Your identity is one of the most important assets you can have. Identity verification ensures that the identity you claim is matched with your truth. It is a way of ascertaining whether you are the true owner of the identity you claim.
To come to this definitive conclusion, there are various systems and methods. Different approaches can be used to perform identity verification. Some of them are: Anti-Money Laundering (AML) and Know Your Customer (KYC), among others. Here is a look at some of them.
In this method, you will have to enter a code sent to your mobile device or email. It is a very common method because of ease of use and convenience. It uses MFA or 2FA to verify your phone number and email address. You will have to enter some sort of identification (token), your password, and your username. This method requires that you have your mobile device for authentication.
The Knowledge-Based Authentication (KBA) Method
In this method, you must answer some basic security questions. They are simple questions such as your favorite color or your pet’s name. KBA also requires you to answer the questions within a limited timeframe. this is an extra security measure. This is one of the easiest methods of identity verification for users to comprehend. Yet, fraudsters can compromise it. For instance, if someone gets hold of your information through social media platforms.
Database Authentication Methods
Database identification methods take information from various sources to authenticate your identity card. This method is common when assessing your risk level. But one major downfall is that it cannot identify if you are the one performing the transaction. To address this issue, other methods have come up.
Biometric Verification Method
This method is an improvement from the above-mentioned ones. A biometric authentication method uses your physical characteristics to verify your identity. Some biometrics include voice recognition, facial recognition, fingerprinting, among others.
The biggest advantage is that you do not have to use usernames or passwords after the initial setup. Furthermore, your physical presence is required, confirming you are present in person. Yet, your images could be available online and could be used by fraudsters to dupe the system.
These are just but a few identity verification methods at your disposal. Others include credit bureau-based verification, and online authentication, to name a few. New technology such as facial recognition with liveliness has made it harder for fraudsters to commit illegal activities.