News

The Rise And Rise Of Identity Verification Solutions.

  The Internet is an anonymous space where people can hide their identities and come up with extraordinary names. With the increasing online services, identifying identities digitally is becoming crucial than ever before.  Security has become the topic of utmost interest for all businesses due to the increasing number of recent high-profile data breaches that have affected millions of consumers and organizations. Identifying individuals online is an essential component of KYC and Anti-Money Laundering regulations as well. Organizations can benefit from remaining compliant by having proper identity verification checks in place. It also increases customer confidence in the business that they are taking proper measures to protect their private data.

As identity thieves are becoming more equipped, organizations are arming themselves with technologies to protect themselves against viruses, malware, and other frauds.

As financial frauds are increasing the demand for identity verification technology is also increasing. 50% of stolen identities were reported to be used in various business crimes in recent years.  As many businesses have drowned and faced major losses due to falling in such frauds so having a proper ID check is a must-have. The digitizing of the world has bought so many scams to light and urged businesses to take rigorous measures for cybersecurity. Digital communications are preferred as no one has time for face-to-face interactions so is the case with identity checks. Manual identity verification requires a lot of time and is now a thing of the past.

The presence of users on the internet has significantly raised the number of digital frauds, causing millions of losses for individuals and businesses every year. Regulatory authorities have made it mandatory for every business to have sound identity authentication checks integrated into their system to put a halt to money laundering, identity theft, financing of terrorists, etc. KYC (know your customer) regulations are there to know who exactly you are dealing with, by verifying their original documents, address, and biometrics.  AML (anti-money laundering) regulations around the world have placed stringent compliance regulations on the investment companies as well as other financial institutions.

Some of the latest trends in this technology are taking it to new levels. Here are the top trends in this technology that are changing the ID verification sphere:

  • Biometric Technology

Biometric verification is not just a buzzword in identity verification but this technology is a milestone achieved in mitigating risks of forgery and scams. By identifying a person through his/her unique facial features or fingerprints, fraudsters can be authenticated before giving access to the system. It is becoming increasingly powerful with every new iteration. Biometric technology depending on applications, allows a user to authenticate himself using geolocation, fingerprints, iris scan, face recognition, and other biometrics that are unique to a person.

This technology is becoming more prevalent. Face verification technology provides seamless authentication just like taking a ‘selfie’. No contact or additional hardware is required in this. That is why it is being widely adopted. This technology is probed and became mainstream in identity verification solutions to ensure greater accuracy without using additional technology.

  • Two Factor Authentication

Securing your systems with passwords only is known for years but we know these can be cracked easily in this digitized world. It is even difficult to memorize and change passwords frequently. It has become a fantasy that only strong passwords can now protect us, as hackers regularly breaking into the systems and releasing passwords. As our accounts are interconnected by Emails, it becomes easy for hackers to crack the password of one and gain access to all. So the solution for it is two-factor authentication, which lets a user know when someone is trying to gain access to any of their accounts. Like Gmail account is asking you every time you are signing in from different browsers if it was you. The basic idea is just a secure second option that authenticates without making it inconvenient for the user. It’s easy adding your mobile number and add a secret code sent to you every time you are logging in. It is instant and adds an extra layer of security making it difficult for scammers to get access.

  • Automation 

Identity verification solutions perform the process in real-time without using any effort. Adding automation to the procedure enhances user experience as now they will not have to wait for days just to get verified. It becomes frustrating for clients at times and ultimately they end up leaving the platform. It is also beneficial for businesses as it saves their time and labor resulting in lower costs.

  • Consumer Concern Drives For Change

Identity theft, credit card frauds, account takeover, and many other scams are the biggest concerns of businesses such as banks as well as consumers falling victim to it. According to FICO, ID theft costs businesses around 16.8 billion dollars each year, so it is the top concern of financial institutes as well. More effective identity verification solutions are being used to meet the security-conscious market demands against fraudsters. If the security threats are on the rise, new advancements in ID verification technologies are on the heels. These trends will equate to a more secure online sphere, which will result in benefits for both businesses and consumers.

