As technology is moving towards advancement, different sectors are opting for digital measures to protect their records. The financial institutions have to suffer massive losses due to fraud cases of identity theft. Impersonation is usually done by stealing credit/debit cards, NIC cards, and other frauds that companies have to face.
Shufti Pro Funding is proof that the digitization of businesses represents the need for age verification. There is an utterance for age verification to prevent fraud and spam activities and secondly for KYCC compliance. According to Shufti Pro news and research, about 1.46 billion clients conduct businesses over the digital platform and the ratio is expected to rise more by 46% at the end of the year 2021.
The Importance Of Online Age Verification
As it’s already stated, when businesses properly follow the regulations they can avoid paying heaving fines, and other losses. Age verification will identify if there is any minor trying to access the digital onboarding system. The age limit is 18 in the majority of the countries, while some countries have an age limit of 20. To proceed with the process of age verification, digital platforms scan the ID card using real-time face identity verification. The use of verification in the corporate sector accelerates the whole process with more accuracy. Here are some steps that identity verification service takes to ensure compliance:
- The data required is the date of birth, age, and gender, and then the customer is required to scan all documents to verify age. The documents include driving license, passports, NIC cards, and any document that would identify the person.
- Then to match the documents with previously added information, the system extracts information through OCR optical character recognition and checks if the document has the same format or if it consists of any kind of forged or false information.
- After the identity verification process has been completed, the results are presented to the clients and then recorded in the back office. The digital process of age verification is highly reliable, valid, and consumes less time. Hence businesses can verify age in a speedy manner.
Benefits Of Online Age Verification
Age verification online implementation in the banking sector is a dire need for banks’ security and safety. These techniques help the banking sector in many ways:
- Onboard legal customers
- Guide youngsters and adults both about the process to protect them
- Check the validation of customers’ customer
- By taking preventive measures to combat scam
- Increase the security of finances and its records
- Enhance customer experience
How Does The Process Of Online Age Verification Work?
The age verification system allows for different companies and institutions to protect minors from getting tricked by fraudsters. Clients need to upload their personally identifiable information PII in a digital form. Furthermore, a photo is required by the client. OCR software can fetch the details and then match them with the available information to authenticate the age verification solution. In this modern era, digital websites offer a lot of automated services online such as buying and selling of products and services. This perspective shows that people of every age perform and conduct transactions through automated processes.
- Identity Theft On Digital Platforms
Showing your fake presence on digital media is very simple in this advanced era. Fraudsters always have an innovative way to exploit any loopholes the company has. If age verification checks aren’t performed by banks, the individuals would go through heavy losses. Banks use identity verification to make sure that the user account is prevented from any kind of fraud. Here online identity verification comes to the rescue.
- Credit/Debit Card Fraud
Research shows that there is an increase in the ratio of credit card fraud to about 44.7% in 2019. Age checks are a significant solution because minors use credit cards of their parents or other adults all the time to make purchases.
- Identity Theft
These frauds occur when fraudsters pretend to be someone else. They can forge any kind of information including age, address, and name. The creation of scam accounts has been reduced because age verification online doesn’t let them escape all.
The banking sector has to comply with KYC and KYCC to verify age along with other information.
Wrapping It Up
Age verification is a vital solution for both customers and businesses. The verification services have become imperative. Verify age checks ensure that companies are only using legal resources and taking advanced preventive measures so that they don’t have to face any consequences. Different banks have launched their own banking apps that have made age verification a vital process for all to safeguard these platforms. Age verification solution emerges in the market with various technologies for the betterment of the industrial sector.
