Identity is a set of unique characteristics and traits associated with an irreplaceable and unique individual. When it comes to verifying the identity of an individual, especially within the online environment, identity verification software or solutions are essential.
What is Identity Verification?
Did you know that one of the most common phenomena in the online environment is identity theft? Identity verification, therefore, is a necessary process. It ensures that an individual’s identity is correct or genuine. For example, if you are applying for a bank loan, this process will ensure that you are who you claim to be.
It is an important security measure in preventing various types of fraud. Furthermore, it also plays a critical role in anti-money laundering and Know-Your-Customer efforts at financial institutions.
The Modern Digital World
This process brings the concept of identity verification into the modern digital world. With identity theft, account takeover attempts, and data breaches on the rise, there is an increased demand for effective security measures. Businesses, particularly those in the financial sector, need to find ways to detect identity fraud. They need to determine that people are who they claim to be online.
Some of the modern identity verification options include digital ID document verification, face recognition, and biometric verification. They can help organizations, financial institutions, and governments verify an individual’s identity online. Digital identity verification platforms are extremely helpful when individuals and their identification documents are not physically present.
This technology also comes in handy when it comes to speeding up ID verification. Consider the use of e-gates at airports to scan passports. Digital ID verification is an important step during the customer onboarding and account opening processes. By verifying the identity of an individual, a bank, for example, can run checks to determine whether he/she is a criminal, fraudster, or trying to scam.
How ID Verification Platforms Work
You will find many different types of ID verification solutions on the market. They all work by comparing something an individual has with a verified data set, such as a stored biometric or data stored by the government.
The best ID verification platform, however, should offer solutions for identification and compliance as a single suit and endpoint of tools. It should make it easy for your business to replace cumbersome and manual processes with automated and digitized workflow for AML checks, KYC, fraud detection, age verification, and onboarding. The aim is to capture, extract, and analyze identity data to help discern between what is real and what is fake.