Poor identity verification processes can present all kinds of problems – frustrating end user experience, onboarding issues, fraud and more. If you want to fix your ID verification process, you first need to establish where it’s failing.
Here are 5 reasons your ID verification process could be falling down, and how you can fix it.
1. It frustrates your end users (and staff)
If verifying your customers identities is a regulatory burden for you, you should be careful not to pass that burden onto your people.
People now expect frictionless onboarding experiences with new companies. If you frustrate them with lengthy or protracted vetting and identity checking processes, you increase the chances they’ll drop out of your journey and go in search of something better.
2. It takes too much time
Speed is everything, but your identity verification process can become a bottleneck to efficient onboarding if it takes too long. As your prospect and customer base scales and becomes has more identity complexity, if not automated, the effect is compounded – creating a potential backlog of new customers who might just lose patience and go elsewhere.
3. It relies too heavily on people
When staff members have to manually verify new customers identities, it’s only a matter of time before either: the volume is too much for them to manage or you need to hire more people. What’s more, people are prone to making errors – especially when they’re busy.
You can use technology to support the process, ease the pressure on your staff and reduce the potential for human error.
4. It doesn’t scale effectively
Some markets – take for example higher education will experience huge spikes in demand at certain points of the year. For most of the year, the number identity checks you need to carry out might be relatively predictable, but when a spike around the start of a peak cycle occurs, your verification process needs to be flexible enough to meet the extra demand without any slowdown.
5. It can’t keep up with fraudsters
There’s an ongoing arms race between identity verification and identity fraudsters. It is a cat and mouse game with criminal consortiums and nation states deploying state of the art technology such as Machine Learning and dark web networks to share best practices among themselves.
Your ID verification technology and processes need to be continually reviewed and updated to keep up with the latest threats.
Upgrade your ID verification process
Our identity verification solutions are designed to overcome all of these challenges, and more.
At IDology we focus on helping you onboard your customers with minimal friction and minimal manual intervention, no matter how many you need to check. What’s more, our proprietary technologies can help identify even the most sophisticated falsified documents when accompanied with document authentication technology.
IDology, a GBG company, is a leading provider of multi-layered identity verification and fraud prevention solutions for organizations operating in a consumer-not-present environment. Founded in 2003, the Atlanta-based company delivers an innovative solutions suite and a fraud prevention platform that empowers organizations to assess overall transaction risk and improves the customer experience. IDology’s ExpectID suite enables businesses and government entities to leverage on demand features that minimize friction for legitimate customers, maintain compliance and decrease instances of fraud by staying ahead of evolving fraud tactics.