Identity Verification Should be Simple, Not Easy

Easy Adjective /ˈiː.zi/ achieved without great effort, presenting few difficulties.

Simple Adjective /ˈsɪmpl/ easily understood or done; presenting no difficulty.

Why should identity verification be simple but not easy?

Identity verification is an important part of many transactions and activities today, whether it’s opening a bank account, applying for a loan, or gaining access to sensitive information. The goal of identity verification is to validate an individual’s identification and assure that they are whom they claim to be.

While it is critical that identity verification be straightforward and user-friendly, it should not be so easy that it is ineffective in avoiding fraud and protecting sensitive information. The idea is to achieve a balance between convenience and security by making it simple for legitimate users to authenticate their identity while making it harder for malevolent actors to circumvent the system.

The importance of identity verification

Identity verification plays a crucial role in the financial industry by ensuring the security and integrity of financial transactions, and by adhering to regulatory requirements such as Know-Your-Client (KYC), Anti-Money Laundering (AML) and Counter-Terrorism Finance (CTF).

These processes require organizations to verify the identity of their clients before conducting any business with them to prevent financial fraud, money laundering, and terrorism financing.

Drawbacks of traditional identity verification

Traditionally, identity verification processes can be time-consuming and costly, as they often involve manual checks of multiple identification documents. This can lead to long waiting times and increased operational costs and can also be an unpleasant experience for clients who may feel their privacy is being invaded.

However, advancements in technology have made identity verification much more efficient and convenient. One example is the One Click Verify solution, which simplifies the verification process by utilising machine learning and artificial intelligence to verify a client’s identity in real time.

The solution analyses the data on a client’s identification document and compares it with other data sources to verify its accuracy, eliminating the need for manual checks and reducing the risk of human error.

One of the key benefits of One Click Verify is its speed and convenience, allowing clients to complete their identity verification in just a few minutes from the comfort of their own homes. This saves time and money for both clients and organisations and makes the process much more user-friendly.

Easily accepting an identification document without proper verification may meet legislative and regulatory requirements, but it does not ensure the security and integrity of financial transactions.

Accepting a laminated identity document in person or via email without verification can be easily intercepted, forged, or manipulated, just as a social media profile, such as a Facebook profile, would not fulfill the requirements for a financial transaction.

Although you could argue it would probably be better than the traditional process due to the ability to check the social proof of the account, which a static Identification document does not have.

What do we do with the Identification after? The Storage and Transition of Data (STD) will only invite cyber-attacks from bad actors who will watch communications and then deploy either ransomware or even other more sophisticated attacks.

One Click Verify’s solution

One Click Verify provides a comprehensive solution to identity verification by incorporating advanced document verification techniques such as integration with the Department of Home Affairs and biometrics.

The solution can verify 164 countries using passports and will be finalising their iRAP to become a Cloud Service Provider under the Australian Signal Directorate and Australian Cyber Security Centre.

Businesses that adopt One Click Verify in the future will have the assurance that their client’s data is secure at the highest level, joining big names such as Microsoft, Google, and Amazon.

Identity verification is a critical aspect of financial transactions, and the process should not be made easy by simply photocopying identity documents and putting a stamp on them with no verification of the document or the person that witnessed it.

One Click Verify provides a thorough and user-friendly solution for identity verification, combining advanced document verification techniques and biometrics to meet regulatory requirements while providing a secure and convenient experience for clients with an added level of transparency through the introduction of express permissions.

By doing so, clients know who has access to their identity documents and whom they are shared with to meet future requirements under the Consumer Data Rights which will be rolled out to the entire economy in the near future.

When choosing an identity provider, it is important to consider a provider who can support “simple” onboarding and not compromise security for the sake of being “easy”.

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