Due to the swift increase in technological advancement, cybercriminals have also increased. According to a report, cybercriminals in the past few years have increased up to five times. Businesses are frequently becoming a victim of cyberattacks. Fighting cybercriminals can be a demanding task but actions must be taken to stop falling prey to the cyber-attacks. The identity verification process can assist companies in enhancing their cybersecurity measures. Even governments are not safe from these cybercriminals and in 2017, two major incidents occurred that brought down the government network. These incidents sent an alarming sign to the authorities to ensure cybersecurity. A report suggests that the U.S. is taking major measures to implement cybersecurity. With this blog, we will look into how cybersecurity is revamped through identity verification measures.
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Cybercrime and Identity Theft
Identity is most at risk when it comes to cybercrime. The most common type of cyberattack is identity theft. Sometimes criminals steal the identity of an individual to hide their own identity. This is mostly done when the criminal has to indulge in the criminal activity and they cannot do that under their own identity. By hiding under someone else’s identity, when the law enforcement investigation is carried out the victim of the identity theft tends to get into trouble for the crime they have not done.
Criminals also steal the identity of the person to gain all their benefits or steal their money. Once the identity of the person is stolen, it is not hard for the criminals to get their hands on the credit card credentials of the victim. Through this, they can steal all their cash and use it for their personal benefits and the bank has to pay back the victim as cashback. Some people are eligible for certain government benefits like pension claims or healthcare benefits and when the criminals steal the identity of the person they can undeservingly use all these benefits for themselves. The victim and the government organization is left to pay the price while the benefits of the criminal gain.
Law enforcement authorities are concerned about these crimes and are focused on catching these bad actors. This is one of the major reasons the identity verification process has become an obligation for business entities. If the business sector has a sound identity verification solution, the fraudsters will be unable to use the stolen for their bad intentions.
How Identity Verification Resolves the Issue
Businesses shifting to an online platform have made them more vulnerable to end up dealing with the identity thief and this is why it is crucial to have become an identity verification solution. Even online identity verification is required for social media accounts as most cybercriminals attack the victims there. The banking sector has moved online as well and people are engaging in all sorts of transactions and buying products online. In order to perform online activities, people have to put their credentials online and criminals can easily steal them. If businesses are providing KYC and AML checks and verifying each and every customer, then it would be easier for the businesses to identify the fraudsters and defeat the purpose of stealing the identity.
A cybersecurity Solution of Identity Verification
In order to ensure cybersecurity, a more digital solution of identity verification is required. There are now identity verification solutions that are powered through AI technology and can help companies in verifying their customers seamlessly. The system works by requiring the client to verify the identity through their identity documents or through biometric authentication. The fraudster may have stolen the password but they cannot steal the documents of the victim. The doctrine of fake identity documents can be detected through the software. Even if the criminal is successful in stealing the identity document, the face recognition technology will be able to detect them through face verification. If they are using face masks the face verification solution of IDV will still ensure the criminal is caught.
To Sum it Up
In the technologically advanced world, there is an immense need to hence cybersecurity as businesses and government organizations are increasingly becoming the victim of identity theft scams. In order to ensure good cybersecurity measures, digital identity verification plays a key role. The technology-based on AI provides identity verification through face verification and document verification also provides biometric authentication through face recognition. If the businesses and online platforms apply this solution, they can catch the criminals who have stolen the identity. This is the best cybersecurity measure as it provides an accurate, swift and affordable solution and saves a lot of time and resources for the organization.