Email Verification

Yes, the email verification process can also be used as a reverification measure before high-risk situations that can happen later in the customer journey, for example, when they change their profile and sensitive information, such as their address (to minimize chances of identity theft and account takeover fraud). 

Bad actors online use different techniques to bypass security measures, including any sort of verification process. They try to open new bank accounts with fake or stolen information or create multiple accounts on marketplaces to sell fake items, breach systems, etc. Fraudsters’ main goal is to defraud the platform successfully, which requires them to stay anonymous. The same goes for email addresses. They use fake or invalid email data to hide their identities, which makes email verification a vital security step.

A one-time password (OTP) is a generated number used to authenticate a customer before a transaction or as a way to access some sort of service online. It’s a common security measure in various industries, commonly referred to as safer options than standard passwords. Since OTPs are unique, they can’t be reused or applied to multiple accounts. In email verification, an OTP can be sent to a user’s device (via SMS or an app) or email inbox as the last step to confirm their verification and ensure their credentials are valid. 

When used with additional verification procedures, such as database verification and government-issued ID document verification, email verification helps ensure KYC compliance. 

Apart from ensuring regulatory requirements, email verification helps companies:

• Prevent unauthorized access (works as an identity proofing method to check the user’s login information and confirm its authenticity). 
• Simplify the verification process (reduces drop-offs for those users who couldn’t complete their verification first-time).
• Enhance overall network security (works as an extra layer of protection against fraud and protects sensitive user data).