Passwords are difficult to remember, and individual platforms’ criteria are becoming increasingly complex. They are also the primary perpetrators of data leaks. According to the 2021 Verizon Data Breach Investigations Report, 85% of data breaches are caused by human error, with credential compromise playing a significant role. With AI-enabled technologies such as Face ID, an increasing number of businesses and users are choosing Identity Verification over traditional password verification.
Singapore’s upcoming national facial identification service will replace passwords and tangible identity with Face Biometrics and Identity Verification for secure digital procedures and transactions. Many major industries are also abandoning passwords, despite the fact that two-factor authentication, security tokens, and other methods can temporarily solve the problem.
Why is Identity Verification the best replacement for passwords?
The main impediment to passwordless authentication is a lack of identification. Let me explain. Passwords act as a barrier between the user and their identity, allowing anyone to steal, crack, or guess their password and assume their identity. The same is true for other forms of authentication, such as biometrics such as a voiceprint, faceprint, or thumbprint. This is due to the fact that it is not linked to a verified formal identification document, such as a driver’s licence or passport (e.g., the government).
Passwordless processes will bridge that gap by combining identity verification and authentication.
Which is better: Multifactor Authentication or Identity Verification?
MFA typically requires users to meet three criteria: what they know, who they are, and what they have. These can be compromised using a variety of methods, including social engineering and malware.
Identity proofing entails using biometrics, documents, and other elements to confirm that the user’s identity matches. The growing popularity of smartphones and the fast identity online (FIDO) standard have given passwordless authentication a lot of weight in the modern era.
For over 30 years, security professionals have fantasised about a world without passwords since biometrics became common. We can now use device biometrics such as Face Match or Face Trace on a registered smartphone as identification evidence to reduce the need for knowledge-based questions, SMS codes, and so on.
New standards, such as NIST 800-63-3, enable identity-based authentication, ushering in a time without passwords. Banks, for example, require that a user add a biometric marker, such as facial ID verification, upon registration in addition to receiving a key, to begin the procedure with two factors that do not require a login or password. This may be improved even further by including a government-issued document in some way, such as scanning a driver’s licence, Aadhaar, or passport.
How can Passwordless Authentication be achieved with Identity Verification?
Consumers who are unfamiliar with Identity Verification processes may find them new and confusing, but these digital verification processes are constantly evolving to meet the needs and abilities of customers. Setting up and customising verification solutions is now easier than ever; thresholds and ease of use in the applications can be tailored to specific business and customer groups. Furthermore, applying global ID checks to comply with regulatory requirements such as KYC and AML can be covered in a single process that is typically completed in less than 10 seconds.
Passwordless authentication can also be made more convenient and simple for consumers by providing them with a choice of methods, such as mobile ID verification via a trusted app on their smartphone or an online FIDO portal; either way, the process is similar and straightforward enough for all consumers to follow and quickly verify themselves online.
Find out more about the Identity Verification Process here.
Businesses can overcome procurement challenges by utilising API-based services that provide quick setup and yearly licencing costs while leasing out the most secure and customer-centric solutions.
By combining biometric and document-based identity proofing to create a digital identity that can replace passwords, identity-based authentication provides customers with a seamless user experience and unbreakable security for the most sensitive corporate settings and consumer apps. Passwordless access is becoming a reality as a result of new standards, but it must first integrate identity verification and digital onboarding, which have traditionally existed in separate silos.
Users can remotely join up with just one click using digital onboarding APIs. IDcentral’s Digital Onboarding Solution has a user-friendly interface that allows clients to seamlessly share and verify critical information in an extremely secure environment.
Any organisation that uses virtual identities risks becoming a victim of identity fraud perpetrated by dishonest individuals. Online documents are easily tampered with, making it difficult for businesses to differentiate between genuine and fraudulent customers. Businesses can fortify their customer onboarding against fraud risks by combining essential KYC features with IDcentral’s industry-neutral Fraud Detection solution.
Regulators are becoming increasingly concerned about the security and privacy of user data. While collecting and validating client information, businesses must protect both consumers and themselves from fraud, money laundering, terrorist financing, and other financial crimes. IDcentral’s AI-based AML Screening Solution keeps you in compliance with changing laws and ensures smooth business operations.
IDcentral’s KYX Solution employs AI and data science to assist businesses in creating the most dependable online environment. It provides users with seamless and incredibly enjoyable user experiences while maintaining KYC/AML compliances. All of our products are integrated into a single solution, resulting in a best-in-class onboarding platform that is scalable, future-proof, and ready for immediate revenue generation.
IDcentral Video KYC enables companies to meet consumer demand for quick service delivery while protecting them from fraudsters. It makes use of sophisticated algorithms that have been trained to recognise millions of real-world identities through the use of facial biometrics. Even in real-time video KYC, machine learning and data analytics are used to ensure maximum accuracy. Furthermore, the system updates the global database on a regular and automatic basis, ensuring the accuracy of your KYC checks.
IDcentral expands on Subex’s goal by filling gaps in the customer experience with a solution package that specifically blends artificial intelligence and machine learning to identify fraud and analyse data to provide consumers with greater insights.
Fraud is less likely to occur with IDcentral’s digital onboarding solution, which also improves client satisfaction. The most difficult challenge for businesses today is to provide excellent customer service while keeping cybercriminals out. IDcentral’s numerous data sources enable digital identity verification without the need for extraneous data collection, resulting in hassle-free digital onboarding.