Remote identity verification (IDV) is a critical aspect of many modern business operations to ensure you can confidently identify and authenticate your customers – it’s the cornerstone of digital trust. However, not all remote IDV solutions are created equal.
In this blog post, our Certn ID experts discuss seven reasons why you should consider switching to another remote IDV vendor. From compliance concerns to scalability issues, we delve into the key factors that may prompt you to make the switch or upgrade. We also discuss the potential consequences of sticking with an inadequate vendor.
Remote ID Verification
In their global survey, Regula Forensics, together with Sapio Research, found preventing identity fraud is the leading reason for implementing a remote ID verification (IDV) solution, followed by digitalization of processes as the second most popular reason.
Whether you’re considering a new IDV for one of these reasons or simply to to stay competitive and secure, here are seven reasons to switch or upgrade to another IDV solution:
Remote ID for Compliance with Regulations
When it comes to processing personal identifiable information (PII), security is paramount. If your current IDV solution doesn’t comply with General Data Protection Regulation (GDPR) or isn’t ISO 27001 certified, it signals that they’re not keeping up with emerging threats. Given this, we think it’s time to switch.
Additionally, new IDV solutions often incorporate advanced technologies such as AI and machine learning, which can better detect sophisticated fraud and cyber threats. We cover more on fraud below, but upgraded solutions usually offer improved security features such as biometric verification and multi-factor authentication that may not be available in older systems (such as document liveness detection to prevent identity attacks). Some industries have specific compliance needs that newer solutions are better equipped to handle.
Remote ID as a Way to Deliver a Better Customer Experience
A clunky and frustrating user experience can drive potential customers away. Did you know that the industry benchmark for user onboarding is around two minutes? That’s incredibly long to verify and approve a user in today’s online experience.
If your IDV solution makes the onboarding process difficult or time consuming, you risk losing valuable business opportunities. It’s time to find a solution that streamlines the identity verification process with better integration with existing systems to ensure a smooth experience for your customers. Certn ID ensures you onboard users in less than 30 seconds, leading to fewer customer drop-offs.
Using IDV for Fraud Prevention
One of the main reasons to consider another IDV solution is weak fraud detection capabilities. Weak detection opens your business to a wide range of fraudulent activities, including identity theft, account takeovers, and financial losses. A robust IDV solution should be equipped to identify and prevent these threats in real-time, safeguarding your company’s assets and reputation.
We cover more on this in the blog post, Understanding Biometric Identity Verification: Passive Liveness Detection.
An IDV Solution That’s Scalable and Flexible
As your business grows, your IDV needs will likely evolve as well. Newer IDV solutions may offer more customization options to tailor the solution to specific business needs or use cases. For example, enhanced mobile capabilities allow for remote and on-the-go verification, supporting modern business practices and remote work.
If your current solution lacks the scalability to handle increased verification volumes, you’ll encounter bottlenecks and performance issues. Or imagine opening in a new market only to find out your IDV vendor doesn’t support the majority of their national IDs. Transitioning to a more scalable IDV solution will ensure you can accommodate growth without sacrificing efficiency.
Diversity, Equity, Inclusion Considerations for ID Verification
In the realm of remote identity verification, diversity, equity, and inclusion (DEI) considerations are pivotal to ensure a fair and just verification process for individuals across different demographics.
The National Institute of Standards and Technology’s Face Recognition Vendor Test (NIST FRVT) evaluates demographic biases in face verification algorithms. In terms of liveness detection algorithms, it’s important to understand whether these have been certified as “fair” by a NIST NVLAP certified lab.
An IDV Solution with Better ROI
Cost effectiveness is crucial for any business. If your current IDV solution is costly and offers limited value, it’s time to explore alternatives that provide better pricing structures and a more comprehensive feature set.
Advanced identity verification solutions may offer cost savings through automation, reducing manual processing costs and operational inefficiencies. Investing in a remote IDV solution can provide better ROI by reducing fraud losses and operational costs in the long run. Evaluate the total cost of ownership, including subscription fees and integration expenses.
Choosing an Identity Verification Vendor with Customer Support
Implementing a new IDV solution often requires training and onboarding for your team. A vendor with excellent customer support can offer comprehensive training programs and resources to ensure that your staff can use the solution effectively from Day 1 and help your team get the most out of the system. However, customer support doesn’t stop there. Reliable customer support ensures that technical hiccups are addressed promptly, preventing customer frustration.
Consequences of an Outdated ID Verification Service
The consequences of sticking with a legacy IDV vendor can be severe. With an old ID verification service, you risk exposing your business and customers to security breaches, damaging your reputation, and incurring significant financial losses. Moreover, poor user experiences can lead to customer churn, hindering growth and profitability. Non-compliance with regulations may result in legal trouble and costly fines.
Choosing an ID Verification Service – Questions to Ask
The remote identity verification industry, previously dominated by a small number of established players, has recently experienced unprecedented growth. There are now hundreds of vendors offering seemingly similar solutions. By choosing a remote ID verification vendor solely based on price, you could be opening yourself up to risk.
The seven reasons outlined in this article underscore the importance of considering another, better IDV solution. Whether it’s enhanced security and global compliance, improved user experience, advanced fraud detection, scalability, or cost-efficiency, making the switch can lead to a more secure, efficient, and profitable operation. Don’t risk the consequences of sticking with an insufficient vendor; invest in the future of your business by upgrading your IDV solution today.
In this white paper, we deep dive into the technical idiosyncrasies of IDV solutions and conclude with key recommendations for vendor selection. The aim of this paper isn’t to convince you that Certn ID offers the best IDV solution on the market, but rather ensure you carry out the necessary due diligence when drawing up a shortlist of potential vendors.
Click here to download: IDV Buyer’s Guide: Remote Customer Identity Verification.
