Tips for Choosing the Best Identity Verification Service
As technology evolves, the risk of fraud increases. According to statistics, identity fraud increased from 1.1% to 2.6% between 2021 and 2024. This number shows that identity fraud has become a serious issue for businesses, as identity is the first step necessary before making decisions. Thus, businesses such as banks, fintech, insurance, e-commerce, and others conduct identity verifications as part of their operations, which is known as KYC (Know Your Customer). While we have adopted AI technology in the KYC process, fraud methods are becoming more sophisticated, and some software still lacks the capabilities to detect fraud. This article will provide some tips for choosing the best identity verification service, helping your business reduce the risk of fraud and avoid potential losses.
Understand What an Identity Verification Service Is
And an identity verification service is a tool that helps businesses to validate that the individual is who they claim to be. Verifying identity is a critical part of the KYC process because it ensures the individual’s legitimacy.
These methods are typically used in this technology, including
1. Document verification: Involves extracting, analyzing, and verifying ID cards, passports, or driver’s licenses.
2. Biometric checks: Matching an individual’s selfie or live video to their ID photo
3. One-time password: SMS or WhatsApp codes are used to authenticate that the person logging in is the actual customer.
Evaluate the Key Features
Not all identity verification services have precise capabilities, so it is important for businesses to carefully review the features offered. Here are the key aspects to consider:
1. Accuracy and Fraud Detection
Choose the services that can detect fake identity documents (such as ID cards and passports), deepfakes, and identify spoofing. Furthermore, check the accuracy levels. Ensures that vendors have high accuracy, reducing errors and fraud that are often missed in manual checking.
2. User Experience
The user-friendly platform will make it easy for businesses to verify documents and ensure a smooth onboarding process. The faster verification checks boost satisfaction for internal staff and customers.
3. Integration and Scalability
Assess how easily the service can integrate with your existing systems via APIs or SDKs. It is also important to check the solution can scale, whether your business handles hundreds or thousands of identity documents.
Data Security and Compliance
Protecting sensitive customer data is a top priority for businesses. Look for end-to-end encryption, as well as the location and method of data storage. The service should comply with KYC, AML, and privacy regulations. Confirm that the vendor has certifications such as ISO 27001 or GDPR.
Compare Vendors and Pricing
Understand how the vendor pricing plans work, whether they are pay-per-use or subscription-based. also identify any additional fees for integration. It is important to check vendor reputation based on customer reviews and reliability to ensure that the vendor is suited for your business’s needs.
Verihubs, One of the Best Identity Verification Services in Southeast Asia
Based on some tips above, choosing the right identity verification service can be challenging, as it must balance features, compliance, and budget. Verihubs can be the best solution for businesses in Southeast Asia. It provides a variety of verification methods with a high level of accuracy, such as identity document checks and biometric checks (including face recognition and liveness detection), as well as SMS and WhatsApp OTP for multi-factor authentication. Verihubs is certified with ISO 27001 and NIST, which ensures strong data protection and compliance. In addition, the price is affordable, making it accessible for businesses of all sizes and across industries.
Experience the benefits firsthand and see how Verihubs can meet all your business needs. Contact us today!
