AI or artificial intelligence is the machine’s ability to operate as humans. As the name suggests, it is the synthetic intelligence that has been given to the machines to be able to work like humans without human supervision. Despite the popular belief that artificial intelligence will take over the world, it is quite useful and has changed the face of the world. There is no way a machine that is dependent on human intelligence to be able to think like humans can take over the human race and such concepts are just science fiction. Artificial intelligence did wonders in various industries to streamline their way of working. One such industry that has benefitted from the development of artificial intelligence is the identity verification industry. Businesses have been able to simplify a lot of their workload after the integration of artificial intelligence into identity verification solutions and their demands of Know Your customers have been met easily.
With this blog, let’s take a look at how artificial intelligence has paved the way for the identity verification industry.
What is the requirement of IDV for the business?
Due to the rise in sophisticated fraud, many businesses have become the victim of fraud and financial crimes. Frauds like identity theft have taken a toll over the world and businesses must use good identity verification measures to capture such frauds before they are able to leech off the business as well as the victim of the identity theft. This is one of the major reasons why the regulatory authorities have implemented strict KYC measures to enhance transparency in businesses. The transparency measures require them to verify the identity of the individual and ensure that they really are who they say. This defeats the purpose of identity thieves. They might be able to steal the identity but they will not be able to benefit from it by misusing it.
Other than fraud prevention, there are other financial crimes that identity verification solutions based on artificial intelligence can help to prevent. Anti-money laundering and counter-terrorism financing are also regulatory measures that require identity verification solutions to ensure integrity in business dealings.
Now that we have learned why companies require AI-powered identity verification solutions, let’s see more about what these solutions are.
This is the biometric solution that uses AI-powered face recognition technology to verify the identity of the person through their facial features. Biometric technology uses biological features that are unique to a person to verify their identity and in this process, the face of the person is used. The AI is well trained to analyse the face and detect any kind of spoof including 3D face masks. It uses liveness detection, 3D depth perception, skin texture analysis, and facial points to make sure the real person is present in the process. The end-user just has to send their picture or a video along with the document ID picture and the face is matched and analysed against the picture of the ID document to ensure the identity.
The AI in this process is dependent on machine learning and training models. Different types of documents based on real data are used to train the training models. Once artificial intelligence is properly trained, it can capture any type of fraud attempt as it is able to differentiate between real and fake ID documents. The end-user has to just submit the picture of their ID document and the artificial intelligence handles the rest.
This is another type of verification check that verifies the identity of the person along with their address. Some businesses are fake and in order to define them, it is important to verify their address. The AI-powered solution of address verification helps to do that. The end-user has to submit a picture of two documents that contain their address and the machine learning is able to screen them against each other and verify them by capturing any forgery.
Artificial intelligence has ensured that businesses are smoothly met with their KYC and identity verification requirements. The process by AI can be performed within seconds and it is also extremely accurate especially compared to the manual method. Businesses must acquire an artificially intelligent solution to meet their identity verification needs.