Nowadays, fraudsters cleverly infiltrate online systems, leading to the development of protection measures like Authentication to enhance security for online businesses. But what is Authentication, and how is it important for transactions and the E-KYC system? Find the answers in this article.
What is Authentication?
Authentication is the process of verifying identity using personal identity information or Biometric data, such as facial scans. It’s an advanced identity verification for transactions requiring high security, ensuring that the person using the system is the same one who registered.
Why is Authentication Important?
In today’s era, we can conduct all transactions online, but this also makes online data theft easier. Therefore, protecting customer data is essential. Authentication acts like locking your home’s door, enhancing the security of customer data, especially for businesses needing extra security like banks, securities trading, and life insurance.
How does Authentication Relate to the E-KYC System?
E-KYC is the electronic identity verification process to prevent identity fraud before transactions or investments. E-KYC comes in the form of platforms or online applications, allowing users to enter their personal information from anywhere. Upon re-accessing the platform or application, the Authentication process uses facial scans to verify the person’s identity, ensuring the user is the same individual registered, preventing unauthorized access to personal data or illegal activities.
How do E-KYC and Authentication Work Together?
Appman has developed an E-KYC solution with OCR technology to extract information from ID cards and passports, using AI technology to detect facial forgery. This allows for quick verification of each individual’s identity. Moreover, Authentication is used for two-factor authentication; after registering with E-KYC and verifying identity, the system stores the user’s facial image. Upon subsequent access, the system compares the stored image with the user’s face, ensuring accuracy and ongoing system use.
Using E-KYC and Authentication Across Industries
Identity verification is crucial for fraud prevention and can be applied across various organizations or businesses, including:
- Financial Services
Verifying the identity of users in online banking, payments, and other financial transactions.
- Healthcare Services
Verifying patient identities online for electronic health records, doctor appointments, diagnostics, and prescriptions.
- Public Welfare
Checking citizen rights for online government services, such as tax filing and voting.
- Gaming and eSports
Verifying player identities before competitions to prevent fraud and ensure fair play.
- Retail Business
Verifying customer identity to confirm age for purchasing alcohol or tobacco, loyalty points, or other purposes.
Access control to student records, attendance tracking, and examination processes.
Verify Identity with Face Scan Before Transactions with E-KYC
For businesses requiring identity verification, like insurance, financial transactions, or securities trading, using Face Scan for authentication before accessing platforms or applications helps prevent data or asset theft online, a prevalent issue today.
Fast, Secure, and Confident with AppMan E-KYC
Many organizations are transitioning online to offer convenience, speed, and accessibility from anywhere, particularly for banking transactions, securities trading, or insurance purchases. However, accessing transactions online also risks data breaches or identity theft.
AppMan recognizes the importance of developing a full-fledged E-KYC solution, providing a modern, user-friendly, convenient, and faster platform than traditional methods. This solution ensures document completeness, avoiding the need for physical transactions and is secured with ISO 27001 and CSA-STAR Level 2 standards, helping many businesses fully enter the digital platform era.