Correct me if I’m mistaken, fraud is the daughter of greed. Since technology has spread its wings all across the world, fraudulent activities are also evolving. Cybercrimes, unauthorized access, and other relevant fraudulent activities are encouraged on a regular basis these days. Talking of statistics, researchers claim that the cybercrime costs will hit $6 trillion annually worldwide by the year 2021. This ginormous figure depicts that hacker are attaining benefits from innovations in artificial intelligence and cognitive eSim technology.
People spend most of their time in their homes since the coronavirus struck and hackers are familiar with the fact already. Criminals are attaining benefit from this pandemic, resulting in an immense number of criminal activities in residential areas. But what do all residents must do? Is sitting ideal enough in this frightening situation? To be honest, I don’t think so. This alarming situation depicts that resident must acquire sophisticated yet appropriate measures for the enhancement of cybersecurity protocols of their homes and leverage advantage from the cutting-edge technology.
Let us have a deep dive into the top 5 identity verification solutions and services that must be incorporated in the residential areas to deter counterfeits, chargebacks, and other relevant fraudulent activities.
Incorporation of face verification solution at the main entrance of home helps in the identification of permanent residents of the home and those who visit the house less often such as guests or servants. Face verification technology does not require physical contact with any device, which is helpful especially during the coronavirus pandemic. All this technology does is scan the face of an individual, analyse the facial features and match those features with the images that are already stored in the database to perform the verification checks. This helps in distinguishing between innocent people and criminals to combat illicit activities. No doubt, it is one of the best solutions for the detection and prevention of illegal activities.
Stealing someone’s credentials is easy for criminals but stealing someone’s biometrics is not. Thanks to innovations in artificial intelligence algorithms that are reshaping the dimensions of identity verification services and paving the way for biometric authentication. The biometric authentication process utilizes the unique biological features of an individual for the verification of their identity. Biological features include speech, DNA, eye structure, facial features and fingerprint patterns. This helps in providing a secure environment to the house and differentiates between criminals and residents of the house. Hence, it’s high time for residents to incorporate this robust identity verification service in houses before it’s too late.
Identity verification with the help of NFC technology is evolving these days as it is more secure, reliable, and reduces manual efforts. There is not a single individual who does not have a mobile phone in their hand and currently, more than 81% of the smartphones are thankfully NFC enabled. NFC identity verification is beneficial for the verification and authentication of the identity of individuals and delivers real-time results. The NFC verification solution is not only beneficial for the enhancement of security protocols of the house but also this solution is beneficial for financial infrastructures, e-commerce platforms, and online businesses.
Terrorist financing is progressing by leaps and bounds since financial technology and e-wallets are getting normal. As the name suggests, AML screening helps in the detection and prevention of money laundering activities. Each individual entering the premises of the house is screened against the sanction lists. AI-powered AML screening plays a promising role to flag high-risk entities in real-time with a high rate of accuracy, effectiveness, and efficiency. Such products are available in the market which is easy to integrate. Alas, this is the most appropriate solution that must be incorporated for the prevention of illegal activity.
2 Factor Authentication
The incorporation of the Internet of Things is normal nowadays in residential areas during this modern age of technological advancements. All IoT devices are connected and controlled via a certain mobile application. Protection of that mobile application is something that must not be neglected at any cost. Here is when 2factor authentication comes and plays a promising role to enhance the security parameters of such mobile applications that control IoT. Not only this, all the security measures and identity verification solutions incorporated in the house can be protected via 2-factor authentication so that criminals cannot bypass such solutions and fail the attempt of illegal activity.
In a way, fraud in a business is no different from plagiarism in scholarly work or infidelity in marriage. Even people who are committed to high moral standards succumb. Having said that, incorporation of identity verification solutions and services must be mandatorily incorporated not only in residential areas but also enterprises of all sizes must integrate themselves with identification verification services because they deal with highly sensitive data on a regular basis. Considering the up pacing of fraudulent activities and identity theft cases, identity verification solutions play a promising role in deterring such illicit activities and prevent unauthorized access. Now, identity verification products are very innovative and versatile in that they can perform verification checks within seconds from more than 3000 ID documents in more than 150 languages. Hence incorporation of identity verification services is crucial at all levels.