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The industrial landscape has been revolutionized in recent years, all thanks to rapid digitization. From e-commerce to social media and gaming, every sector is evolving very quickly, creating new opportunities for the consumers across the globe. According to a explore, it is estimated that 27.34% of the global population now buy products and services online. But this high-demand has given birth to some unforeseen challenges; one of them includes minor protection through proper age verification.
Table of Contents
• What is
age verification?
• Increased
digitization and challenges for industries
• Online age
verification to the rescue
• How
digital age verification works?
What is age verification?
Age verification is subdomain of the identity verification
that ensures that the onboarded customer is not a minor and belongs to a
client-defined age group only. It is done to prevent customers from accessing
age-restricted products and services.
Technological advancements have resulted in business growth,
undoubtedly. However, businesses are realising the necessity of ensuring
first-class digital experience to customers with enhanced security, and
compliance with changing regulatory landscape. Age verification is now a legal
obligation for many online businesses including e-commerce, alcohol,
e-cigarette, gaming and gambling, social media and dating sites.
Increased digitization and challenges for industries
With the world going digital, many of physical interactions
have shifted to online channels. Customers looking to sign up for services or
purchase age-restricted services won’t have to visit the local branches to
get their identity verified before proceeding further. In addition, the global
pandemic has reduced human interaction to a new low. It means the customer
onboarding and verification now have to be done remotely in order to stay
compliant to KYC and AML regulations.
Though digitisation has provided convenience to customers by
making the services and products easily accessible to individuals over the
internet, it has raised some serious concerns as well. Previously, individuals
had to physically present their identity cards while shopping from
‘underserved’ shops such as alcohol, cigarettes, adult-only prescribed drugs,
etc. But now, individuals can access all these digitally which means even
minors can easily acquire things online without any friction.
According to studies, almost one-third of the global
population purchases products and services online, while 86% of Millennials
prefer mobile phones to buy items. This penetration of smartphones and atypical
access to online services and products makes it challenging for age-restricted
merchants and sites to regulate their products and services. In case of access
to these platforms by underage customers, these sites can be subject to serious
legal consequences and otherwise.
Apart from this, online platforms have opened new doors for
imposters and cybercriminals to exploit the users having online presence. Due
to inadequate identity checks in place, cybercriminals can create fake profiles
and commit various identity frauds such as account takeover, identity theft and
card-not-present fraud, making it challenging for the merchants to maintain brand
loyalty.
Online age verification to the rescue
The hurdles in the digital world are due to inefficient or
zero identity checks in place. Mere binary authentication requiring username
and password to allow access to online platforms is not enough. Also, “I agree”
checkboxes don’t guarantee if the user is above 18 years old. So how can
merchants secure online businesses and avoid hefty fines due to non-compliance?
Online age verification is the answer.
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