Whether it is online gaming, dating or banking, choosing the right identification verification provider can be overwhelming. Given the high stakes when it comes to delicate information, property, and money, your choice of an identification verification provider is a vital business decision.
To help you get started, here are the things to look for when choosing the right identification verification provider:
ML (Machine Learning)
ML uses algorithms to become more accurate when it comes to predicting outcomes without being explicitly programmed. ML will work when there is a large pool of good data. If you have the right identification verification provider that utilises ML, it will generate accurate verifications from huge datasets of fraudulent transactions.
Simply put, ML will determine which IDs get accepted and rejected. The transactions will produce smarter algorithms, which can better predict fraud. With this, you have to learn how the provider utilises ML. For more information, refer to https://www.ipsidy.com/solutions/verified.
It is not enough just to assume that the identification verification provider has global coverage. You can assess their coverage by finding if the provider’s technology can read barcode or MRZ (Machine Readable Zone) of international passports.
Aside from the barcode, the right provider should be able to scan the front of the ID to ensure that the presented data matches the data from the barcode. For this function, the provider should have trained experts and computer protocols.
It is not a surprise that many companies these days incorporate identification verification solution without testing. You have to bear in mind that testing is the key to finding the right provider. If the provider is denying you a chance to test their software, it is time to look for another.
When you are testing the solution, make sure that you take advantage of a huge dataset, not just a few transactions. Ideally, it should be thousands of transactions. At the end of the day,
this will show you a fair cross-section of online verifications. The right provider will pass the valid IDs even when tilted and flag the fraudulent ones.
You should not neglect user experience because it will be an issue of abandonment. In fact, according to the March 2016 study conducted by Signicat The Battle to On-Board, 4 out of 10 consumers say they leave or become frustrated with an online application so they simply give up. This is bad for the business. You should always consider the conversion rates.
With this, you have to find ways of reducing abandonment rates by improving the experiences of the user as well as fraud detection. Essentially, you have to find a provider that will not ignore the user experience.
You should always dig deeper when choosing a provider. The reputation should be seamless with a long history of service. The provider should also be able to explain to you the right process and provide statistics.
It is time that you consider identification verification provider for your business online. This is to ensure that your online customers are who they claim they are. By having the right identification verification solution, you are addressing three points – fraud, abandonment rates, and compliance.