Sharing Economy & the Need for Identity Verification

It seems like an increasing number of firms are migrating to a digital platform. Digital transactions are expanding, and businesses are expected to thrive using digital resources. With increased online capabilities, companies may now reach out to clients they would not have encountered otherwise, those with time restrictions that preclude face-to-face encounters, customers who live outside their area, and so on. However, as technology progresses, cybercriminals advance as well. This is why it is critical to remain current on best practices in the identity verification business.

Numerous types of organizations that operate online might benefit from online identity verification. As with the adolescent in the preceding case, underage shoppers may also utilize digital platforms to purchase age-restricted merchandise online. If your business offers age-restricted items, you must have some digital ID verification in place to ensure that you know who you are selling to.

Additionally, financial institutions have a compelling reason to adopt online ID verification for mobile or remote onboarding and other elements of online commerce. Compliance with Know-Your-Customer regulations also apply here, but the stakes may be significantly more significant depending on the sort of fraud attempted by the cybercriminal. However, it is not just for bad reasons that you may want to get online ID verification. Having the opportunity to register and do business with individuals who may not have been able to visit you in person through an online ID check means that you have just increased your client base. Anyone, practically anywhere, has the ability to access your goods, and you can utilize online ID verification to guarantee they are who they claim to be. Additionally, since the procedure is so quick and simple, transactions will take less time for you and your clients, leaving them pleased and letting you go on to the next one.

To know more, below is an infographic from authID that discuss sharing economy and the need for identity verification.

Identity Verification