Sat. May 28th, 2022
Age Verification in Banks

From the financial sector to households, everyone has been influenced by the latest digital innovations prevailing in the global market. Businesses used to rely on computers to proceed with their working tasks which consumed a lot of time of the employees. The emergence of the Covid-19 pandemic acted as a catalyst to enact e-shopping as the new normal experience for consumers. An extreme dependency on electronic gadgets has upsurged during the period of the recent pandemic which has created new loopholes for scammers to carry out their fraudulent activities. A major concern regarding this is the constant exploitation of minors on virtual sites. Executing an online age verification service can help in solving all these issues and provide a safer digital environment for minors.  

Helping Banks to Verify Age of the Minors

The adverse effects brought by the restrictions imposed during the covid-19 pandemic led many businesses to opt for creating their official websites through which they can resume generating profits. Banks have also transformed their working style by introducing their official apps through which individuals can open their accounts while sitting anywhere in the world. Companies providing the service KYCC (Know Your Customer’s Customer) can greatly help in verifying minors through age verification. This will help financial institutions to detect fraudsters who foster to convert their black money by using the account details of a minor. 

Using the Credit Cards of the Parents to conduct Online Purchases

It is quite liable nowadays that elders have attached their credit card details along with their digital accounts to save themselves from the hassle of entering the same banking details which a human can easily forget at times. It might happen that a minor would accidentally click on a pop ad leading them to a page where they are lured into buying that particular product.

They can easily check out by utilizing the credit card of their parents and gain access to age-restricted products such as alcohol, drugs, etc. Many companies have begun to offer their home delivery services in which online grocery stores are selling these products without verifying the age of the buyer. Credit card companies should put forward an obligation for users to get their age verified every time they utilize their card for reducing the rate of underage drinkers worldwide. 

Open Access to the Gaming Websites Causing Troubles 

The absence of appropriate age verification online services can impose risks since minors can easily manipulate the manual age checks in gaining access to age-oriented gaming websites in accordance with Shufti Pro News. Gaming developers who deal in launching games related to gambling, and online casinos need to be in compliance with the global regulations to run their business smoothly without facing any huge penalties.

Moreover, insufficient precautionary measures provoke vulnerability for the fraudsters to attack minors and deploy them in conducting illicit crimes. Exposure to violent content being promoted in action-stimulated games can negatively affect the minds of children. Unnecessary aggression and disruption of the decision-making capabilities of the minors are some of the problems which can be caused by exposure to illicit content. It is mandatory for the parents to have a watch on their kid’s activity and keep a track of their search history on the internet. 

Initiating the process of a Digitally Enabled Age Verification Solution

In order to combat fraudulent activities and secure the virtual environment for the minors, companies have started to invest in the age verification services due to the robust system as made evident by Shufti Pro Fundings. For users to get their age verified, all they need to provide is 

  • The data relating to their identity and date of birth. 
  • Based on an AI system, age verification online extracts the information related to the age of the user by using the electronic tool OCR.
  • After which details are matched to verify the age and display the results in front of the end-user. 

Wrapping it Up

Ever since the covid-19 crisis took over the world, multiple businesses have changed their working dimensions. Registering users by using manual age checks has proven to be fatal as they can easily be manipulated by minors. It is vital for banks to verify their user age by enforcing an age verification solution to fetch authentic details about a client. Due to its immense popularity, while offering better reliability it is considered to be the best solution a company can imply to verify the age of the minors on digital platforms. 

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