Identity verification helps the ride-sharing industry in eliminating the risk of fraudulent drivers who misuse the legitimate industry for bad activities.
The ridesharing industry is one of the remarkably growing industries which valued about $51.3 billion in 2017 and is expected to grow which much more fascinating figures, the forecast shows market value to be $220.5 billion by 2025. This growth corresponds to 20% of the previous survey of 2017. The need is to identify the risks associated with this industry. Identify, what are security issues? What factors influence the growth of industry and what can contribute to the betterment of it?
The ride-sharing industry is prone to various fraudulent activities. For instance, fake drivers use fake identity to register the account. To combat such identity issues, there is a dire need for identity authentication to encounter fraudulent identities who use fake identity information and become part of the system. Therefore, drivers should be first screened against several identity-checks to make sure you are onboarding an honest identity. This is crucially important to keep a clean customer base and improve the overall user experience.
Lack of proper identification measures can be harmful to legitimate businesses and their credibility. In case of any discrepancy, businesses could face ruinous circumstances. While industries that have taken proper security measures and cater to the issue of identity verification have successfully secured the platforms. Integration of system with best identity theft protection is equally important to secure industry from any data breaches that as a result could compromise the personal data of millions of customers.
Eliminating Fake Drivers and Identities
Fake drivers are residing in the ride-sharing industry due to which kidnapping of riders is becoming dominant. Criminal drivers misuse the system by robbing or kidnapping the riders. After investigation, it came out that those drivers registered with fake identities and now there is no way to track them by any means.
Using those fake identities, they perform malevolent activities. In addition to this, fraudulent drivers rent out their cars to some other identities who have not registered themselves. These drivers could be involved in some criminal activities and therefore can affect the company reputation as well as the customer base. To combat such challenges, the ride-sharing industry in need of taking advantage of innovative technologies through which fraudulent activities can be reduced.
Forms of Identity Verification
To solve the security issues and challenges, the ride-sharing industry can use two basic forms of identity verification that can ultimately serve the purpose of driver identification. For driver identification, at the time of registration, document verification can be done to make sure that it is a real identity that you are boarding. Identity verification against official or government-issued ID card ensures driver authenticity.
Secondly, to solve the issue of renting out cars to unregistered drivers, biometric identity verification can be done. In real-time, drivers can be verified throughout the trip. Biometric verification can be done either through real-time facial recognition or fingerprint scanning. Bit as some smartphones do not support fingerprint sensors, therefore, face recognition is a better approach. It would not make any difference if in mere seconds a driver is authenticated during a trip twice.
Identity verification hence helps driver authentication with intend to eliminate fraudulent activities residing in the ride-sharing industry. Additionally, user experience, as well as security, will remain intact.
Benefits of Real-time Identity Verification
Following are the benefits of online identity verification:
Seamless User Experience: Online identity verification provides a seamless user on-boarding experience. The reason is that drivers would not have to interact with the application much.
Easy API Integration: Identity verification API integration would not take much effort. All the customers and identities could easily be verified and provide a frictionless service that helps businesses verify identities in seconds.
Real-time biometric or identity verification service providers provide cost-effective solutions in which there is nothing more than just one API integration and do not require any specific technical expertise.
Identity verification helps various businesses in fraud prevention just like the way it does for the ride-sharing industry. Being a growing industry, the frauds should be addressed side by side. Identification of driver against data captured at the time of account registration can help in real-time verification during the rise to make sure that registered identity is providing riding services to customers.As we input the 1/3 decade of the 21st century, it’s becoming more and more apparent that fraud and identity theft are not going anywhere. Fraudsters adapt their techniques and shift their awareness as fast as the coolest guys can develop new technology, and a thriving darkish web surely makes the complete underground manner less difficult and cheaper.
The collateral harm of hacks and statistics breaches has a wide reach. Data thefts and leaks happen all the time, and the massive ones make national (if no longer international) news. Hundreds of heaps of humans at a time may be impacted, so it’s no longer unexpected that consumers are commonly careful of organizations that request personal facts for movements like setting up an online account or creating a purchase.