As global trends shift rapidly, technology plays an increasingly vital role in our daily lives. Both government and private sectors have harnessed these technologies to facilitate convenience for citizens, such as identity verification through E-KYC systems. These systems offer greater accuracy than traditional verification methods and provide enhanced security, leading to their widespread popularity.
These trends are paving the way and laying the foundation for the development of Thailand’s identity verification systems for the future. The changes we can confidently expect to see in 2024 include:
1. Identity Verification of Account Owners Before Large Transfers
The principle of using technology is to facilitate convenience in everyday life. Therefore, it must be fast, simple, and accessible 24 hours a day without the need to physically travel to a business location. Electronic Identity Verification, or E-KYC, therefore meets the needs of service users very well.
The E-KYC system can verify identities without the need for face-to-face interaction, which is essential when conducting high-value financial transactions to prevent fraud and enhance security.
- The use of biometric data, such as fingerprint patterns or facial scans.
- Document verification using OCR technology to scan and verify information from personal identification documents like national ID cards or passports.
- Checking public records against government databases or fraud prevention databases.
- Employing AI and Machine Learning to analyze data and detect document fraud.
E-KYC verification for large money transfers ensures swift and secure transactions, reducing the likelihood of fraud and misuse of funds. Additionally, it offers convenience to users and lightens the workload for service providers.
2. Identity verification for claiming government benefits or entitlements.
Identity verification for claiming government benefits is a crucial process to ensure that the rights are granted to the rightful individuals, whether it be financial aid, subsidies, or other governmental benefits. Therefore, it is essential to have the following identity verification steps.
- Utilizing E-KYC systems to check personal and financial information.
- Employing OCR technology to review related documents for increased accuracy and speed.
- Verifying information against government databases to ensure applicants meet the set criteria.
- Monitoring fund usage to confirm that money is spent for its intended purpose.
- Evaluating outcomes to determine if the project meets its established goals.
Accurate and trustworthy identity verification is crucial in this process to prevent corruption and fraud, and to ensure that government resources are distributed to those who truly need them.
Indeed, the changes in times and these technologies may affect security, especially in financial transactions and online services. Therefore, to build confidence among service users, many companies choose to use AppMan E-KYC, an identity verification system developed to the same standards as leading banks. This ensures convenience and speed in financial transactions and accuracy in identity verification, allowing users to access various services quickly and safely.