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Employees are more dependent on online and remote working during COVID-19, so it’s difficult for companies to understand that the user logging in is reliable and does not use fake details.
However, most enterprises still depend upon security questions, passwords, and databases to investigate client identity. Also, imposters take advantage of working from home, so firms are shifting their concerns toward document verification solutions. It is beneficial so no one can access clients’ accounts and secure sensitive data.
KYC Documents Verification in Government Agencies
COVID-19 scams already have the majority of users globally, and the FBI is witnessing a spike in illegal unemployment insurance claims during the pandemic.
Moreover, fraudsters are smart enough to bypass filing fraudulent claims and steal benefits, so their recommendations to follow suspicious charges or communications proved insufficient. These circumstances push government agencies to enforce better verification of document measures to keep user-sensitive data protected and adapt to increasing scams.
Secure Customer Data with Robust Document Verification Solution
California’s Enforcement Act of 2020 draws attention to the urgency of securing user data as it highlights implementing a system that holds sensitive information.
This act provides the client with a right to opt out of firms that accumulate and share user-sensitive data without their knowledge and consent. Moreover, at the federal stage, users are likely to analyze the Enhance Digital Identity Act which will create a task force to enhance privacy.
NIST (National Institute of Standards and Technology) must provide advanced standards for the government. Agencies to establish a program that helps different states by enforcing safe digital identity verification.
Credential Stuffing is the Global Cybersecurity Threat as Account Takeovers Becomes Mainstream
Credential stuffing is a kind of cyberattack where online bots use revealed account credentials to have illegal access to individual accounts. So, the 36 billion user record was breached in 2020, enabling surging accounts to take through credential stuffing. It’s likely to be successful in having access to different individual accounts such as banking applications, email domains, healthcare sites, education portals, and social media profiles. This is because passwords on other websites secure these accounts.
Moreover, cybercriminals can quickly transfer funds, steal the individual’s benefits, send emails to them, and lock the credible user out. This feature ensures that companies have to stop depending on passwords, knowledge-based identity verification, and security questions to keep accounts safe.
Imposters Increasingly Weaponize KYC Documents Verification for Fraud
Imposters use AI (artificial intelligence) to do attacks, while firms use this to combat fraud. Attack vectors involve:
Attacks on Artificial Intelligence
Imposter continuously attacks AI systems to exploit restrictions in the underlying AI algorithms that can’t be fixed. However, this exploits an AI system by changing its dynamics, which can widely damage repercussions involving transforming how data can be classified and stored.
Counterfeited Videos
Fake technology uses artificial intelligence to merge current imagery to replace user likenesses and closely replicate their voice or faces. More firms are adopting biometric verification systems, but deepfakes will be prioritized to access client accounts.
AI Phishing Attacks
Phishing email campaigns find user data from social media, setting targets, especially for the victims. Thus, it enhances the click-through rate by 40 times, and this process will be entirely automated via AI.
Systems and Networks Attacks
Imposters use AI to recognize and exploit safety gaps to launch sophisticated networks and systems attacks.
Firms Address Bias in AI Algorithms
AI algorithm’s demographic biases, such as age, gender, and race, affecting brands is a primary concern. It puts leading firms in a condition to emphasize how KYC document vendors communicate this bias.
Firms are increasingly leveraging biometric-based facial recognition for online document verification systems. Moreover, the industry must address the specific issues in systems. According to MIT research, they used imagery datasets to develop face recognition technology; 77% were male images, and 83% were white.
This research shows why systematic bias persists in facial recognition technology. Firms must be ready to secure their user information from skyrocketing attacks. By understanding the advanced fraud landscape, executing document verification solutions, and preparing for rigid data privacy, firms can easily combat fraud in the future.
Final Verdict
Online document verification is used to combat identity fraud, as imposters can’t breach this advanced technology. With the advancement in digital technology, imposters are finding new ways to attack firms and attain all the sensitive information. Therefore, companies must deploy these systems to improve employee productivity and enhance revenue. Document verification solutions avoid identity deceptions and safeguard the essence of the provided data.
