taking their security so seriously. We are sure you even have a few customers that have been the victims of identity fraud themselves. They will appreciate knowing that you have their best interests at heart and that you do not want any sort of fraud to happen at your business.
- Mitigate the risks that come from human verification measures
The conventional methods when it comes to verifying an identity depend solely on human verification measures. Examples of this include simply looking at the picture of a person on a government-issued form of identity and them comparing it with the person in front of you or trying to purchase a product online. This is hardly foolproof, is it?
These measures are broadly used to judge the identity of a person, whether it is genuine or fake. Nevertheless, you can bypass these verification steps with ease. Unauthorized professionals have been altering documents for many years now.
In fact, there are a whole host of different tools on the market today that give people the ability to alter ID documents, and some of these programs are even available free of charge. Therefore, there are really not that many barriers in place when it comes to modifying your identity in this way.
However, if you use a reliable and reputable digital identity verification tool, human judgment is taken out of the equation, and so your business does not have to fret about the risks that come with this. A digital identity verification solution will mitigate human error when verifying the identity of a person.
- Increase brand reputation
Another benefit that is associated with implementing digital identity verification software is that it can help to boost your business brand identity.
After all, implementing digital verification methods like this shows that you take security incredibly seriously. You recognize how critical it is to put the security and safety of your customers as a number one priority, and this is something that can only be good in terms of your brand reputation.
Of course, it is not just about protecting your brand from this perspective but you need to think about the sort of damage that could be inflicted on your business if you were to be the victim of a serious data breach.
You only need to do a quick search online to read about the significant data breaches that have happened in recent years. You will be able to read about the monumental damages that these companies have experienced as a consequence.
After all, when businesses suffer a data breach, they have to deal with masses of negative press and huge regulatory fines. Plus, there are the losses that come in terms of getting to the bottom of the issue and rectifying it, and you also need to consider the fact that consumer trust will be broken.
Trust is something that takes years to build but seconds to break. So, this goes to show how digital identity verification tools can play a massive role when it comes to your brand reputation.
- Achieve compliance
This is something that we have touched upon briefly but it is an imperative part of the process when it comes to implementing digital identity verification software.
There are a number of different rules and regulations that are in place today that all businesses need to adhere to when it comes to data protection. You simply cannot cut corners or ignore this; it is your responsibility.
Even if your customers do not end up with their identities being stolen, you could still find yourself facing bad press and non-compliance fines if you do not adhere to the rules and regulations that have been implemented.
The good news is that by using digital identity verification software you are taking an incredibly proactive step forward when it comes to making sure that data is safe and secure at your business and that you are adhering to all of the rules that are in place. For example, if you accept payments online, PCI DSS is something you are going to need to adhere to.
Of course, we must point out that simply using digital identity verification software does not automatically make your business compliant. There are still other rules and regulations that you will need to adhere to, and it is critical that you do so, so please do keep this in mind when running your business.
Final words on digital identity verification
So there you have it: everything that you need to know about digital identity verification and the benefits that are associated with this solution.
When you consider the fact that fraud is rife today, it is imperative to put provisions in place so that you can successfully verify a person’s digital identity so that you know that they are the person they say they are.
