Verifying customers’ identities enables financial institutions and other businesses to secure their networks from fraudulent attacks. It filters the bad guys from legitimate patrons who contribute to the firm’s growth and success. However, several enterprises still utilize outdated forms of authentication, such as Knowledge-Based Authentication (KBA), which relies on the concept that the information needed for verification is known only by the real identity owner.
Asking for a customer’s personally identifiable information (PII), social security number (SSN), and performing credit checks do not confirm a person’s claimed identity and only verifies that they know the information. Enterprises must replace these inefficient identity verification methods with advanced solutions that are more effective in blocking security threats.
They must implement modern tools like biometric multifactor authentication (MFA) solutions to add an extra layer of defense against security threats. Robust MFA uses authentication factors like something you have (possession factors such as on-device cryptographic keys) and something you are (inherence factors such as facial biometrics). Without providing all the required authentication credentials, the criminal cannot access the account.
Moreover, facial biometric identity verification performs additional checks that are not easily cheated by deep fakes and spoofing tactics. It requires the user to undergo an active liveness validation to ensure that they are present in real-time. The user will be asked to perform a gesture – blink, smile, move their head – at the time of authentication. This anti-spoofing confirmation can also detect background and foreground inconsistencies, which often indicate possible signs of fraud.
Companies must also leverage automation with identity document authentication. Automated systems harness artificial intelligence (AI) and machine learning when performing the verification process. This process supplements identity proofing by validating that a customer’s ID is genuine.
The roles of identity verification and identity document authentication as efficient security measures cannot be stressed enough. To know more about them, Ipsidy provides the infographic below.