Fifty percent of data breaches occurred in 2016 of identify theft as per the Breach Level Index. If an identity is stolen, it is a hot commodity. So as to stop this kind of threats where someone else is pretending to be the person that they aren’t, government and business agencies verify every person. There are a massive number of frauds and cyber-attack going on around the globe by identity thieves.
How it identity verified?
The verification of identity is usually done by asking a person to show them any identification card which has their photograph embedded in it. Example of identity cards is a driver’s license, passport, etc. The verification is done by inspecting the ID card’s photograph with the database’s photograph. But as most of the services like banking, ticket book, food ordering, even shopping, etc. are going online, so face-to-face encounter doesn’t make any sense anymore.
Also, the visual verification system isn’t reliable these days. There are too many IDs, and the technology has become so advanced that anyone can make a fake ID at home and is very difficult to identify through the naked eye that the ID is fake.
Therefore, the need has come to combat identity frauds, and similar criminals have arisen, and this is the reason that an effective identity verification system has to come in place which can meet the need for modern security systems, but also the identity verification shouldn’t be so hard that the customers opt out of the system. So, the main need here is an automated ID authentication or Au10tix which do not interact with the convenience of the end user.
What are the policies of these procedures?
The procedures of these policies are to Know Your Customer or in short called as KYC. This process is followed by private as well as public sectors to combat against the identity and financial frauds and also, they act in accordance with international regulations to combat against money laundering and financing the terrorists.
So, when the identification process is done with the help of software, any human errors gets eliminated as well as human weaknesses can be perfectly avoided. The software will find that the person participating in the money transaction process is authentic or not and so will allow or disallow the transaction accordingly. The whole process as will take place via software, the time required will be very less, and so the user end won’t suffer any inconvenience.