According to Matt Davies Stockton, as businesses grow, their need for data verification grows simultaneously. Your regular employees can’t waste their time and energy on data verification since they have more important responsibilities. Let’s check out how verification software can help your business be more efficient.

The Software

1.  Cost-effective solution –

For businesses, a major chunk of expenses goes to their employees. That expense is justified when the employees are helping your business grow and helping execute tasks that are bringing in proportional returns. However, using your workforce for verifying data, documents, and other such verification tasks is simply a waste of resources.

It’s a waste of resources if you choose the wrong verification software. Businesses may spend a lot of money on verification and not reap the entire benefit. For instance, your business may need both identity data verification and document verification. If you buy separate verification software for these tasks, you’re going to lose a lot of money, especially if you’re a big business that conducts thousands of confirmations every day.

That’s why it’s important to choose flexible verification software. This type of verification software uses identity verification which is fairly inexpensive. It moves on to more expensive and higher levels of verification methods when identity data and other lower levels of verification methods are not enough to verify a customer. Hence, you have a cost-effective solution at hand.

2. KYC and AML compliance –

Legal authorities have made it mandatory for corporations, banks, fintech, and other financial institutions to comply with KYC (Know Your Customer) and AML (Anti Money Laundering) directives. This is done to prevent criminals from concealing their crimes and laundering the money they got from illegal means.

Unfortunately, this is challenging for many businesses. Apart from managing their liability, they also need to stay compliant with complicated regulatory requirements. That’s where verification software comes in. When new regulations come out, the verification software builds the framework for you, and you just need to implement it with a few keystrokes and clicks. Your compliance challenges can be managed without the threat of multifaceted legislation looming over you.

3. Enhanced security –

Cybercrimes, identity theft, and scams have been increasing in this digitized age. Your customers rely on your business to keep their data safe and secure. With increasing awareness about such things and a higher frequency of data breaches, customers are wary of signing up for new businesses.

That’s why you need to provide a secure environment for your customers. Apart from enhancing security, it’s good PR that helps you to turn regular customers into loyal ones and entice more people to conduct business with you.

Conclusion

Matt Davies Stockton suggests that you use verification software for your business to make it more secure and efficient and make it grow with fewer hiccups . The alternative is to waste your existing workforce on the same task or waste resources or hiring and training more employees for the same.

Still, the prevalence of cyberattacks poses various threats to the safety of crucial information. This highlights the importance of user identity verification. When entities are capable of implementing sound identity verification solutions, they can determine who a person is and who they say they are. 

So, what is the importance of verifying identities remotely? Continue reading to find out. 

What is Remote Identity Verification, and How Can It Help?

Remote identity verification allows entities to confirm a user’s persona online through a web browser on any electronic device. 

Remote ID verification is becoming more necessary due to regulatory compliance with international laws, such as KYC or Know Your Customer. One of the reasons why organizations should check ID includes the onboarding of new customers and employees. Bank institutions also ask for IDs because it is the law, and it prevents them from money laundering. 

Moreover, as several processes like customer service shifted online, remote verification became even more fundamental because it allows entities to guarantee transactions and conversations were made with the right customer. 

Tips for an Efficient Remote Verification

Even if everything is done remotely, various risks can still occur. To ensure a successful verification process, companies may benefit from the following tips:

• Stick to a consistent policy. Creating a clear policy and constantly abiding by it will reduce misunderstandings and be reminded of the actions needed to take for the individuals being hired. 
• Conduct a thorough SSN trace. An SSN trace may identify all the names and addresses linked with the candidate’s Social Security Number, allowing entities to create a more comprehensive background screening report.
• Use a full legal name. For users and consumers, it is essential that they use their full legal name when registering on any platform. The name must be the same as what is written on the actual ID document. 
• Read instructions carefully. Users who misread directions may lead to an inaccurate verification process. 
• Collaboration with a background screening service to undertake paperless verifications keeps applicant data structured and safe.
• To avoid making a mistake, choose the correct ID document type for the verification. Users may quickly notice when the identity document is incorrect. 

Ensure excellent identity verification with authID

AuthID is a leading provider of protected identity authentication solutions that aims to deliver enhanced performance and security for clients. Visit their website https://www.authid.com/ or contact them at +1 (516) 274-8700 for more information.