Digital identity implies how you are represented and digitally documented online, sometimes through social login, work email address, or personal email ID.
In a nutshell, it’s a process that validates a person’s KYC process characteristics or traits and verifies they really are who they claim to be by leveraging computer technology.
Why Verification for Digital Identity Became Necessary?
Since technology has helped us perform complex tasks like a breeze, the associated cybersecurity threats can’t be overlooked.
Every year, millions of people compromise their identities since cybercriminals are always on a hunt for frail networks that can be easily bypassed. This means weak authentication or a loophole in the overall identity management system can be fatal for an organization.
Hackers are able to impersonate users within a network and gain access to sensitive business information, which is further exploited for diverse purposes.
Hence a more robust line of defense is becoming the need of the hour in the form of digital identity verification as organizations have to face financial losses worth millions along with brand tarnishing just because of an increasing number of identity thefts.
What are the Benefits of Digital Identity Verification?
When it comes to the advantages of digital identity verification, the list is endless. Here are some of the benefits associated with digital identity verification:
- Robust Security
Adding multiple layers of authentication to your current network through multi-factor authentication (MFA) can help enhance overall security.
MFA is considered the most reliable way to authenticate users that prevents unauthorized access and eventually helps to comply with specific industry regulations.
For example, PCI-DSS requires MFA to be implemented in certain situations to prevent unauthorized users from accessing systems. So, even when application updates lead to unknown and unattended consequences, MFA compliance ensures that it remains virtually non-intrusive.
- Mitigates the Risks Associated with Human Verification Measures
The traditional methods for verifying an identity solely rely on human verification measures that include comparing a person’s picture on a government-issued identity with the ones asking to avail certain services (online/offline).
These measures are widely used to judge the identity, whether it’s fake or genuine.
However, unauthorized professionals can easily bypass these verification processes by altering the documents through several free tools available in the market.
Using a reliable identity verification system reduces human judgment-related risks and mitigates human error in verifying an individual’s identity.
- Improves Customer Experience
Customer experience is everything, and if it’s reinforced with the highest level of security, it’s the game-changer for any enterprise or public sector service provider.
The cutting-edge identity verification system offered by LoginRadius offers user-friendly experiences for potential customers right from the onboarding stage and during the entire consumer life cycle.