Identity theft and company security breaches are on the rise. Nearly 50 percent of Americans were victims of financial identity theft in 2020 and more than 60 percent of businesses say they have experienced a cyber attack. Although online security software is advancing, so are the methods used by hackers and scammers to access private data and steal information.
One of the best ways to prevent fraud and cyber attacks and to protect your company’s data and assets is to require identity verification. Identity verification software is useful in securing both your internal sites and programs, as well as any customer- or client-facing websites or software.
In its most simple form, identity verification is just a way to ensure that the person you are communicating with is who they say they are. There are many different types of ID verification, including knowledge-based authentication (like a secret question or password), two-factor authentication (which requires verification from multiple sources or on multiple platforms) and biometric authentication (which utilizes unique biometric identifiers such as fingerprints or retina scans). There are also several ways to request ID verification—including by email, text message or in person.
Biometric identity verification is the most secure method of authentication available to businesses and organizations. While many companies continue to rely on password protection, the unfortunate reality is that passwords can be easily guessed, replicated or hacked. A 2020 report by Verizon Data Breach Investigations found that stolen or weak passwords account for as many as 81 percent of online security breaches.
If your company is considering incorporating identity verification into your business processes and online systems, keep these important tips in mind:
- Make sure you require biometric authentication from all users. A chain is only as strong as its weakest link. If you want to incorporate ID verification to protect your company’s digital assets, make sure it is required of all users and applied consistently across your business platforms.
- Consider biometric authentication. Utilizing fingerprint identification or another form of biometric authentication can dramatically increase your company’s security. Although this technology may sound intimidating, it can be easily installed and integrated into existing platforms and devices, such as a smartphone.
- Incorporate multiple authentication layers. The more levels of identity verification, the more secure your digital platform or data. For example, combining password protection with biometric authentication makes it extremely difficult for your system to be breached.
- Provide context when requesting ID verification. A good strategy when asking someone to verify their identity is to provide them with some context about why you need it. This best practice applies to both staff and clients and helps keep everyone on the same page.
- Use ID verification in the event of a breach. If there has been a security breach at your company, you can request ID verification to determine which employees were affected. By offering retroactive as well as proactive benefits, ID verification is a tremendous asset to any business—especially those that deal with sensitive data such as financial institutions, real estate companies, legal practices, and entertainment professionals.
PRUVID is a leading provider of identity verification services. Our cutting-edge software allows businesses in the real estate industry, entertainment industry, legal industry, and other industries to self-authenticate, secure, and export information with a 98% accuracy rate. To learn more about our software, contact one of our representatives today