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1. Digital Identity Verification: A Key to Reduce Fraud and Mitigate Risks Verifying a customer’s identity has always been an integral part of businesses. Amid economic shift, as consumers and businesses have shifted to online channels, digital identity verification is at the crux of this transition. It acts as a verification tool to safeguard businesses from identity theft and fraud. Digital transformation has undeniably proved to be a boon for businesses, but it has come with plenty of challenges. Let’s put it in terms of findings- “Identity fraud losses in 2020 reached a total of $56 billion (USD)”. The evolved needs of digitization have opened up myriad ways for bad actors to conduct fraud. Steep rise in money laundering cases, identity theft, and terrorism financing have urged companies to integrate with identity verification services. Online identity verification is not just a legal requirement, but it is standard practice for compliance. ID verification solutions protect companies as well as clients from illicit activities and severe losses. “82% of businesses say they now have a customer recognition strategy in place –up 26% since the start of the pandemic,” a report claims. Identity Verification Solutions: An Effective Risk-based Approach

2. To protect against bad actors and identity theft, businesses need to assess and minimize the risk associated with compliance programs and customers. Making identity verification of clients a minimum baseline requirement essentially enables companies to monitor risks and fight fraud. It helps to identify potential threats of money laundering, terrorist financing and mitigate them in real-time. Older forms of verification including Knowledge-Based Authentication can lead to friction while opening an account resulting in customer frustration. Companies need to consider user experience and verify identities using online ID verification means such as biometrics recognition. It establishes trust and accountability between the parties involved in financial transactions. Digital identity verification ensures effective KYC compliance and flags potential fraudsters before any damage occurs. Identity verification services are widely integrated with compliance programs as businesses and customers demand convenient and secured processes. Global ID verification solutions are acquired by companies to weed out bad actors and bring in only legitimate customers. It is no surprise that companies are turning to online identity verification means to accelerate onboarding processes, facilitate KYC compliance, and leverage verification services to speed up transactions. A time-consuming customer onboarding process often leads to increased customer abandonment. This makes it crucial for businesses to facilitate frictionless verification processes and onboard remote customers in a secure, compliant way. “60% of consumers have a higher expectation for their online experience than pre-pandemic, while 55% still say security is a top priority,” claims the same report. IDMERIT Offers You a Suite of Identity Verification Solutions Amid the business landscape severely facing identity theft and data breaches, it is vital to foster a system backed by trust and security. IDMERIT provides you with a suite of identity verification solutions to help you navigate risk and uncertainty. By understanding the dynamics of your industry, we assist you with ID verification tools to prevent fraud in real-time. IDMERIT’s KYC and AML solutions will help you to determine the legitimacy of customers and deter identity fraud from happening. Our eKYC process will allow you to know who your clients are even before entering the business deal. Integrate IDMERIT’s unique verification services into your system and offer a seamless user experience in a secured way. From onboarding to ongoing monitoring, make your verification process much simpler by availing of our ID verification solutions. Our automated verification solutions will allow you to fight financial crime by determining fraudsters from the start. Identify suspicious activities in real-time with a faster, secured, seamless online user identity verification experience.