New Problems (& Solutions) of Identity Verification.

How Businesses are Losing Productivity and Revenues Due to Identity Fraud.

New Problems (& Solutions) of Identity Verification.

Identity verification is not a new problem. It just has new forms. One of the most common forms of identity fraud is people creating fake copies of government documents like PAN card, Aadhar card etc.

In the last few years, reported cases of identity fraud done through forged documents have been on the rise.

However, the pandemic brought a new, interesting form of this problem. With work shifting to homes, many people started taking up multiple jobs at a time.

How Does It Impact Businesses

In most cases, work contracts prevented an employee to work in more than one place at a time. Multiple jobs with the employer's knowledge have led to a loss of productivity and revenue.

While work was assigned to an employee assuming a certain amount of availability of that person, the employee did not have that much time on their hands due to their multiple assignments.

Another indirect issue was the leakage of proprietary information through such employees if the said employee was working for two competing companies at the same time.

This scenario is now not limited to IT organizations but has spread to various other roles. Even as the offices start to call employees back, or most companies adopt a permanent hybrid work mode, these problems are going to stay.

Even with freelancers, their actual availability is not clear.

Businesses today are looking at a productivity loss of anywhere between 12-17% on account of employees double-timing them against their contracts.

How Can Identity Fraud Be Solved

The first step for us to solve this problem was to understand that this cannot be solved in isolation. Solving this problem needed a collaborative framework that can allow businesses to share information securely and seamlessly over a technology stack.

The technology stack itself needed to be reliable and robust against any possible misuse by the organizations.

It will still be some time before this problem can be solved completely, however, the first few steps look promising.

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