Today, technology is surprising the world by automating tasks that were once required human intervention. From online shopping to banking operations, everything is just a click away. However, digital platforms are vulnerable to fraud and attacks. ID verification solutions are the answer to these challenges. A Bit On Artificial Intelligence The simplest of all, artificial intelligence can be described as the intelligence of machines to do work that was once being performed by humans. It is leveraging robotic workflows and is dominating operations of various sectors. The demanding need of businesses in verifying the identity of their customers can be fulfilled by an AI-powered ID verification system. The core might seem difficult and complex but using the right type of tools and techniques can do wonders for businesses. AI uses devices and computer systems to perform multiple functions. idea of artificial intelligence Enterprises are spending a huge amount of their revenue on ID verification systems to make themselves compatible with today’s needs. An estimated will be spent on intelligent process automation (IPA) in 2021. Artificial Intelligence (AI) and Robotic process automation (RPA) business operations are planning to spend 4 and 5.4 billion dollars respectively in the same year. However, AI and RPI corporate operations are expected to gain vital traction by the end of 2023. 10.9 billion Artificial Intelligence In Financial Infrastructure Digital payment is the area of FinTech that effectively deploys the services of AI. The significant applications of AI are being employed in fraud prevention, securing customers’ data, and many more. Digital payments that once were the dream of humans have now been realized with the birth of artificial intelligence. FinTech has revolutionized the market with artificial intelligence, machine learning, big data, blockchain, and deep learning. Fintech trends expected to be worth 26.5 trillion US dollars in 2022 are definitely going to rule the world in the foreseeable future. AI integrated with Big Data (BD) and Robotic Process Automation (RPA) is vastly used by the financial industry to revamp ID verification processes. Payment Industry Making The Most Of AI-based ID Verification Mechanisms solutions have proven to be a paradigm shift by digitally saving the payments in banking and non-banking sectors, between business to business transactions and from businesses to customers, etc. AI-based ID verification AI usage is increasing because of the onset of machine learning, deep learning, big data, and the extended use of digital services. Realizing the requirements and advantages of using artificial intelligence, it is estimated that 8 out of 10 business entities in financial processing are employing artificial intelligence along with machine learning, deep learning, and big data processes. All of these advanced tools are efficiently being used in ID verification solutions to deter financial fraud. A highlighted that AI is directed to expand the GDP of financial services corporations by 10% by 2030, considering consumption in North America. report Recurring Payment Process And The Working Of AI Subscription-based businesses such as rentals, , insurance, and e-commerce are required to charge their customers on a recurring basis. These businesses need to have secure, encrypted, and prompt recurrent payment methods to receive subscriptions from their customers on a regular basis. SaaS The chances of fraudulent transactions, data theft, and payment fraud increase with recurring payment processes. With the help of AI-based ID verification solutions, the financial infrastructure has enhanced the digital security of transactions with end-to-end encryption and . transaction monitoring AI-driven recurrent payment processes with the help of subscription management software help subscription service providers and SaaS to leverage customers’ data to authenticate digital payments that eventually assist them to avoid various online frauds like chargebacks. AI models are enhancing the experience for the subscription retailers and users in recurrent payment processes with the help of subsequent elements: 1. Payment Optimization The set of artificial intelligence modules in any subscription software and payment processors aid the service providers and customers to optimize their payment processes. AI learns the behaviors, trends, and nature and on the basis of data, recommends the verified payments gateways that process the funds in secure, safe, and fraud-free ways. 2. Digital Transaction Monitoring The customers can be validated using an at the time of registration and to fulfill ongoing monitoring applications of AI in subscription software are employed to monitor end-to-end payment transactions. Not only it monitors the transactions but also aids in offering numerous services during the process. ID verification system AI systems can monitor the transaction from the point the message of the transaction hits the bank until it leaves the system. It monitors transactions at regular intervals and suggests offers like payment gateways, currencies, payment methods, and more. 3. Payment Adjustment Artificial intelligence can play a key role in recurring payment revenue through solicit management processes. Whenever the amount exceeds the credit card limit, AI partially declines the process instead of canceling it. Deep learning and money laundering modules then suggest the subscription providers retry payments when the AI indicates that there are enough funds to recover their recurring revenue. 4. Payment Validation Payment Account Validation (PAV) is the process of validating payment accounts with the use of before processing online payments. It is done to enhance digital security while offering a seamless flow of transactions. different ID verification mechanisms AI verifies the history of user information with the help of an ID verification software and if anything seems unsafe accessing the funds, it highlights the transaction as a suspicious activity that can later be clarified by the in-person interference. The Efficacy Of AI-powered ID Verification In Enhancing Digital Security Digital frauds and identity thefts can leave a huge impact on businesses and customers. Cybercriminals once steal the data from any means can use it in many ways. Therefore, retailers are using the following AI-powered ID verification solutions to reduce digital frauds: 1. Identity Thefts Customers’ identities can be protected by using that offer great speed and accuracy. Deploying ID verification systems integrated with AI discourages unauthorized identities to access genuine customers’ data. AI models Various ID verification measures use government-issued ID cards in real-time to verify the identity. Using documents in real-time makes it difficult for cybercriminals to commit crimes which ultimately drops down the probability of fraud. 2. Online Financial Frauds The financial sector has the urgent need to incorporate sophisticated ID verification measures to get rid of fraud. These ID verification solutions can help in detecting fraud and enhancing digital security. AI offers better data analysis techniques and examines the transaction accurately and precisely. It can also detect fraud instantly by incorporating sophisticated ID verification techniques which aid fraud analysts to do their job efficiently by reducing financial fraudulent activities. 3. Account Takeover (ATO) Artificial intelligence integrated with machine learning is helping businesses to minimize account takeover identity thefts. Account takeover is an identity fraud in which a fraudster illegally uses bots to get access to customers’ accounts. Account takeover can be used to make illicit transactions from legitimate user accounts. ID verification measures can be deployed by businesses to reduce account takeovers. Wrap up Integrated with deep learning and machine learning, AI is no less than a to provide them with a solution for recurring payment processes. Various identity thefts, account takeovers, and financial frauds can be dropped down by deploying AI-powered ID verification modules in the systems. blessing for financial sectors

Flow

Instantly

The JBS Foods Cybersecurity Incident

Read My Stories

Too Long; Didn't Read

Make resilience your competitive advantage

AI-Powered ID Verification: Guarding Digital Payment Gateways

About Author

Comments

TOPICS

THIS ARTICLE WAS FEATURED IN

Related Stories

Untitled Story

The JBS Foods Cybersecurity Incident

AI Drug Discovery: How It’s Changing the Game

AI is a Cornerstone of a Resilient supply Chain. Here’s Proof

AI-Powered Solutions Empowering the Banking Sector

How To Build Your First AI-Enabled App

The JBS Foods Cybersecurity Incident

AI Drug Discovery: How It’s Changing the Game

AI is a Cornerstone of a Resilient supply Chain. Here’s Proof

AI-Powered Solutions Empowering the Banking Sector

How To Build Your First AI-Enabled App

Light-Mode

Classic

Newspaper

Dark-Mode

Neon Noir

Minty

HN StartUps