Identity theft – A growing concern
There is a growing concern in the world today about identity theft. A bulk of personal data and sensitive information is available on the Internet which can be accessed by Internet frauds and hackers. Due to the ease of access to this information, there is a steady rise in identity thefts and frauds. In 2016, a whopping 15.4 million individuals were victims of identity theft, as per a study conducted by Javelin Strategy and Research. In India itself, 77% of all financial frauds and scams were the result of identity theft as per the study conducted by Experian India.
In order to tackle this growing threat of identity theft, new processes, and methodologies like Identity verification are being introduced. Identity verification involves checking the authenticity of personal data like name, date of birth, address, and other personal details. However, personal details like name and date of birth are easily accessible on the Internet and can be easily exploited by fraudsters and hackers.
Identity theft usually involves activities like illegal access to personal data, fake documentation, hacking of accounts, and so on. This can have serious repercussions on the victims leading to the loss of jobs and financial stability. An absence of proper surveillance and a lack of unique concrete identifiers is the main reason for such fraudulent activities. This is where biometrics come into the picture
The rise of biometric database
With the advent of biometrics, identity verification has become not only more secure, but the turn-around time for identity checks has also diminished significantly. Biometric databases take unique identifiers like fingerprints, iris scans, palm prints, voice patterns, and so on as input data for identity verification. Since every individual has unique biometrics, these identifiers are perfect for protection against fraud.
In order to further understand the efficacy of biometric identity verification, consider the following case. A company that lacks biometric capabilities posts an opening for a job. After evaluating a candidate, he/she is successfully hired. But instead of the actual candidate, it is their twin who shows up for the job. Without a biometric system, this identity fraud is almost impossible to detect. This example perfectly demonstrates the concrete and reliable nature of biometric data.
Identity verification using advanced technologies
Traditional methods of identity verification were not only cumbersome but also inaccurate. Automation capabilities, auto-managed online databases and advanced APIs have given rise to a much more efficient and simpler platform for identity verification and background checks.
Having the database of all the details of the candidate online not only saves time and cost but also allows companies to easily browse through huge amounts of candidate data in a simpler fashion. With the removal of human intervention in database maintenance, both turn-around time and accuracy of identity verification has greatly improved. The integration of APIs into the background screening processes of companies have established a platform for easy report generation and allows for scaling of identity verification processes during the growth phase.
Apart from confirming the identity, you need to check the background of the person by looking at his/her educational records, criminal record and employment verification of previous jobs to form the complete picture. Identity verification can also be done through PAN card, Voter ID and passport.
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AuthBridge has partnered with various government platforms which can provide details about the individual’s track record.
