In the digital age, identity verification has become a critical aspect of regulated and secure business transactions. In healthcare, finance, real estate, and automotive, where legal requirements and high risk scenarios are common, it’s even more essential to have robust identity verification processes. Enter visual identity verification: a revolutionary solution that leverages images and videos to authenticate identities in real time.
In this blog post, we’ll dive into visual identity verification, why it’s essential for business transactions, and how businesses can incorporate it into their processes. By the end of this blog, you’ll have a comprehensive understanding of this critical technology and how it can help accelerate and secure your business operations and customer onboarding.
What is Visual Identity Verification?
Visual identity verification is a unique, AI-based evaluation process that uses images and videos to verify an individual’s identity. This process can include face recognition, facial matching, document verification, signature verification, and other techniques. The goal of visual identity verification is to compare an image of a person to a government-issued reference image (such as a passport, driver’s license, or ID card) to confirm their identity.
The benefits of visual identity verification are many. For starters, it’s a quick and convenient way to verify identity, reducing the risk of fraud and helping businesses comply with regulations and standards. Additionally, visual identity verification can be integrated into existing checkout processes, making it simple for organizations to adopt.
Why is Visual Identity Verification Essential for Businesses?
Identity verification has been a weakness and impediment to transactions in healthcare, banking, and finance. But the rise of visual identity verification means these businesses can finally scale without the need of massive manual review teams.
Picture this: you’re trying to prevent fraud from happening and comply with strict regulations at the same time. That sounds like a tall order, right? But here’s the deal – visual identity verification is your golden ticket. By verifying people’s identities before granting access to medical treatments and prescriptions or allowing financial transactions to occur, you can reduce the risk of fraud and manage customer approval and growth.
And it’s not just about preventing fraud. Visual identity verification ensures you follow anti-money laundering (AML), know-your-customer (KYC), and know-your-patient (KYP) policies, so you can be sure you’re on the right side of the law.
Here’s the cherry on top: visual identity verification can be a breeze for customers. No more lengthy forms or stacks of paperwork. This means a better customer experience and, in turn, increases conversion and drives revenue.
Case studies of businesses successfully implemented visual identity verification offer compelling evidence of its efficacy. For example, BHG, a financial services company, was able to convert customers 8x faster and increase annual new loan originations by $200M. In healthcare and telemedicine, we’ve increased customer onboarding by as much as 200%, securely boosting revenue, and allowing doctors to focus on treating patients.
Types of Visual Identity Verification
There are several types of visual identity verification methods a business can use, including:
Face recognition: This method involves capturing an image of a person’s face and comparing it to a photo on their government-issued ID or passport. The technology then verifies if the pictures match and confirm the person’s identity.
Liveness detection: This method involves checking if the person being verified is a live human being, not a digital image or video recording. Liveness detection can help prevent fraud by ensuring that the person being verified is physically present during the verification process.
Document verification: This method involves verifying the authenticity of government-issued IDs or passports by checking for tampering, forgeries, or other forms of fraud. This is done by comparing the image on the ID to a database of valid IDs or by checking for security features such as watermarks, holograms, and UV markings.
Signature verification: This method involves comparing the signature of a person to a sample of their signature on file. This can be used to verify the identity of a person signing a document or to verify their identity in a remote work setting.
Selfie verification: This method involves capturing an image of a person’s face in real-time and comparing it to a photo on their government-issued ID or passport. This method can be used for remote authentication and to verify the identity of customers during online transactions.
Voice recognition: This method involves analyzing the unique features of a person’s voice to confirm their identity. This can be used in conjunction with other forms of visual identity verification or as a standalone method for remote authentication.
Each type of visual identity verification method has its own strengths and weaknesses, and businesses should choose the most appropriate method for their specific needs.
Sharon Shi, the Product Marketing Lead at Vouched, leverages her rich experiences at Twitter and ad agencies to thrive in the dynamic field of identity verification marketing. Playing a key role, she collaboratively shapes Vouched's market positioning and growth.