Learn more about Identity Verification, learn more with Verified.africa.

Leave a Comment

Your email address will not be published.

You may also like

Business Economy

The Art of Investment: The rise of African art (By Ngozi Akinyele)

post-image

By Ngozi Akinyele, Chief Marketing and Communications Officer, Coronation Group (www.Coronation.ng)

 

A diversified portfolio is one of the key metrics of investment success. The greater this diversity, the more likely it will outperform the market, and the savviest investors are often looking for new opportunities: the rising stars among new asset classes. Investment in art is certainly not a new concept, but what makes it unique is that it often has low correlation with other major asset classes, meaning lower overall price volatility (https://apo-opa.co/3UpJknE). It’s the sure bet, sometimes with incredible escalating value, especially for those opting to invest in blue-chip artists (https://apo-opa.co/3Uq6YQQ) renowned artists whose work demands high prices in the art market).

However, not all of us can afford to invest in the works of Picasso, Van Gogh, or Warhol, with many blue-chip pieces only accessible as…

Read More
Business Culture Economy

From Tech Addiction to Surviving Conflict: Global Conference in Doha Explores the Challenges Facing Arab and Global Families

post-image

Policies to protect families in countries affected by conflict, the global impact of population decline, and striking a balance between work and family life were placed in focus at the 30th Anniversary of the International Year of the Family Conference on Family and Contemporary Megatrends.

 

Organized by Qatar Foundations Doha International Family Institute (DIFI), in partnership with the Ministry of Social Development and Family, the Ministry of Foreign Affairs, and the United Nations Department of Economic and Social Affairs (UNDESA), the conference brought together more than 2,000 experts and policymakers from around the world to explore key trends affecting families, and policies and programs that strengthen the familys place at the heart of society.

 

The conference was attended by eminent figures from across the Arab world including Her Excellency Shanaz Ibrahim Ahmed, First Lady of Iraq; Her Excellency Maya Morsi, Minister of Social Solidarity, Egypt; Her Excellency Dr. Amthal Hadi Hayef Al…

Read More
Business Economy Education Government Investments Technology Technology Trends

Nigeria Secures N2.8 Billion Google Investment to Boost Digital Economy and AI Development

post-image

 

Dr. ‘Bosun Tijani, the Minister of Communications, Innovation, and Digital Economy, announced a significant N2.8 billion commitment from Google, aimed at accelerating Nigeria’s digital economy through strategic initiatives outlined in the ministry’s Strategic Blueprint. The announcement was made alongside Google’s President of EMEA Business & Operations, Matt Brittin, as the tech giant pledged to support Nigeria’s technological transformation.

Dr. Tijani highlighted four major initiatives that Google’s investment will fuel:No alternative text description for this image

  1. DeepTech Ready Upskilling Programme: Designed to enhance advanced technical skills, this program aligns with Nigeria’s 3MTT initiative, aiming to equip 20,000 Nigerians with expertise in Data Science and Artificial Intelligence (AI).
  2. Experience AI Programme: Targeting young learners aged 11-14, this initiative, co-developed with the Raspberry Pi Foundation and Google DeepMind, seeks to introduce AI fundamentals across Nigerian schools. Through this program, Google will train 25,000…
Read More
Business Culture Economy

Sanâa Kiadi Reflects on Participation in IOM Workshop on Migration Data in Rabat, Morocco

post-image

Sanâa Kiadi, a distinguished Global Strategist and International Executive, recently had the honor of representing the African Migration Observatory (AMO) at the Sub-Regional Workshop on Migration Data and Research, which took place on October 16th and 17th in Rabat, Morocco. This significant event was organized by the International Organization for Migration (IOM) in collaboration with the Government of Morocco, bringing together key stakeholders dedicated to advancing the understanding of migration dynamics in the region.

