In the digital world we live in, more business transactions are taking place online rather than in person. As customers do not have to be present to make business transactions, this can make it tricky when it comes to establishing whether the individual is who they say they are.
Thanks to modern technology, there has been a rise in the identity verification solution industry whose sole aim to verify customer identities in situations where the customer is not present. While there are various ways you can protect your business such as by using a firewall or creating strong passwords, here is a guide on how to choose the best ID verification service for your business.
Pick Quality Data Sources
In general, most people are who they say they are, so it’s up to an identity verification provider to make sure that these people who present themselves as legitimate pass their identification process. The databases that are used for ID verification must be above board, official, and regularly updated. There are all sorts of data sources that could be deemed valid for ID verification purposes, such as credit files and utility databases.
Use Multiple Data Sources
When validating an identity, providers will need to examine multiple data sources to produce a match. If you decide to use an ID verification service for your company, they should know how to compare several databases to provide you with the best matches. For example, the information that’s found in a Census Bureau registry will bedifferent from data that’s found in a utility company’s database.
Maintain Better Match Results
As more businesses prefer to do transactions online rather than in person, this means that ID verification is here to stay. Businesses have a duty of care to ensure they are doing business with legitimate individuals, rather than engaging with criminals who may be using stolen identities. Doing business with such characters can be damaging to your brand and result in you being faced with a hefty fine from the government. As a business, you will want to make sure that the people you’re working with are who they say they are.
Finding a Reputable Identity Verification Service
Now you have an idea of why ID verification is so important in the business world, the last step of the process is to find one that’s reputable and suitable for your business. You may be interested in visiting cognitohq.com, an identity verification service that provides compliance solutions for fast-growing businesses. Cognitoworks by connecting individual’s phone numbers for ID verification purposes, which can help to reduce fraud. If you choose to use Cognito, you may find your user experience easier, more secure; it should also increase conversion rates.
As a business, doing all that you can to keep your company safe is important. The last thing you want to do is engage with individuals who are not who they say they are, so using an ID verification can ensure you’re doing business with the right kinds of people, helping to provide reassurance and peace of mind.
