The ride-sharing sector is increasing at an immense speed. As stated by the study, it is estimated to be valued at $61.3 billion in 2018 and the estimated growth rate is 21%. The company is estimated to increase at a huge pace and to reach a value of $221.5 billion by 2026. Several ride-sharing companies are working around the world and use the in-premises measure to cater to scams, but commonly the companies favour outsourcing such services. Biometric authentication through facial recognition is one of the prevalent solutions used internationally and nationally for identity verification in no time.
With the company growing to become a multi-million dollar company, the uncertainty of loss is multimillion-dollar. Not entire ride-sharing companies are adopting identity verification which has left loopholes for con-artists and imposters. The most prevalent source of uncertainty in ride-sharing arises from their drivers and somewhat it attains from the travellers. Artificial intelligence-based for identity verification and geo-location monitoring assists in reducing the risk of onboarding fraudsters, which might affect the reliability of the business.
The purpose behind the increase of the ride-sharing industry is the increase in automobile and oil prices. More and more individuals are transforming towards ride-sharing as associated with purchasing their personal automobile since it’s cost-efficient and time-efficient as well. Another idea behind this enormous increase is the trust of individuals in this sector.
The main influence of an automobile working under the sticker of your business shows your business and its values. So, rigorous screening of the drivers is significant, and one-time monitoring is not adequate as the risk is a consistent factor in this company. Ongoing monitoring through biometric verification is a suitable choice to reduce the risk of scam in the ride-sharing industry.
What is Online Identity Verification?
Online document verification is the procedure of IDV of a person (rider/driver) in no time adopting AI. Artificial intelligence and the current technologies are adopted to authenticate the identity of an individual in no time. It conducts the authentication and performs the results within a minute.
Scams in Ride-Sharing Sector that can be Answered with Online Identity Verification
Fraudsters with the aims to rob the riders or to remove them are also controlling among the genuine drivers that used to operate under your business name. The fraudsters use fake identities to register as a chauffeur for robbing the passengers. Due to this, a driver files with a ride-sharing business he is the representative of that business in front of the passengers. Therefore, it is very vital in such companies, one adverse experience will multiply and will point to a loss of user in the future.
Drivers Leasing Out Their Vehicles
Usually, the drivers register with a business and rent out their automobile to some other driver, who is not authenticated by the business. Businesses conduct necessary safety measures on registered drivers, so if someone else will influence the authorized automobile, it will endanger the riders and the business value. So, ongoing authentication of drivers before each rider is vital, to save the interests of risers and the business.
False Complaints From Riders
Usually, the riders prove to be a cause of risk for the ride-sharing business. The riders usually say that the chauffeur did not pick passengers up or the imposter driver was driving the automobile. In case of real-time global identity verification done by the passengers, the business will have the backup of authentication results. If the company will have conducted authentication on the location of drivers, they will be capable of presenting that the driver made digital ID verification and was dropped to the planned location.
How is Facial Recognition Done in Real-time IDV?
Facial recognition is done in real-time adopting AI. Initially, all the integration of IDV application programming interface with the software of the ride-sharing business is done. The application or platform of the ride-sharing is done by the riders to conduct identity verification on the chauffeur.
The chauffeur shows his facial scans to the front camera and real-time identity verification is done by mapping the facial scans and liveness detection. Once the digital ID authentication is done, results are presented in real-time to the passenger and a backup is generated in the back office given to the business. The back office sustains entire authentication results.