AI identity verification has changed the world by making it safer and easier to prove identities digitally. Formerly, IDs were used to show identity at banks and airports, but artificial intelligence (AI) has made it easier by processing it digitally. AI works on algorithms that check the authenticity of the IDs and compare them with databases. Thus, it has sped up the processes of online banking, the finance sector, businesses, e-commerce, hostels, etc, in this digital realm by making them more secure and trustworthy. In today’s world, where the hacking of data, identity theft, and potential fraud have increased, it is encouraged to implement advanced AI systems for seamless processes. Identity validation solution depends more often on AI procedures for quick processing and finalizing.
Identify Frauds through AI-Powered Verification Process
AI verification is a fast and convenient process for online identity verification solutions. The main four steps involved in the AI identity verification process are as follows:
- Data Acquisition
- Pattern Detection
- Final verdict
- Additional investigation
- Data acquisition is the first step in the data acquisition process for collecting user credentials. Biometric, document, and behavioral data are gathered for customer verification. Biometrics include facial features like eye scanning and fingerprints. Passports and driving licenses are included in the document data. Behavioral data is comprised of mouse movements and typing patterns.
- AI works by collecting input data and irregular patterns are recognized through advanced algorithms. It identifies the facial points and voice pitch changes and then compare it against established patterns to find similarities and discrepancies. Then, the document checker assigns numerical score according to the match.
- AI identity verification system makes a final decision based on the score assigned by the document checker. A high score confirms the identity of the user and grants access to the system. The low score triggers the suspension, which leads to access denial and sometimes it request for additional proof.
- In some extreme cases where the fraudster has tried to manipulate the system completely, there is always a need for extra checks. It is also used to verify additional information, such as video chat.
Advantages of Modern AI Identity Verification Procedure
Artificial intelligence is the leading automation service provider for identity verification solutions. As the systems are becoming more digital, AI has enhanced security through its utilization. There are the following advantages of AI identity verification:
- Enhanced Accuracy
AI enhances the accuracy of the systems by integrating biometrics such as eye scanning, facial recognition, and examining fingerprints. It makes it difficult for fraudsters to do any illicit activity by ensuring biometrics utilization. It has improved the high volume of verification requests by improving the wait time.
- Behavioral Monitoring
Behavioral motoring works by analyzing user behavior while creating the profile. Automated systems help in detecting potential risks by examining locations, login times and fraudulent activities.
- Minimized Human Mistakes
ID authentication solutions utilize AI algorithms to minimize human error and uses biometric characteristics to deal with vast data sets which are processed more accurately than humans. It diminished the chances of a failed verification process. It can also identify the most deception attacks which are difficult to detect by humans.
- Cost-Effectiveness
AI identity verification minimizes the need for manual checking, and thus, it saves money and proves cost-effectiveness. AI identity authentication also combats financial losses which are caused by criminal activities.
- Rapid Response
AI-powered verification has reduced the wait time for users because it is quick and responds faster than manual authentication procedures. AI examines the biometric features to reduce the need to move credentials to the remote server.
Global Revenue Growth Trends: Digital Identity Solution Market 2020-2028
The market for digital identity solutions is expected to get much more significant. It is predicted to be over 83 billion U.S. dollars in 2028, which is about 28 billion U.S. dollars in 2022. This substantial growth is because identity fraud and data breaches are happening more often, so businesses and governments need better ways to verify users digitally. New policies from governments are also pushing companies to invest more in digital identity solutions to keep data safe and secure.
Concluding Remarks
The automated identity verification process stands as a gateway to security in the digital landscape. Businesses can secure customer entities by integrating advanced artificial intelligence techniques, which solely work on algorithms and are identified as the fastest identifying technique for detecting anomalies. It not only builds trust but also protects from ever-evolving threats of identity fraud, financial scams, and cybercrimes. To create a secure system, businesses should move towards AI-based procedures for a smooth onboarding process for customers and to protect their own privacy concerns.
