As industries continue to migrate into the digital space, there is a growing need for better cybersecurity. While modern technology has provided organizations a means to improve their operations, these tools are exploited by criminals to circumvent weak identity verification methods.
Scammers have gone beyond using stolen personal data and stolen credit cards, and they have resorted to using newer schemes like synthetic identity fraud. This type of fraud is carried out by putting together an amalgamation of fake and real information to create a fictitious identity. Sometimes, the data used are entirely fake or slightly altered.
In most cases, criminals steal real Social Security Numbers (SSNs) from unsuspecting victims like children, and senior adults, among other possible targets. When this information is requested for identity verification purposes, the scammer can easily trick companies and access their services.
Institutions must shore up their identity proofing methods with more robust solutions that can confirm a person’s claimed identity more efficiently and securely. They can leverage mobile facial biometric identity verification for digital onboarding to block fraudsters right from the start. This procedure compares a person’s selfie to the photo found in their identity documents. It also ensures their real-time presence with an active-liveness check.
Supplementing this procedure is automated identity document authentication. According to Gartner’s 2020 Market Guide for Identity Proofing and Affirmation, about 80% of organizations will be adopting document-centric identity authentication for onboarding systems in 2022.
Apart from comparing the person’s selfie to their ID photo, it is also imperative to confirm if the ID is genuine. Authentic government-issued credentials often have security markings that are not present in counterfeit IDs. An automated system will perform the driver’s license authentication procedure by comparing it to known templated in trusted databases.
These advanced identity proofing technologies ensure companies that they only interact with legitimate individuals. For more information on the matter, Ipsidy provides the following infographic.