Artificial Intelligence is considered the next big thing when it comes to tech products and trends that will lead humanity to the next global revolution. But, apart from the ability of Facebook to determine the face of your friends in an uploaded image and incorporation of AI to suggest search engine results on Google, there is still to be seen a real-life application of Artificial Intelligence that can benefit individuals and businesses alike and we think there is no better contender for this, except for Identity Verification services. They cannot only deter online frauds and scams, but they can play a pivotal role in making payment frauds a thing of the past if used with appropriate intelligence.
But before, we explain how Artificial Intelligence can be used for Identity verification services, let us give you a brief sense of what it means and how online businesses and even companies with the conventional business model can utilize these services to deter online fraud.
What is KYC in Identity Verification
Know Your Customer (KYC) is the process of an institution familiarising with a customer by confirming their identity. A simple task as displaying your ID to the police officer or your local DMV is the same thing. Where your identity is confirmed with the help of an identification document that is verifiable. The same applies in digital Identity verification, with the change that it is all automated. A user undergoes verification by displaying their identification document to a camera, followed by their face. The information is then compared to a central registry or template collected earlier to verify the document and the particulars on it.
Identity Verification and Its Importance
Authentication is an important element in ensuring security to systems, whether digital or physical. As it allows only an individual that is true to genuine to have rightful access. It’s important to understand the world Authentication and the context that it is being used under. In an identity perspective, it would mean determining the person claiming to be who they say they are. Where the term Identity Authentication is best described to the situation, where an individual with the rightful identity and purpose is associated with a respective job/task to perform.
How Does Artificial Intelligence Play Its Role in KYC Processes
Artificial Intelligence helps to make the entire verification cycle adopt not only a logical progression sequence but also the efficiency of determining the true identity is increased multiple folds with the help of Artificial Intelligence.
First of all, a facial verification service can check that an actual human being is trying to perform their identity verification and no facial spoof is being implemented to perform KYC verification. Once, It has been established that a real person is performing a verification, the authenticity of the presented identity document is checked. With the added advantage of machine learning algorithms, an AI-powered system can detect any attempt of document forgery or fake information on an identity document at much more quicker pace and with much efficiency as compared to a non-AI system or a manual review process. The biometric features captured during the facial verification process can be cross-matched with the face image present on an identity document. This establishes the ultimate verdict either against or in the favor of the identity of the incoming user.
Artificial Intelligence not only helps introduce pinpoint accuracy in the verification process but it also helps identity verification solutions such as Shufti Pro and Gemalto to provide greater support in terms of people that can be verified and the identity documents that can be used for verification of data. For example, because of Artificial Intelligence, Shufti Pro can verify the identity of people from 230+ countries of the world. In addition to that, it provides support for 150 languages of the world which means that it can verify identity from 3000+ identity documents being issued all over the world.
It is about time that Artificial Intelligence sheds the aura of futuristic technology that has the potential to change the world and take up the role of actually changing the world for good. With no driverless cars on the road or robotic domestic help available across the globe, Identity verification seems to be the logical field where AI can truly achieve its potential by solving real-life problems and become a source of assistance for something that is really needed by consumers and businesses, alike.
Amelia Matthers is a tech enthusiast that has hands on experience in marketing of various KYC verification and online identity services. With focus on educating businesses about the threats involved with online frauds and identity theft, Amelia has worked extensively to propagate large scale adaption of innovative KYC and AML compliance solutions. Always a keen learner and seeker of an online marketplace free of online frauds, Amelia is go-to-guy for identity verification and KYC verification.