The Top 3 Benefits Of Flexible Identity Verification

Identity verification is a crucial element of running businesses online. There are several ways to go about it, and each method has weaknesses and strengths. But is identity fixed or flexible? It depends, as it changes over one’s lifetime. As such, ID verification providers have made it possible to combine different identity verification methods to come up with a more balanced and flexible verification solution. For instance, you can combine identify documents, two-factor authentication, knowledge-based authentication, and biometrics instead of one identity verification method.

You can leverage different combinations of these methods for specific business practices. Each business has different verification objectives and specific resources for accomplishing them. Here’s what you need to know about flexible ID authentication and flexible identity benefits.

Basics of Flexible Identity Verification

Fraudsters are constantly evolving. With every technological advancement, they also up their game. Therefore, relying on one identity verification method is not a good idea to keep yourself safe. To ensure that your safeguard your users, you must rely on more than one verification solution. However, it can be costly to subscribe to different services for various methods. Instead of taking that approach, you can choose a flexible identity verification solution that lets you pick the right plan per the issue.

With a flexible identity verification solution, you can leverage various techniques to adapt to different business practices. Since each industry has specific verification goals, flexible identity verification is the perfect approach to achieving those goals; it is the best way to resolve business issues like improving liability and preventing fraud.

In its most basic form, a flexible identity verification solution involves using multiple verification techniques to protect your business from various threats. This approach to verification helps to protect your digital resources using different authentications. The technology is quite versatile and delivers the exact verification method you require without you having to make a new subscription. Some flexible identity verification providers enable you to create your custom package with select methods.

Techniques Used By Flexible ID Verification Solutions

Flexible identity systems enable you to use several verification techniques. You can choose the ones you want to use and add more as your needs evolve. The most common methods include:

Identity Documents: This includes verifying an individual’s ID using documents that support who they say they are. For instance, it can use ID cards, birth certificates, passports, and driver’s licenses.

Two-factor Authentication: This method relies on the user providing a password and other factors like facial scans or fingerprints.

Knowledge-based Authentication: This method will require a user to answer a secret question to which they only know the answer.

Biometrics is using physical or behavioral human physiognomies to recognize an individual digitally. For instance, one can use their fingerprint, voice, facial patterns, or typing cadence.

Flexible Identity Verification Is Cost Effective

Businesses are parting ways with massive amounts of money to pay for identity verification solutions. However, one can reduce expenses by going with flexible identity verification. Each identity verification solution costs a specific amount of money. For instance, an identity data verification solution costs a dollar, but knowledge-based verification costs a few dollars. While the difference may seem small, if you run a business, you probably must conduct thousands of daily verifications. As such, you will see that you are spending a lot of money.

You may not have to use document capture and verification for simple transactions because these solutions are a bit more costly than others. Instead, you can keep the verification cost low by using the appropriate verification method for each transaction. On the other hand, document verification and capture may be necessary for complex transactions that involve a lot of money. In other words, you should try and use less costly identity verification methods for simple transactions and reserve the more complex ones for high-risk transactions.

Regulatory Compliance

Criminals use different online financial platforms to hide their crimes and their proceeds. As a result, it’s a requirement that corporations, banks, fintech, and other businesses comply with Know Yout Customer and Anti Money Laundering directives. About three years ago, 12 of the world’s large banks, the primary player being Switzerland, paid a fine of $5.1 billion to the French Criminal Court for not complying with AML and KYC directives.

Unfortunately, meeting KYC and AML requirements is not that easy. Companies don’t only need to meet these regulatory requirements; they also have to find ways to manage their liability. Fortunately, that’s where flexible identity verification becomes quite handy. It enables you to comply with all these regulations quickly. For example, imagine a new law requiring you to enhance your identity verification process. You can deploy more verification solutions in a day or two with a flexible system. That way, you can quickly deal with compliance challenges.

Multiple Solutions to Meet the Needs of Different Industries

Nowadays, each industry requires an effective identity verification solution to help combat fraud and keep its customers safe. It’s important to understand that each industry has different challenges and other requirements for identity verification. Depending on your business type, your industry standards, and regulations, you may have different onboarding processes. For instance, a financial firm will have different onboarding processes from a healthcare firm. Therefore, their identity verification processes are different as well.

Furthermore, industries change over time. As a result, it makes more sense to employ a flexible identity authentication solution that allows you to pick the method you need as your needs change. You can do that without breaking the bank with flexible identity verification solutions.

Branding flexible identity solutions enable you to use various technologies to deliver the ID verification method you need anytime. Furthermore, since you won’t be using all the available techniques, you can customize your package and lower your expenses.

What can BlueCheck do?

BlueCheck achieves this balance by combining a sleek, field-tested user interface with a robust verification engine that connects to a network of authoritative databases and credit bureaus. In addition, we partner with companies in various industries and growth stages to provide affordable, reliable online age verification. Learn more about how BlueCheck can help you solve your ID verification challenges!

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