{"id":8472,"date":"2023-12-08T11:28:15","date_gmt":"2023-12-08T16:28:15","guid":{"rendered":"https:\/\/evssolutions.com\/?p=8472"},"modified":"2023-12-08T11:29:08","modified_gmt":"2023-12-08T16:29:08","slug":"understanding-electronic-identity-verification-the-seamless-experience-of-partnering-with-evs","status":"publish","type":"post","link":"https:\/\/evssolutions.com\/insights\/understanding-electronic-identity-verification-the-seamless-experience-of-partnering-with-evs\/","title":{"rendered":"Understanding Electronic Identity Verification: The Seamless Experience of Partnering with EVS"},"content":{"rendered":"\t\t
It\u2019s plain to see that the digital landscape has permanently altered the way we do business, and predominately for the better. But new technological advancements also give rise to new challenges, and within the online world, identity verification is one of the most crucial and difficult problems to solve.<\/p>\n
Rewind the clock 175 years and identity verification involved little more than walking into a store, bank, or pharmacy of your tiny town and being immediately recognized by the clerk. Up until the e-commerce boom of the mid-1990s, proving your identity still only required basic documentation like driver\u2019s licenses, dates of birth, or home addresses\u2014but today\u2019s digital marketplace moves fast, and today\u2019s businesses need equally quick and seamless tools to keep pace.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
Rather than discuss identity verification as an abstract topic, let\u2019s delve into the gritty details of what identity verification is, who can benefit from the process, why it\u2019s necessary, and how, when, and where to get started.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
Identity verification is the process of validating a consumer\u2019s identity during the purchase process, oftentimes without their physical presence. Identity verification is a must-have tool for brands that do business online because it protects both your brand and your consumers.<\/p>\n
There are several methods of identity verification, which include but are not limited to:<\/p>\n
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If your business sells online, you need identity verification support. From financial services, gaming platforms and age-restricted commerce to educational organizations, healthcare providers and retailers, anyone who utilizes e-commerce in their daily business needs the protection of identity verification.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
Depending on your brand\u2019s industry, the point at which identity verification is necessary can fluctuate. For healthcare organizations, identity verification is used to help patients access their private health records. Educational platforms might require customer credentials to gain entry to online classroom portals. For retail and e-commerce brands, identity verification is a key component of the customer purchasing process.\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
Identity verification is first encountered by consumers during account creation and then again any time they wish to log into a private or secured account. This means that you can fold identity verification tools directly into your onboarding or purchasing process on your website with no need for redirection to a third-party provider.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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As interactions and processes are increasingly digitized, recognizing and authenticating consumer credentials to prevent fraud and maximize customer satisfaction is a high stakes game, and your brand needs to ensure it comes out a winner. This year 2.64 billion people, or one-third of the global population, has shopped online<\/a>, and this number will only continue to grow.<\/p>\n If your brand wants to compete within the e-commerce market, you need to know who you\u2019re doing business with. Thorough identity verification not only protects customers from fraud, but it also protects your bottom line from chargebacks, provides highly insightful analytics that can be used to create profitable marketing campaigns, and keeps your business safely compliant to Know-Your-Customer (KYC), Anti-Money Laundering (AML) and HIPAA regulations.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t Incorporating identity verification into your business\u2019s website doesn\u2019t need to be an overwhelming task. You can invest in ready-built, customizable authentication solutions that take away the time, energy, and stress of creating and maintaining an in-house system.<\/p>\nHow can I incorporate identity verification to my business\u2019s website?<\/h3>\n