- Peter Steiner, a cartoonist for The New Yorker
The Internet was built as an anonymous space where people did not divulge their real identities instead, they used pseudonyms to represent themselves on the web.
Given the internet’s anonymity, as commerce and essential services shifted online, verifying and identifying people has become vital.
Did you know 90% of merchants have experienced fraud of at least one time per year? The lost revenue is in the billions of dollars.
Identify verification solutions can stem the fraud rate substantially.
To tackle the fraud issue there are a few solutions.
One method is to resolve this through a national framework, like the country of Estonia (located in Eastern Europe). They created a National ID system. Unique personal identification codes are given at birth and with this code, it enables users to sign legally binding documents online and use a range of digital services from online banking to voting.
However, these nationalized schemes have faced concerns from privacy and civil liberties groups. Since we are unable to implement this solution, we are faced with a real necessity for identity verification to stem the losses from fraud.
The 3 other approaches to solve this conundrum are:
- Personal identifying information. The most common method used to authenticate you is using personal information that you shared with the vendor is posed such as: What was your job? What was the name of your first pet? Who is your favorite sports team?
- 2-Factor authentication. Another technique is two-form authentication for example a code sent by text message which assumes your phone is not compromised.
- Biometrics. The most foolproof authentication technique is biometrics which can be fingerprints, a voiceprint or a retina scan which is implemented in security sensitive facilities and recently within the latest smartphones.
Helium Verify implements all the above approaches that lowers your risk of losing revenue at a fraction of the price.
Customized identify verification solutions suite for you to choose include transactions, identity, account balances, loans outstanding, assets, video, photo ID, SMS & MMS and real-time identity verification using geolocation.