A wide range of businesses and organizations need ID verification whether it is for a signature verification or face recognition. Identify fraud is a challenge to safeguard against and in some cases, the consequences of missing a case of fraud can be severe – either financial, data breaches or in high-security cases, even risks to lives.
According to recent studies, check fraud costs banks about $900M per year with 22% of all fraudulent checks attributed to forged signatures. Identity theft continues to pose challenges for consumers as criminals develop new mechanisms to commit fraud.
Identity theft claims fell from 2015 to 2018 by 9.3 percent, but began to increase again in 2018 and were up 19.8 percent from 2017 to 2018 which shows that it is a serious concern for the people and organization. A record number of 16.7 million adults in the US experienced identify fraud in 2017.
Leveraging the latest technology such as AI and biometrics to verify signatures and faces provides a stronger security framework for tackling the problem of identity fraud. It also helps build confidence in foolproof ID verification and consumers feel more assured of their personal information being protected.
Artificial Intelligence applications that uses Machine Learning and Deep Learning usher in a new era of automated processes for ID verification at scale with extremely high levels of accuracy.
Face recognition systems getting better. Most of the face recognition algorithms in 2018 outperform the most accurate algorithm from late 2013. In 2018 test, NIST found that 0.2% of searches, in a database of 26.6 million photos, failed to match the correct image, compared with a 4% failure rate in 2014.
AI is also helping with biometric ID verification. This provides next-level protection when it comes to security. Fingerprints, faces and irises are unique to individuals and therefore harder to fake. Biometrics are at the top of the list when there are high-security concerns for ID verification.
Benefits of AI-Enhanced ID Verification
Some of the benefits of AI-enhanced ID verification include:
- Prevention of identity fraud – There are many types of identity theft and fraud that impact consumers and organizations. Accurate identity verification with the power of AI can preventing financial losses, data breaches and security risks from identity fraud.
- Better accuracy & security – An automated identity verification service reduces the burden on human operators. It is more thorough and delivers more accurate results, which improves the overall accuracy of the ID verification process.
- Reduce onboarding abandonment rates – electronic identity (eID) schemes have the potential to reduce abandonment rates. Research shows that 40% of customers abandon during onboarding. While eID has been shown to improve onboarding, they all have varying security mechanisms for identification and authentication and sometimes lack cross-border recognition. AI can improve accuracy rates and reduce customer abandonment.
As both consumers and organizations are becoming more security conscious and making huge investments to reduce loss occurring from various fraud, more effective identity-verification tools are being created to meet the market’s needs.
AI & human ID verification
While the majority of ID verification tasks can be automated with AI-powered technology, trained employees can intervene in the rare instances of an alert due to damaged ID proof. It will also be good practice to have a trained professional apply a human eye in unusual cases and teach the application how to respond to the issue in future cases.
If you’re looking to take the uncertainty out of ID verification and utilize reliable, efficient, AI-driven technology that can handle the task, Rapid Acceleration Partners AI can help you. Our signature and face recognition with AI-powered applications make ID verification and automated, hassle-free process.
Our next-gen, AI-powered content intelligence platform RAPFlow in tandem with our RPA solution RAPBot, provides end-to-end workflow automation capabilities that can be deployed in just a week. Please book a demo to explore how RAPFlow and RAPBot can transform your business.