As the ride-sharing sector grows to be a multibillion-dollar business, so does the chance of loss. Because some ride-sharing companies do not use real-time authentication, scammers and other bad actors have access to these gaps. In the ride-sharing industry, the drivers and some of the passengers are the most frequent sources of risk. Artificial intelligence (AI)-based systems for identity verification and geolocation checking assist in reducing the danger of employing illegal drivers who may undermine the company’s reputation.
The surge in automobile and gasoline prices is what is causing the ride-sharing market to expand as evident from Shufti Pro News. As ride-sharing is much more affordable and time-effective than purchasing a private vehicle, many people are choosing it. The confidence that individuals have in this sector is another factor contributing to this enormous rise.
The person operating a car with the company’s sticker on it represents the business and its core values. Because risk is a persistent element in this sector, thorough verification of the drivers is essential and one-time testing is insufficient. A workable way to reduce the risk of cheating in the ride-sharing sector is constant validation through biometric checking.
What Is Digital Identity Authentication?
The procedure of digital identity verification involves employing artificial intelligence to instantly confirm a person’s (rider/driver) authenticity. Real-time identity verification is done using artificial intelligence and cutting-edge technology. The verification is completed within no time, and the findings are provided quickly. Many firms are accepting investments such as Shufti Pro Funding for digital identity authentication purposes.
Advantages Of Identity Verification Service
The ride-sharing market is expanding quickly. According to Orbi’s analysis, this market had a value of 51.3 billion dollars in the year 2017 and is expected to increase at a rate of 20%. By 2025, the sector is predicted to have grown significantly and reached a worth of 220.5 billion dollars. While many ride-sharing companies operate globally and employ internal controls to combat fraud, most of these companies prefer to outsource these functions. One of the popular methods for real-time ID verification that is used globally is biometric authentication through facial recognition software.
Businesses must conduct extensive identity checks on their drivers prior to hiring them so that they can reduce the danger of recruiting scammers and fraudsters. It’s the first phase that calls for ongoing verification. Ask the passenger to confirm the driver using real-time facial identification each time a driver accepts a ride.
Exceptional User Experience
It aids companies in providing customers with a smooth onboarding process. Biometrics identity verification system could be completed in no time, and the client will notice that the business cares about their security as a result.
The ride-sharing sector suffered greatly after a few incidences, which is why customers favor those providers that employ obvious security measures. However, they don’t want to devote a large amount of time to safety and authentication procedures. Real-time identity verification services fulfill numerous objectives through a single service.
It’s not like every ride-sharing company, particularly a startup, does have funding to create an internal security system. Regarding minimal cost, outsourcing is a viable option. The confirmation plan can be created in accordance with the company’s cost preferences, with nothing being prepared in advance.
Precision In Results
Identity theft protection services have a high accuracy rate. It provides identity verification services with greater accuracy. Businesses benefit from fewer false positives as well as the onboarding of only reliable drivers.
It is simple and painless to integrate digital identity verification services with company systems. Without the need for expensive equipment or software installation, an API integration could be completed in no time and serves as a great tool for identity theft protection.
One thing common in all digital thefts including account takeover, synthetic identity fraud, Card-Not-Present, and chargeback scams: is unauthorized access to passwords. Due to incomplete or ineffective identity verification procedures, scammers are able to bypass the verification gateways. Binary checks, such as usernames and passwords, are insufficient to detect forgers. Identity verification enabled by AI is a useful technique for reducing these scams.
Businesses will be able to keep satisfied customers by conducting real-time identification authentication on the drivers each time they pick up a passenger. Identity verification aids the ride-sharing business in acquiring credibility with consumers considering security is a top issue. Keeping loyal clients will also increase the firm’s face value and revenues.