Five benefits of identity verification
In 2023, sixty-nine per cent of organisations reported experiencing significant losses from identity fraud. And a report by GBG found 40 per cent of UK businesses reporting known or suspected fraud attempts in the preceding 12 months. At the same time, our statistics show an increase in the incidence of fraudulent passports, most of which claim to be issued in the UK. So, getting identity verification right remains crucial.
The good news is that identity verification can protect your organisation. And thanks to advances in technology, it’s faster, more accurate, and easier for businesses than ever before. With that in mind, here are the top five benefits of identity verification:
1. Identity verification can help organisations combat fraud from day 1.
Whilst the true cost of fraud is difficult to measure, it can go well beyond direct financial losses to impact reputation, brand and ongoing compliance. Using identity verification technology at the point of account set up and onboarding is a key opportunity to stop people using false or stolen personal information to gain access to your products or services. This helps to create a safer environment for customers and safeguard your revenues from the outset.
2. Identity verification technology promotes a better customer experience in a digital-first world.
From banking to bus timetables, almost everything has moved online in some form or other. Digital identity verification technology keeps pace with this trend and meets the demand from businesses and consumers for easy, fast, online interaction. Users can capture and upload an image of an identity document (for example a passport or visa) and a selfie with ID verification technology able to verify it within minutes. Importantly, most technology makes the process is intuitive and easy to use, as one-third of customers now consider abandoning creating new online accounts when checks are too much.
3. Identity verification technology allows companies to effortlessly comply with regulations and legislation.
Thanks to the cutting-edge technology used to analyse facial biometrics and the veracity of documents, identity verification technology is much more accurate than manual checks by a person. This means organisations can rely on their results. It also means that when organisations use an Identity Service Provider (IDSP), they can also use their checks to support and demonstrate compliance in areas such as Right to Work (RtW) or Anti-money Laundering (AML) checks. In short, identity verification allows organisations to be more accurate in their due diligence, and more easily show their thoroughness.
4. Identity verification technology boosts operational efficiency.
Technology means that identity verification is not only more accurate but it’s much faster than manual processes. Where an in-person visit or posting documents was previously required and could potentially take weeks, online digital checks happen in minutes. On top of this, IDSPs like TrustID offer a pay-as-you-check model that is scalable with business needs. For businesses with seasonal peaks or high-turnover sectors, such as events, hospitality, or construction, this gives organisations flexibility and efficiency when it’s needed. TrustID performs identity verification checks from 8 am to midnight 7 days a week too. And, by using digital identity verification technology, organisations can perform several checks at once, for example an identity check and an address check, which helps to streamline their processes.
5. Identity verification can boost your reputation.
A lack of trust and protection between a brand, its customers and consumers can damage a business’ reputation and consequently their revenue. On the flipside, being able to verify a customer’s identity quickly and robustly can speed up onboarding and provide customers with the reassurance they need to start or continue using your services. A strong onboarding process reinforces the message that your organisation puts customers first and creates a strong first impression of your brand.
From NHS trusts to retailers, through to hotel chains and recruitment agencies, TrustID supports many organisations with its combination of state-of-the-art identity validation technology and expert document analysts. To learn more about the above benefits in action, explore TrustID’s case studies.
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