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How AI Technology has Revolutionised Digital Verification

Post On 13-02-2019.
Technology

Artificial Intelligence tech has proliferated the market at an astounding rate. Every industry seeks to implement AI solutions in their operations to make them more efficient and simpler. Companies, along with computer scientists are trying to find solutions to problems through AI and machine learning that can eliminate the possibility of human error. One such industry is the fraud prevention business. With the increasing amount of online fraud in the online retail and the financial services sector, the fraud protection industry has boomed in the last few years. One of the few solutions currently offered by the industry is digital identity verification (IDV) through document verifications and facial recognition.

With the bulk of businesses moving their operations online and users preferring to access everything digitally, the protection of online data becomes a challenging task. Thus it is pertinent for businesses to put in place strong fraud protection measures in their processes.


AI in Digital Identity Verification

The fraud prevention business has gained prominence due to the accelerating cases of online identity fraud. Artificial intelligence has made astounding progress in simplifying the whole process of online identity verification. The idea behind authenticating a user’s identity online is to make sure that the person making the online purchase is the same as the one whose ID has been presented for verification. Automating this process through AI and machine learning has greatly reduced verification times for both businesses and consumers.

A lot of digital identity verification providers are making use of machine learning and AI-based authentication protocols to identify and authenticate online customers for businesses.

Different Modes of Identity Verification through AI

ID authentication online can be performed in a number of ways. Most companies use biometrics or document verifications to authenticate users. Online businesses and banks can verify their users depending on their needs and requirements. For example, a bank will need to verify the customer’s ID through by scanning their identity documents like a passport, ID card or a driver’s licence. They may also need to establish proof of residence with document verification and hence require recent utility bills from the clients.

Another example could be taken from businesses selling age restrictive stuff online like alcohol or prescription drugs. Their requirement would be age verification and would require both ID verification as well as facial recognition to authenticate the users’ identity as well as age. Facial verifications can be performed by scanning a person’s face in real time through a facial recognition software. The software has features like liveness detection and 3D depth perception algorithm to account for any threat of spoofing or photoshop.

Hence, every business can implement multiple layers of fraud protection according to their use cases. Several layers of security can allow businesses to ensure that even if a fraudster is able to surpass one layer of security they can be stopped by the next one. Thus the revolution brought on around in digital verification by AI has improved authentication procedures immensely, thereby reducing online fraud.

For more details please visit: shuftipro.com



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