KYP ‘know your patient’ is integrated into many hospitals and clinics. The healthcare sector is facing malicious intentions of fraudsters. In the last 10 years, 30% of data breaches were recorded in the medical sector. Medical records have been sold on the dark web for thousands of dollars which is ten times more than data breach cases. The data breaches have negatively affected a huge amount of clients and employees. The frauds can take up many shapes like disclosing the data to someone else.
The medical records of patients should be highly protected because it contains confidential information like their medical history, SSN number, and their identity validation. That is why knowing your patient is a proficient measure to combat these crimes.
The Ratio Of Frauds And Data Breaches In the Medical Sector
Research shows that 34% of data in the healthcare sector got stolen due to unauthorized access. Malicious activities including ransomware have been the main reason for data breaching. Criminals use these steps to get into the system to steal the data. Fraudsters are very interested in selling medical records of patients on the black market. The USA faces a huge loss due to data breaching activities like system hacking, identity theft, and unauthorized access. These activities harm the country’s economy as well. Hospitals, businesses, and other health-related service providers should take these preventive measures to combat these cyber-attacks. They have to follow regulatory compliance provided by the higher authorities of jurisdiction.
The Significant Importance of ‘Know Your Patient’ KYP?
The idea of ‘know your patient’ is related to know your customer (KYC). KYC acts as a defense strategy for banking and other financial institutions, know your patient protects patients records from being stolen and prevents fraudulent activities. KYP is an identity verification service that verifies and validates patient identities in the healthcare sector. It is an ultimate need of the medical sector to adopt such preventive measures to digitally secure the identification of patients. Verification of patients is a vital process to identify any suspicious activity and detect it to prevent any kind of fraud and data breaches.
The Working of KYP Process
During the patient onboarding process, an online verification process is carried out to identify the patients. This is an optimal solution when patients are opening an account on an online portal of a medical store or hospital. It’s an automated process and can verify the patients in minimal time.
The documents required by patients are their passports, driving license, and an ID card with the following details like date of birth, etc. Documents with images are preferable. After completing the documents, the person is now required to upload their selfies on the online portal. The AI-powered solution verifies the uploaded photo against the ID card to make sure that the person is real. The AI system is so advanced that it detects any fraudulent ID documents and will inform the hospital authorities if they detect any tampered or stolen ID. Then to identify the age verification of patients, several checks are being run by the system. These checks ensure that there are no minors victimized by identity theft crimes. Patient age verification checks make sure that minors do not have any access to age-restricted substances like prescription drugs.
The Need For KYP System
In the healthcare sector, verifying and identifying the data of patients is of significant importance. The identity verification solution with know your patient KYP standards helps healthcare sectors like hospitals, dispensaries, and clinics to validate patients records and information in a concise way. The trends in the technological world show that biometric-based services are on a rise these days so that medical sectors know their patients in a better way.
Using the biometric KYP technology, patients can easily verify themselves by their facial recognition, fingerprint scanning, or retina scans. This permits the medical sector to prevent patients from falling into a trap and protect their identities.
Wrapping it Up
Medical theft was rising, that is why it became increasingly vital for the sector to opt for KYP solutions. Proper verification systems were introduced to keep an eye on scammers and data breaches. Know your patient (KYP) is one of the ways to ensure the safety and security of medical records, verify, and authenticate real-time patients and prevent health care issues from the root cause.
