In today’s ever-evolving world, online transactions have become an essential part of our daily lives. From shopping to banking, we rely on the internet for almost everything. However, with the rise of online transactions comes the increased risk of fraud and identity theft. This is where e-KYC verification comes in.

E-KYC verification is the process of verifying someone’s identity online. This process is crucial for secure online transactions, as it helps to prevent fraud and ensure that the person on the other end of the transaction is who they say they are. 

Document Verification 

It  is the process of verifying someone’s identity using an online document verification system, such as a passport or driver’s license. This type of verification is commonly used by banks and financial institutions to verify the identity of their customers.

check verification

It  is the process of verifying that a check is valid and has not been altered. This type of verification is commonly used by businesses to prevent check fraud.

What is e invoice verification

It  is the process of verifying the accuracy and authenticity of an invoice. This process is commonly used by businesses to prevent invoice fraud and ensure that invoices are accurate before payment is made.

The process typically involves the use of software that can scan the invoice and compare it to the purchase order or contract. The software can detect any discrepancies, such as incorrect pricing or quantities, and flag them for review. The software can also check for duplicate invoices or invoices that have already been paid.

eKYC process can help businesses to save time and reduce costs by eliminating the need for manual invoice processing and reducing the risk of errors or fraud. It can also improve supplier relationships by ensuring that payments are made on time and accurately.

identification verification 

It is the process of verifying someone’s identity using an online form of identification, such as a national identification card or social security number. This type of verification is commonly used by government agencies to verify the identity of individuals.

Electronic age verification

It  is the process of verifying someone’s age using an electronic form of identification, such as a driver’s license or birth certificate. This type of verification is commonly used by businesses that sell age-restricted products, such as alcohol and tobacco.

Importance of eKYC verification systems

• According to a report by Experian, the use of identity verification technology has increased by 49% globally over the past two years, with 63% of businesses planning to invest in such technology in the future.
• A survey by PYMNTS.com found that 53% of consumers are more likely to shop with a retailer that offers an easy and secure checkout process.
• The COVID-19 pandemic has led to an increase in the use of eKYC process for remote transactions. According to a report by Javelin Strategy & Research, identity verification technology saw a 75% increase in usage in 2020 due to the pandemic.
• The rise of digital banking has also led to an increased demand for eKYC verification. According to a report by Mordor Intelligence, the global digital banking market is expected to grow at a CAGR of 8.6% from 2021 to 2026, with identity verification technology being one of the key growth factors

Industries in which electronic verification is used

Electronic verification is widely used across various industries and fields. Here are some of the areas where electronic verification is most commonly used:

Financial Services: Electronic verification is used by banks and financial institutions to verify the identity of their customers and comply with regulatory requirements. It is also used to detect and prevent fraud in financial transactions.

Healthcare: EKYC process is used to verify the identity of patients and healthcare providers, and to ensure that patient information is accurate and up-to-date. It is also used to comply with regulatory requirements such as HIPAA.

Retail: This is used to verify the identity of online shoppers and prevent fraud in e-commerce transactions. It is also used to ensure that online shoppers are of legal age to make purchases such as age-restricted products like alcohol or tobacco.

Travel and Hospitality: KYC verification is used to verify the identity of travelers and prevent fraud in bookings and reservations. It is also used to ensure that travelers meet the eligibility criteria for certain promotions and discounts.

Government: eKYC process is used by government agencies to verify the identity of citizens and ensure the accuracy of government records. It is also used to prevent fraud in government benefit programs.

Conclusion

E-KYC verification is vital for secure online transactions. With the increasing risk of fraud and identity theft, it is essential to have robust verification systems in place to protect individuals and businesses. By using electronic ID, check, invoice, age, and identification verification systems, we can ensure that our online transactions are secure and free from fraud.