Digital KYC Crucial to Mitigate Fraud & Risks in Ride-Sharing Business

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Tourist
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I am here to just share my own personal experience in "Online Business Frauds".

The ride-sharing industry is thriving at a fast pace. As per research, the industry valued $51.9 billion in 2017 and is anticipated to grow to a value of $225.3 billion by 2025. Despite having a popular appeal, ride-sharing services are often criticised for not having strict rules and regulations for drivers and riders.

 

Many criminals activities have been done by using this as a platform. This leads to serious consequences and makes users think if ride sharing is safe? A number of crime cases were reported across the globe where ride-sharing services are used. So its the need of the hour to have a sound KYC system for the ride-sharing industry.

 

Digital KYC: To Address Frauds in Ride-sharing Business: 

 

In order to eliminate fraud from any business, new security features and additional identity checks are very beneficial. For instance, online KYC Verification for identity verification is a feasible solution.  Digital KYC is the process of verifying an individual’s (rider/driver) identity in real-time using artificial intelligence.

 

Frauds such as fake drivers, driver lending his car to someone else, a driver using fake driving license and other such frauds can be mitigated by document verification under digital KYC. On the other hand, there can be a fake rider using someone else’s account or have added someone else’s credit card details for payment that can be caught right from the root. 

 

Artificial Intelligence and the latest technologies are used to verify the identity of a person in real-time. This can help in fighting up with account takeover, credit card frauds, and other identity theft frauds as well. Authenticating users will address many frauds in the ride-sharing industry. In addition, after a few bad incidents, the ride-sharing industry faced a lot of bad-fame that is why people prefer those services that practice visible security measures. 

 

Fraudulent Incidents Calling for KYC Checks:

 

According to The NewYork Times, a student from the University of Carolina, Samantha Josephson was murder by a person she assumed to be her Uber driver. In another incident, an Indian girl in London was raped by her driver. There are many examples in which a person is kidnapped by the driver for Ran some.

 

Many other cases are on news nowadays, which demand ride-sharing companies to put more strict identification checks before taking drivers on board. Using digital identity verification to comply with KYC/AML checks is a solution to combat all such scams. While these are high profile incidents, fraud and cyber crimes are more common in ride-sharing. 

 

Conclusion:

 

Nothing is more precious than personal safety, despite popularity recent criminal incidents made people think about safety in ride-sharing and if they should move back to conventional transports. Ride-Sharing companies need to review their policies and include proper safety measurements for consumer safety.

 

No matter what services or goods you provide, when it comes to safety there should be no compromise. Digital KYC  solutions can assist companies in verifying the identity of both riders and drivers. 

 

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Tourist
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Corporations enjoy looking sleek and modern with facial recognition, etc. In fact, we are already living in an era where I can video a deep fake video of you without your knowledge or create a model of your face to bypass Microsoft Hi.

Both companies know that bio-metric security is spectacularly flawed, but it is extremely profitable to obtain as much bio-metric information as possible about clients and workers. This knowledge can be sold and shared with advertisers. You can then use this data to locate you in a mall and make sure your mobile and local storage displays have personalized ads.

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Tourist
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I agree a lot with your point, but one thing I don't understand is that it can become our downfall what we have created to protect ourselves. I'm not sure how this complex device can be compromised by robbery or fraudsters. And as far as I know, this "facial recognition" is often used for business purposes so they can find out about their client or the people they have a contract with that is not always legal. And Anti-Money Laundering means to stop AML.

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Tourist
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In order to measure depth in images and the WiFi signal strengths, both Android and IOS phones use what is called point cloud technology. You can even use it to monitor your surroundings as a radar. Because Android is opensource, anyone can use this program for their own purposes anywhere and change it.

 

Since most people now use mobile devices online, I think it's very likely that people already use these and other data collection methods to jeopardize the security of users. Not like a thief, he says, "unfortunately, this whole robbery is so much hard work, I might just give up." It's not like a thief.

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Tourist
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Thanks for sharing your thought, I got your point.

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Tourist
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Many Many Thanks.

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New Member
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To help quantify depth in images and monitor wifi signal strengths, both Android and IOS apps use what is called point cloud software. You can even use it to monitor your surroundings as a radar. Because Android is an open source, this program can be used for their own purposes for anyone else to get hold of and change it. Given that most people are now using mobile devices online, I think it is highly likely that people are already using this and other methods to collect the data needed to compromise system protection. It's not exactly like a thief is ever sitting at home thinking, "All these robbing people are so much hard work, I should give up as well."

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