Importance of Identity Verification in Online Platforms – Stay A Step Ahead
Identity verification services are the most recent addition to the fraud protection business. Banks, financial institutions, and internet businesses are using verification procedures as per Shufti Pro news. Now they can validate the identities of their customers in the hopes of preventing fraud. With the widespread accessibility of the internet and digital services, cyber thieves are finding it easier to find new ways to trick online users and organizations. Companies have implemented anti-fraud technologies such as Know Your Customer (KYC) checks to combat this issue.
But the main concern is how secure identification verification services will save us from this crisis. Each verification service seems to have its own set of advantages and disadvantages. Individual ID verification methods are in-depth here and how hackers can fool them.
Knowledge-Based Authentication
KBA (knowledge-based authentication) is an identity authentication method in which the user answers a series of questions to confirm his or her identity. The majority of the queries are about their financial, personal, or purchasing past. Various types of inquiries that businesses are using depending on their needs. Static KBA refers to questions that are preset and standard. Dynamic KBA is a sort of KBA in which the questions are more varied and drawn from a larger set of personal data. The majority of these inquiries are based on a customer’s behavior patterns.
Personal information about online users, such as dates of birth, social security numbers, and addresses, can usually be obtained for a minimal cost on the dark web. The perpetrator can then use this information to bypass the authentication process. Even if a hacker seems unable to access the dark web, it is extremely easy for anyone to gain a user’s personal information via their social media profiles in the age of social media.
Fingerprint Recognition Services
Fingerprint recognition is a simple biometric identity verification system. It is a straightforward procedure. When a user scans his or her fingerprint, the system saves everything in the database and authenticates it.
Smart con artists, on the other hand, can get around fingerprint scanners by using a photo of a user’s finger. Any photo taken with a regular camera is printed after an open-source program creates a readable fingerprint. Many fraudsters can thus gain access to a person’s account by imitating their fingerprints.
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Two-factor Authentication
Two-factor authentication, or 2FA, is another identity verification tool available to organizations today. When a user enters their phone numbers, the system can generate an authentication code for them. They receive a text message with a code that, when input, enables them access to accounts.
Cybercriminals can compromise the two-factor authentication process in a variety of ways. Mobile networks are frequently vulnerable, allowing them to view data traffic from a person’s phone. Phishing attacks can also be used to infect a user’s device with malware, which can then be used to start the 2FA process.
New restrictions in Australia to Combat Mobile Identity Theft
The Australian Communications and Media Authority (Acma) has adopted new legislation to combat verified identity fraud. It requires users who want to switch mobile networks while keeping the same phone number to authenticate that the number they want to port is theirs. It is common for users to authenticate their identities using two-factor authentication on their mobile phones, especially on digital sites.
In Australia, when a customer requests a change of cellphone number, there are no identity checks performed through digital onboarding. This results in synthetic identity fraud. Mobile holders have to authenticate identities in a variety of methods under the new Acma law, which went into effect. It is done at a retail store with the help of professionals phoning the number of the person in the store to establish the identity of the owner.
This new standard is a great step forward in the struggle against criminals who swindle mobile phone customers and will dramatically reduce the occurrence of mobile fraud.
The Bottom Line
The domain of fraud prevention is continually evolving, and firms can make use of a variety of identity verification services. Shufti Pro funding provides cutting-edge KYC checks by securing a company’s system with numerous layers of protection. It authenticates users’ identities in under 60 seconds, which is the fastest in the industry. The system offers an API that allows for smooth integration with any web-based business module.
