This article will define digital identity, its use, and how organizations can ensure their customers' digital attributes are kept safe through digital identity verification.
Digital transformation has accelerated at an unprecedented pace since the COVID-19 pandemic began, with companies investing in digital transformation by implementing new digital use cases. In fact, as far back as 2020, a McKinsey study estimated that during the first 2 months of the pandemic, digital adoption accelerated by seven years.
One of the biggest growth areas in the entertainment industry in recent years has been the rising popularity of online casinos and gambling. The Covid-19 pandemic has helped to fast track the projected value of the global gambling market to over $94 billion USD over the next two years. As online casinos gain in popularity, gambling regulations have become more stringent worldwide.
Identity verification and authentication are essential for secure transitions, data, and account activity. Yet, these terms can be confusing or interchanged in an evolving digital world. Your company can alleviate complicated onboarding and log-in requirements while boosting security and efficacy by creating a quality identity identification and authentication process.
Identity proofing provides an effective way to verify that your online customers are who they claim to be. Knowing how to conduct ID proofing can protect you and your clients from fraud, providing a better experience for your customers and building a better reputation for your brand.
Digital identity verification is vital for maintaining the security of online accounts and transactions. With criminals constantly developing more sophisticated ways to perpetrate identity theft and impersonate victims online, investing in identity verification solutions has become critical for protecting digital identities.
What Is Identity Authentication vs. Verification?
Authentication vs. verification: they sound similar, but they’re two distinct and equally essential components of the online security process. User identity verification confirms that new customers are who they say they are, while authentication checks whether the legitimate account holder is accessing a customer account. While these two procedures are essential parts of customer identity checking procedures, they have some key differences. They involve different user data, they are performed at varying times during the customer lifecycle, and they take different amounts of time. But they also share some important similarities. Both procedures are critical for fraud protection, cybersecurity, and regulatory compliance. Both can be combined with biometric technology for enhanced effectiveness.
Our CEO & Founder, Ricardo Amper, participated in the Mexico Matters Podcast hosted by Mariana Campero featuring Luis Cervantes, managing director and head of General Atlantic's Mexico City office and Adolfo Babats, CEO of CLIP. In this podcast, Mexico Debuts as a Unicorn Maker, they discuss how entrepreneurs are using technology to build successful businesses that are creating positive impacts for the region in areas such as banking and personal security.
Listen to the full podcast here.
Companies using biometric authentication have redefined expectations for digital customer experiences by delivering frictionless, contactless and highly secure transactions between people, data and systems.
KYC solutions use technology to automate the process of performing KYC procedures. They save both financial institutions and customers time doing KYC checks, while making it easier to meet regulatory requirements and reducing the risk of fraud. Let’s take a look at what KYC solutions are, why you need one, what parts of the KYC process they cover and what sets apart today’s best KYC solution.