Introduction to Online Identity Verification
Identity theft is becoming a major problem for businesses and customers alike. Since the rapid boom in e-commerce, people prefer their shopping to be done from the comfort of their homes. According to Comparitech, there were 13 million fraudulent incidents reported in 2019
With the increase in online shopping activity, the number of criminal activities has also surged. In this digital age, data is everything.
The manipulation of data to impersonate others and make illegal transactions is a major stumbling block for the growth of businesses.
Thus, to curb identity crimes and subsequent fraudulent activities, businesses employ identity verification services. These solutions utilize the combination of Artificial Intelligence (AI), Machine Learning (ML), and Human Intelligence (HI) to achieve greater accuracy and speed of results.
How AI and ML Models are Trained for ID Verification?
Specific and correct data must be collected to set up a reliable, accurate, and powerful model. Relation of the provided data to the source must be solid.
After the data is collected and made available, success factors must be defined. For the identity verification system to be swift and accurate, the machine learning model with a real-time processing ability should be built. Moreover, the model should have at least 90 percent accuracy to avoid erroneous results.
AI and ML models work on the data and training they are provided. Their decisions are based on past habits and experiences.
When a particular ML model is trained on a certain type of document, it will seamlessly perform data extraction and comparison. But, in the case of physical documents, the condition can deteriorate after a certain period.
A document’s ink could fade or it could go through wear and tear over time. Therefore, a risk arises of false verification results owing to these issues. This problem can be solved by verifying the results with the help of a human expert.
The HI-AI Duo Provides Maximum Accuracy
As far as technology and machines are concerned, the fear of failure and malfunction keeps circulating. In the case of identity verification services, Artificial Intelligence (AI) and Machine Learning (ML) models have been trained to flag those documents that are unclear or damaged.
However, on the off chance, if they do not detect damaged documents and produce incorrect results, trained professionals are there to take care of that.
The human experts will train the model to detect the same issue the next time. In this way, ID verification technology based on AI and ML evolves continuously.
Moreover, the document is not only checked for clarity but also for authenticity. The AI checks whether the document is forged or tampered with.
Furthermore, the originality of the document is important as it might be a hologram or a screenshot of the document.
Furthermore, after the verification process is completed by the system, it is cross-checked by a team of human experts to achieve maximum accuracy.
Further visit: 7 Amazing Benefits of Artificial Intelligence in Banking
The Use of AI and ML in Biometric Authentication
Identity verification services make use of biometric technology, to improve the verification process. Biometric identity verification includes facial, voice, fingerprint, and iris recognition.
It significantly makes the lives of customers easy as they don’t have to remember complex PINs and passwords for different websites. Moreover, it is much more error-proof than the knowledge-based authentication method.
Artificial Intelligence (AI) and Machine Learning (ML) models are trained by providing them complex biometric data like pictures and thumbprints.
Then, when biometric authentication is performed, the system checks different patterns and shapes depending on whether it is a face, thumbprint, or a human eye.
After that, the identity verification system matches the face, thumb, or eye with the one displayed on the government-issued ID document.
ID verification services ensure that identity fraud is detected and reported right at the start of criminal activity. Artificial intelligence (AI) and Machine Learning (ML) models combined with human intelligence give a big advantage to businesses in the fight against identity fraud.