Identity verification is a top priority for every business but is more critical for banking, online gaming, fintech, travel, insurance, cryptocurrency, etc., where fraud and financial terrorism are rampant. It safeguards businesses’ digital space, integral business processes, and reputation.
You may already know that identity verification software can be incredibly effective in realising the bad intentions of customers and subsequently avoiding them before they even register on your platform. Moreover, effective identity verification software can improve your practices, help you stay compliant with your industry and protect policies, plus boost connections with genuine customers.
The software integrates with your existing systems while providing results that meet your expectations. Making a wrong choice of the same can be expensive in the long run, so a business should, at all rates, optimise output with less input.
So, we created this post to unveil the top software for identity verification that can help any business based on their preferences.
Identity Verification Software – What is it?
First off, what is identity verification software? It’s a solution designed for businesses to confirm that the verification documents that customers provide during registration in your business are similar to what they claim in real life. Nowadays, cases of identity theft are so many, and it’s therefore good to verify clients’ identities so you don’t register a criminal.
Generally, with the best ID verification API, you stay compliant with the legal anti-fraud and privacy guidelines, plus protect your business from engaging with people who may want to sabotage your operations.
It uses features like scans, data validation, facial verification, and sanction screening.
Top Software for Identity Verification
The market for identity verification software is broad and different for different industries and states. Moreover, some software solutions are best at verifying documents, while others will help you stay compliant, and some others provide helpful insights to streamline the identity verification process.
Here are some of the top software solutions you can opt for:
1.SEON
SEON is an end-to-end fraud director and delivers passive identity verification with digital signal intel. It has highly customizable guidelines and granular data, making it an ideal solution for large or small businesses.
Technically, it relies on:
1 Device fingerprinting
2 IP fraud scoring
3 Phone and email analysis
4 Machine learning and risk scoring
5 Sanction list, crime watch list screening, and block list
Every data a client gives is inserted through risk rules and customised by risk managers. SEON is used for fraud prevention and credit checking customers with alternative data to settle with high-value clients even before KYC, Know Your Customer identifies.
2.Onfido
Onfido is popular for its effective biometric verification solutions, fraud detection signals, trusted data sources, etc. Moreover, it has automatic verification, making getting the details you want in about 10 seconds possible. That’s to say, time-saving while optimizing customer conversions.
Whether running an international or local business, Onfido is a great alternative for all your identity verification needs, staying compliant and boosting customer connection.
Onfido provides document authentication, data validation, fraud detection, and biometric verification as the primary identity verification services.
3.Ondato
Like Onfido, Ondato is an automatic identity verification software solution, making it effective in the modern age. It works by picking the most relevant information about a client and subsequently filling out a form. Next, the data is checked against various ID registries to confirm no identity theft is involved. Further, the authenticity of the details is validated by a human KYC manager.
Ondato services are safe and easy to use, and you can typically onboard clients within seconds. The software also allows one to integrate their tools for a better workflow that allows for the monitoring of customers afterward.
4.Veriff
With a response rate of about 6 seconds, a 98% automation rate, and 95% of customers verified in the first attempt, veriff is an excellent identity verification and fraud detector software. They significantly reduce fraud and manual review time with their biometric solutions and these fourfold features:
1 Document coverage
2 Fast decisions
3 More conversions
4 Simple experience
5.Trulioo
Trulioo is made because KYC identity verification needs differ, especially for direct businesses, industries, and customers. It uses machine cleaning and AI to automate identity verification and enhance onboarding. With over 450 data sources, you can doubt that your customers are certainly scrutinised. Moreover, with strong UBO authentication and high-level business data, Trulioo matches your KYB and Know Your Business requirements.
Through sanction screening, Trulioo generates data from sources like credit data, public records, and government registries. What’s better is that you can easily design workflows to comply with the evolving regulations without coding.
Conclusion
You can bring so many identity verification software solutions into your business. Your selection depends on your business, needs and preferences, and price. Regardless of everything, pick an effective solution such as those discussed here for optimal results.
Ideally, verifying identities protects you against suspicious activities that can arise later and promote trust, confidence, and connection with customers. SEON, Onfido, Ondato, Veriff, and Trulioo are typical identity verification software that boosts your authentication and verification process while promoting safe business operations.
