Identity verification has become critical to detect and prevent fraud. Traditionally, ID verification has been carried out face-to-face and can involve, for example, utilizing infrared lights to assess security features on a physical document to make sure that the document hasn't been altered. However, we are currently living in a digital society, which means that more and more businesses will need to verify customers' identities remotely. Digital identity verification often means using a 2D image of an original 3D document. This is often where the problem arises: these documents were created to be verified in 3D environments.
The Challenges: Compliance and Fraud
The developments in technology have created new risks for data privacy, fraud detection and security as global information continues to flow at an increasing rate. Today, more and more companies, across industries, are under pressure to meet KYC (Know Your Customer) requirements.
One of the bigger risks for operators is accidentally allowing bad agents onto their platforms. Some of the most common fraud types in the telecommunication industry are:
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Identity fraud
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Vishing calls
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Call transfer fraud
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Account take over
It has never been more important to verify that your customers are who they say they are.
It is essential to remember that an appropriate identity verification system helps a telecom company verify its customers and guarantees that the holder is the rightful owner. Moreover, identity verification empowers telecom operators to evaluate the risk associated with customers via different checks.
A frictionless digital onboarding with automated digital identity verification
Service providers need to verify the identity of customers applying for services. These procedures involve gathering Personal Identifiable Information (PII), such as a customer’s full name, address and date of birth. This information is compared against official documentation, such as a passport or national identity card. Usually, this analysis is completed manually (by humans) to confirm a person’s identity, before running it through the relevant databases. As one can imagine, this procedure can be slow, highly error-prone and expensive.
On the other hand, remote digital onboarding, if done correctly, can significantly reduce the time to onboard new customers, thus reducing acquisition costs and driving greater revenue. Additionally, operators can offer a truly seamless digital customer experience.
Identity verification plays an important role in identifying and preventing fraudulent activities that put telecom operators at risk. The key is to learn as much as possible about who you’re dealing with – with as little friction as possible. In the context of fraud prevention, this means deploying frictionless, invisible and powerful tools to aggregate info without disturbing the customer experience of your telco business customers.
How does digital identity verification software eliminate inaccuracies and human errors?
From data entry mistakes to human errors in judgment, manual onboarding procedures are scattered with inaccuracies as PII information and official documents are passed from verifier to verifier; leading to security problems, delays, and increased costs. Automated digital ID verification software removes these errors by creating a more streamlined onboarding workflow that takes away the need for human interaction and a continuous ‘exchange’ of sensitive customer data. By automating identity verification procedures, personal data entry only occurs once: when a customer first creates a digital ID. This significantly cuts back the chance of data being entered wrongly. With automated digital identity verification software, data is no longer passed from organization to organization but instead, the system verifies the data using biometric scanners. This shortens the process and takes out the need for humans. Without people mistyping data in spreadsheets or misplacing documents, human error becomes a thing of the past.
Using real-time biometric facial recognition solutions for identity verification, telecom operators can obtain authentic identification documentation of customers and create a safe environment for both the customer and companies.
A better customer experience
A strong identity verification system allows telecom operators to improve the overall experience for their customers. Because customers’ onboarding journey becomes frictionless, they feel confident about their relationship with a telecom company.
Some benefits of automated digital identity verification for the telecom industry are:
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Reduces identity fraud.
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Helps in complying with KYC (Know Your Customer) and other security regulations.
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Reduce significantly the aquisition time and cost.
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Improve the overall customer experience, making it effortless.
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Protects brand reputation.
Moflix uses an advanced system of cutting-edge technologies to ensure you can onboard new customers effortlessly remotely. With an intuitive interface and seamless onboarding flow, Moflix Onboarding Platform gives your customers an excellent user experience and eliminates bottlenecks that cause drop-offs. Book a live demo and discover all the benefits that the Moflix Onboarding Platform has for your business.
