Age Verification Services – Helping Organisations to Combat Financial Fraud
Many organisations are adopting identity verification techniques to ensure the correct identification of their employees. However, many techniques exist to verify the user’s identity, including first name, last name, and birth data. In addition, age verification is a powerful technique for those organisations whose products or services are only for users of a certain age.
Financial companies are now using age verification software to identify the correct retirement age of their employees. It helps the firms to pay the retirement bonus of their staff securely. However, with advancements in technology, fraudsters are using different methods to claim their age legally and trying to steal the retirement incentives of employees. Therefore, organisations use enhanced age verification software to verify the legitimacy of employees’ age and ensure that only eligible employees receive retirement bonuses. Thus, an age verification solution helps organisations to secure their financial assets from fraudsters and enhance their employees’ trust.
How does Age Verification Help Organisations Identify the Users’ IDs?
Online transactions demand innovative methods to identify customers’ identities and confirm if their ages are appropriate for products & services. However, digital identity verification is a method for verifying someone’s identity without meeting them in person. It relies on using remote means to verify an individual’s identity and the accuracy of their submitted personal data. Moreover, age verification helps to identify the employee’s claimed birth date by matching it with the government-issued ID card to ensure accurate identification. Several forms of Artificial Intelligence (AI), Machine Learning (ML), and Human Intelligence (HI) are used to facilitate the entire procedure, which takes place digitally. Additionally, it could combine with biometrics solutions like facial recognition technology.
For age-restricted enterprises, online identity verification with age validation is the most important component for ensuring secure onboarding. Moreover, this function is essential for fulfilling age restriction laws and prevents underage users from gaining access to restricted areas. Thus, many businesses rely on accurate age verification services to facilitate their online operations.
Age Verification – How it is done in an organisation
Many businesses that restrict entry depending on age are using IDV solutions with age verification to authenticate users’ IDs accurately. Moreover, it is the safest and most efficient solution to prevent the problems associated with underage access. It ensures that organisations are always in sync with the nations’ regulations in which they do business. In addition, it is the only foolproof technique for determining a customer’s age.
The requirements for age verification systems may change depending on the sector and the area in which the company works. However, the following processes are generally always necessary:
- Submit Birth Date
The customer fills out a form on the company’s website with information about themselves, such as their name and birth date. In addition to the standard forms of identification, some businesses may demand additional customer data.
- Submitted Documents
The user submits a picture of the identity document for verification, including a government-issued id card, driving license, or passport. However, the user can snap their original image of the document or follow the instructions of a company’s authorities based on the verification technique.
- Identity Data Extraction
The service uses OCR techniques to extract the information from the submitted documents to verify a user’s claimed age. Moreover, it conducts secure analyses to ensure the documents are legitimate.
- Verification Results and Feedback
The online age verification process is carried out after checking the information and legitimacy of the documents. However, approval or rejection is determined when an end user’s age is checked against the requirements.
How do Age Verification Methods Lower Costs and Protect Enterprises from Fraud?
The pension transfer methods are lengthy and difficult without verifying ages, which can take several days manually. However, implementing a physical identification system is more costly and complex, with chances of human error. Thus, businesses need to establish reliable online age verification methods to ensure that pensions are processed in a fraud-free environment. Firms can save resource consumption while fulfilling their requirements by offering a smooth onboarding process to high-ranking employees.
Conclusion
Currently, pension centres are more accessible to fraudulent activity. However, users who do not fulfil the standards for receiving retirement benefits may fraudulently get those payments. Pension processing centres should implement more robust anti-fraud measures if they care about protecting the rights of seniors from abuse. Therefore, service providers must choose age verification solutions driven by artificial intelligence to counter uncertain activities while remaining compliant in real time.
