Bahaa Abdul Hadi is an Identity Management expert and regularly shares his experiences with his audience through his blogs. This time he discusses about digital identity verification.

According to Bahaa Abdul Hadi, We live in a digital world where lot of transactions happen online. The digital world is full of cybersecurity risks, and it is important to safeguard yourself against cybercrime. As a business, you need to verify the identity of your customers before onboarding them.

This is essential for your security and also your customer’s security. The best way to do this is digital identity verification. Identity verification helps you verify and confirm that a person is indeed the one they claim to be.

Concept of KYC 

In the financial sector, digital identity verification is done through KYC. Know your customer (KYC) is a protocol that ensures a business knows their customer well, so their identity is verified. KYC involves verifying the identity of customers by verifying their official document(s) with photographs. It can also involve face verification and verifying their address.

Since KYC can be done online, it is referred to as e-KYC. It makes use of technology in the form of tool to verify a customer’s identity. This helps the business know more about the customer, which would help in the customer’s journey with the business.

Benefits of Digital Identity verification 

The many benefits digital identity verification offers make it the accepted norm in today’s world.

  • Digital identity verification is convenient. In its absence, customers need to physically visit the office of the business and carry their documents with them. This is inconvenient for the customer and can cause a rush at the office of the business.
  • The entire process of digital identity verification is simple and even customers who are not tech-savvy can do it. The process can be completed within seconds. Different methods like uploading a selfie or video calling are used to speed up the process and make it fool proof.
  • Companies use stringent security protocols for the e-KYC process. This ensures a high level of security for customers.
  • Companies in the finance sector can use biometric checks for added security. This can also be done online by using features available on mobile phones.
  • Once a customer’s identity has been verified, they can gain access to all the services of the business. This helps strengthen the relationship between the customer and the business.
  • Since strong security protocols are followed, the customer would be assured that their data will not fall in wrong hands.
  • Fraud and cybercrime have become common. Digital identity verification helps in battling fraud. It makes doing business online more safe and secure for all parties concerned.

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