Why Is There a Need of Better ID Authentication Technology?
If a data breach has taken place wherein you think your identity was compromised, you have to take the necessary steps to protect yourself. Do you know in 2016, 31.7% of the identity theft victims had their identity compromised in 2016 already? While credit card frauds topped the list, utilities, bank, and government document frauds were also high at an alarming rate. The total loss in monetary value in 2017 amounted to $905 million. Once you have looked at these figures, you know there is something wrong with the existing ID authentication systems. There is a dire need of better, more improved, and securer technology.
Automatic ID authentication is what seems to be the best solution to the problem. The technology uses tons of data to enable robust AI powers that help identify even the slightest and smallest acts of fraud in documents, pictures, etc. Let’s take a look at some of the ways in which the new automatic ID authentication technology can help.
How Automatic ID Authentication Can Help
· It Quickens the Identification Process
If you can save a few seconds while onboarding a customer during the authentication process, you will end up saving hours at the end of the day. That will help you focus on other important issues with the ID authentication. With the use of AI, the automatic ID authentication automates the onboarding process. Rather than manually entering the information of the customer, the system recognizes pictures, characters, etc. on the documents and records them into the system.
· It Takes Care of Forgery of Documents
Whether you have a record of the original documents or not, you should be able to identify forgery in documents. Photoshopping is common these days and allows individuals to replace names, numbers, dates, etc. on the real documents. Authentication of such documents becomes a much easier task when they only have to send digital copies. However, AI based technology, such as the one offered by Au10tix, can recognize even the slightest variations in the documents that someone has achieved with the use of some editing software.
· It Prevents Fraud Arising from Similarities
One of the ways for fraudsters to deceive the system is by taking advantage of similarities. They might try to appear like some other person because they look like them. Or in other cases, they can take advantage of the low lighting in a customer’s picture. You don’t have any reliable means to compare the face of the person to the picture appearing on the documents. However, artificial intelligence uses tons and tons of data to verify if the person in the document pictures is the same as the person in another picture or the live video.
One of the terms that you hear today is mobile ID. The use of automatic ID authentication in empowering mobile ID is inevitable. The scope of the implementation of this technology is unlimited. Identification of pictures and the content of the documents is one thing. In the coming times, mobile ID technologies might not let the wrong people sign up for services with fake IDs in the first place. Their digital footprint, location, and other details will not allow some unauthorized person to act like them. Soon enough, you might even see new ways of authentication replacing passwords. However, this is just the start. A revolution in ID authentication is about to come.