The world is changing rapidly and becoming more digital, but one thing remains the same – the importance of knowing who you’re dealing with. Identity verification software allows companies to verify a customer’s identity in real-time before doing business with them. This means that they can easily identify fraudsters before criminals can harm their businesses or customers.
While many industries use this technology, there are a few that have taken it up more than others. Take a look at how top industry leaders like banks, hospitals, and online retailers use identity verification software for their businesses today.
Financial Services
Financial services companies are one of the most regulated industries in the world. As a result, they are required to verify the identity of their customers before providing any financial services. Identity verification software is used by these companies to verify the identity of their customers so that they can provide them with accurate information and products.
Healthcare
The healthcare industry is one of the most regulated industries out there. As such, it has some of the most stringent requirements for identity verification software.
There are many reasons why healthcare companies need this kind of software. One of them is that they have to comply with regulations set forth by HIPAA (Health Insurance Portability and Accountability Act). This law requires all doctors, hospitals, and their employees to ensure patient privacy at all times while using electronic medical records systems.
Ecommerce
The ecommerce industry is one of the fastest-growing industries in the world. In addition to its growth rate, it’s also one of the most competitive industries out there.
As a result, businesses within this sector need to ensure that they have all their bases covered when it comes to security and identity verification software.
Travel
When it comes to the travel industry, identity verification software is used to verify the identity of customers, employees, and business partners. This includes checking their credentials against databases maintained by law enforcement agencies. With an increased focus on protecting travelers from fraud and identity theft, many airlines are using these systems to verify that an individual’s passport or national ID card is real before allowing them to board a plane.
Travel agencies also use this type of software when hiring staff members who need access to sensitive information about other customers or client accounts at their company. It helps ensure that only authorized people have access to such data when they need it for work purposes; otherwise, there could be serious consequences if someone obtained access illegally through another employee who wasn’t responsible enough with this information.
Media and Publishing
For publishers, there are fraudulent activities that are the bane of any digital publisher’s existence because they threaten their bottom line. Luckily, with proper user authentication practices in place, these problems can be minimized while increasing trust among readers and advertisers alike (which will ultimately lead to more revenue).
If you’re managing a large network of websites or apps where multiple users may have access to sensitive data like payment details or passwords/credentials (like email addresses), then account hijacking could become an issue as well—and again: identity verification software offers a solution here as well.
In summary, these 5 industries are the top users of identity verification software. It’s important to note that there is no one-size-fits-all solution for any industry. Many companies will have to do their due diligence to determine which solution is best for them. In addition, it’s also worth considering whether or not you are willing to invest in a SaaS provider that can handle the compliance and security issues associated with these solutions on your behalf.