During her participation, Kiadi presented AMO’s mission, which is focused on enhancing migration data collection and analysis across Africa. Her presentation underscored the importance of establishing robust data systems that inform evidence-based migration policies. “Accurate and comprehensive migration data is essential for shaping policies that address…

Read More
Business Economy Energy Environment Government

Rivers State Governor Sim Fubara Shuts Down NNPC and Oil Companies, Proclaims “No Allocation for Rivers State, No Oil for Nigeria”

post-image

In a bold and unprecedented move, Rivers State Governor Sim Fubara has ordered the shutdown of the Nigerian National Petroleum Corporation (NNPC) and all oil companies operating in the state. His declaration, “No allocation for Rivers State, no oil for Nigeria,” reflects a deep frustration over what he perceives as the unfair distribution of oil revenues.

This decisive action has sent ripples through the nation, resulting in Nigeria’s global oil production ranking plummeting from 4th to 24th almost immediately. Governor Fubara’s stance not only puts the spotlight on the importance of Rivers State to Nigeria’s oil supply but also raises questions about the broader implications for the economy and energy sector.

In a heartfelt challenge to influential leaders, including Minister Nyesom…

Read More
Business Economy News Opinion

The business case for automating customer due diligence and FICA compliance

post-image

By Sameer Kumandan, MD of SearchWorks

 

Automation has been labelled as a way to tighten up the corners, without cutting them. An apt description, it’s all about using technologies to up productivity, boost efficiency, reduce errors and save businesses a lot of time without having to make any sacrifices when it comes to quality or performance.

 

Customer Due Diligence (CDD) plays a critical role in mitigating financial crime risks by helping businesses establish that their customers are not involved in illegal activities and that they are who they say they are. In addition, CDD is essential to ensure compliance with South Africa’s Financial Intelligence Centre Act (FICA). And it’s not a one-time activity. Ongoing monitoring is vital to keep close tabs on how a customer’s circumstances and activities change over time. This is important, because risks evolve over time and because of the rise of what

Read More
Business Culture Economy Health

The Heart of Moppet Foods: How Loyal Customers Like Marian Are Building a Nigerian Brand Together

post-image

 

When Roberta Edu launched Moppet Foods, a locally-produced baby food brand, she hoped parents across Nigeria would find value in a nutritious, homegrown option for their babies. But what she didn’t expect was the level of passion and loyalty she’d see from her customers—people who believe in her brand so deeply that they’ve become its unofficial guardians.

Recently, Edu shared a story about one of her most devoted customers, Marian, who lives in Akoka and buys Moppet baby food from the Justrite store in Bariga. Marian’s dedication goes far beyond simply picking up a carton of baby food; she’s become almost a part of the Moppet team. “The way she looks out for us—it’s something I can’t even describe,” Edu said.

Marian has taken it upon herself to monitor Moppet’s stock levels at the store, as if the brand were her own. Every time she’s at Justrite, she’ll check the shelves,…

Read More
Announcements Business Culture Economy

Umo Eno: Akwa Ibom Embarks on 18-Storey Ibom Towers Project in Lagos to Drive Economic Diversification

post-image

 

Akwa Ibom State has launched a notable development initiative outside its borders, breaking ground on an 18-story building, the Ibom Towers, in Lagos. The project has stirred discussions around its location, with some questioning why the state would invest in infrastructure outside Akwa Ibom. Governor Umo Eno clarified the motivation behind the decision, describing it as a strategic move aimed at diversifying Akwa Ibom’s economy and establishing new revenue sources.

Speaking at the groundbreaking event, Governor Eno stated, “Today, as part of our efforts to diversify Akwa Ibom’s economy, we marked the groundbreaking of the 18-story Ibom Towers in Lagos. This project, expected to be completed in 24 months, will drive substantial revenue growth and economic ties between Akwa Ibom and Lagos States.”

The governor extended gratitude to Lagos State Governor Babajide Sanwo-Olu, who led the ceremony, as well as to former Akwa Ibom Governors Udom Emmanuel, CON, and Obong Victor…

Read More