Identity Verification Isn’t Just for Compliance Anymore
Identity verification solutions are well-known in regulatory compliance environments, particularly for Know Your Customer (KYC) programs supporting Anti-Money Laundering (AML) efforts. But the threat of identity fraud touches many aspects of our modern lives, from bank account opening and securing medical records to online reputations and career prospects.
Unfortunately, rapidly advancing technology is driving the perception of identity mistrust from a “compliance issue” to an everyday threat. One of the major propellants for this technological shift is the rise of AI-generated deep fakes, making it easier for people with ill intent to mimic real people, create fake accounts or manipulate authentication checks to break into existing accounts.
Art, acting, and music are examples of professions that are being profoundly affected by AI-based deepfakes. Clara Alex notes in her article, Kill the DJ, “Endless AI covers on YouTube and AI-generated scam ads with celebrities touting things they’d never tout are just a few cases to name. But the good news is that the industry, as well as content hosting platforms and social media are at least trying to fight it.”
As the article indicates, that fight involves identity verification becoming a mainstream phenomenon – with positive far-reaching implications. For example, cultural icons like Taylor Swift and Lady Gaga – as well as industry giants like Live Nation and Spotify – pre-registered for ICANN-accredited .MUSIC domains, paying a one-time $1.99 identity verification fee.
The .MUSIC platform onboarded Shufti to verify its entire community before getting them onboard. By ensuring that every .MUSIC domain is owned by the creator or brand who claims to own it. Shufti is envisioned to create a safe, secure, and transparent music ecosystem where everyone can easily determine who is sharing information or content. “This collaboration is a critical development for safeguarding the music community’s digital identity,” says .MUSIC Founder and CEO Constantine Roussos, as noted in a Music Connection article.
The same principles that safeguard musicians apply to any business that creates consumer accounts. Confidence in identity is foundational, whether ensuring trust between buyers or sellers in an online auction; verifying ownership of social media accounts and associated statements and videos from that account; or protecting financial assets from theft or money laundering. For a business to thrive, it must break free of identity mistrust and focus on its most important assets.
Identity verification services are crucial to mitigate deep fakes and ensure that businesses and consumers can thrive in an environment of greater trust. At Shufti, we’re excited to support .MUSIC with our state-of-the-art identity verification solutions. Customers and businesses will have the freedom to thrive because identity verification is not just about compliance anymore.
