5 Things Nobody Ever Told You About Digital ID Verification
As we conduct more and more of our activities online, the security of our online identity, private data, and ID verification has become a hot topic – but how much do you really know about it?
1 – Facial Recognition Isn’t Just for Unlocking Your Smartphone
Technology is advancing at a breathtaking speed, and the smartphone in your pocket is packed with tech that a few decades ago would have been possible only in Star Trek – facial recognition.
Already used to catch a killer and allow students to ‘log in’ to campus, governments and companies are continuously finding new ways to apply this technology, which uses sophisticated algorithms and scanning to identify your facial biometrics.
While there is a heated debate on regulation, the sheer simplicity and usefulness of facial recognition technology mean you’ll be seeing a lot more of it in the future.
In Authenteq’s identity verification procedure, facial recognition is already being applied and the technology is responsible for the entity-identity binding that ensures that the person going through the identification process is the same person that the identity document was issued to.
The first thing nobody ever told you about digital identity verification is that modern digital identity verification is simply not secure without the application of government-grade facial recognition.
2 – Digital ID Verification Is a Key Weapon in the War on Identity Theft
According to Symantec’s 2019 Internet Security Threat Report, identities are now a top target for criminals. In an effort to reduce fraud and combat identity theft, websites and companies are increasingly using real-time identity verification to verify that their customers truly are who they claim to be. In short, identity verification is increasingly required in a time when identity theft is a top target for criminals.
The good news? Where mice play, there are always cats to swat them down – and digital ID verification systems, such as Authenteq’s, are on the front line of this war. In a world where government identity documents are bought and sold on the dark web, Authenteq’s approach of bringing the physical person into the identification process protects you and me from criminals using our solen identity documents to commit fraud in our names.
The second thing nobody ever told you about digital identity verification is that including the physical person in the verification process is the most effective way to combat identity theft. Even with compromised knowledge-based identity verification information and compromised identity verification documents the physical person, or “you” for short, remains a secure touchstone for remote and accurate identity verification.
3 – Getting a Bank Account Will Be Easier, Thanks to ID Verification Tech
Looking to open a business or personal bank account? KYC compliance can put a real spanner in the works, with requirements taking an average of 24 days to complete. If that wasn’t frustrating enough, some banks don’t share your KYC information between internal departments, resulting in repeat requests for the same documents!
However, things are looking up for tired customers, with smart KYC systems coming onto the scene, such as Authenteq’s, which can perform ID verification in just 60 seconds guaranteed including AML, Sanctions and Adverse Media checks.
The third thing nobody ever told you about digital identity verification is that it is more than just a convenience for bank customers. These solutions could save the finance industry up to $500 million annually!
4 – Digital ID Verification Doesn’t Need Humans to Work
Let’s face it: we’re all human and we all make mistakes. Making mistakes is perhaps the quintessential thing that makes us human. However, there’s a huge difference between forgetting a parent-teacher conference or missing a dance recital and setting off a massive data breach. Whether malicious or accidental, data breaches have exposed over 4.1 billion records in the first half of 2019 alone!
Where humans err, technology can provide a more divine solution. Not only does tech cut costs by reducing manual KYC work, but it also keeps your digital ID safe from prying eyes (as opposed to manual checks done by an identity verification “expert” working minimum wage in some faraway country) – and critically, doesn’t store your data. A ‘privacy by design’ approach toward digital identification means your data and online identity is simply a lot safer.
The fourth thing nobody ever told you about identity verification is that many identity verification services include “identity verification experts” – a marketing term that usually refers to low-paid off-shore employees – in the process. These people are supposed to view and verify your identity documents. While these people are presumably largely trustworthy like people are in general, there are always a few bad apples in every barrel and the fact is that the very process of manual document verification requires additional storage and sharing of your identity documents. Authenteq has developed a 100 percent automated process that vastly reduces, or eliminates, the need for manual review of identity documents.
5 – Governments Are Prioritizing the Push for a Secure Digital Identity
The launch of the European Union’s General Data Protection Regulation (GDPR) on May 25, 2018, came hot on the heels of the devastating Facebook-Cambridge Analytica scandal. Facebook’s market cap plummeted $100 billion and outraged headlines focused on the social media giant’s failings.
What you might not know is that GDPR is a landmark in data and identity protection, backed by eye-watering fines for companies operating in the EU who don’t comply with the regulations. Facebook alone is on the hook for up to $2.23 billion for its own transgressions in 2018!
That’s good news for consumers concerned about their online ID. As companies scramble to comply, they must ensure any data which identifies you is kept in Fort Knox-like security – or better.
The fifth thing nobody ever told you about identity verification is that while GDPR type regulation is good news for consumer safety, it adds a big risk to companies who handle or pay for the handling of any personally identifiable information (PII). A company who buys services can be on the hook for GDPR fines that happen at a company they contract for identity verification services. Authenteq’s solution is externally reviewed for GRPR compliance and built on the principles of privacy by design.
ID Verification Is Here to Stay – And Will Make Life Easier and Identities Safer
In an increasingly connected digital world, ID verification is a crucial part of your online security. While you may not use it too much today, in the coming years, it will become as prevalent as using a (now relatively insecure) username and password.
Identity Verification is an area in which some of the most exciting new tech developments are emerging. Authenteq is a leader in automated Identity Verification solutions. Built from the ground up with privacy by design as a leading principle, Authenteq offers an added benefit – people’s trust in the company and the brand is bolstered by seeing in action that the security and privacy of their personal data is something the company pays more than lip service to.