5 Lessons Learned: Solutions
Such identity verification services are being used by the businesses to guarantee that the users or those customers are really providing the information which is associated with the identity of the real individual. Such service can also provide a verification of the authenticity of those physical ID documents such as the driver’s license or the passport that is called documentary verification or may check such identity data against the authoritative references such as the credit bureau or the government data that is also referred to as non-documentary verification.
Know that this kind of identity verification services is actually used online and in person to be able to verify a person’s identity. Such services are being used by a few social networking sites, the dating sites and the internet forums and also the wikis in order to stop underage signups, illegal activities like money laundering, scams and also spamming. Be aware that these services are also necessary for the bank accounts and other types of financial accounts in several jurisdictions.
This was made to help those companies in complying with the Anti-Money Laundering as well as the KYC process. The identity verification has now become an important component to the transaction ecosystems of the financial institutions, the eCommerce companies, the online gaming as well as social media. In any area where the risk must be known and mitigated, then you have to know that such identity verification is really at play.
In such financial industries, that identity verification is often required by such regulation which is called Know Your Customer and the CIP. You should also know about the non-documentary identity verification that asks the customer to provide personal identity data which is sent then to such IDV service. This kind of service will be checking the public as well as the private databases to guarantee a match in the provided information. This kind of knowledge-based authentication questions would also be given to such person providing the information to be sure that one is definitely owner of such identity. There would be an identity score being computed and the user identity or that customer is provided with a verified status or not based on the score.
Those customers or so many types of businesses, such as the financial institutions, the government entities or such retail merchants are usually asked to show identification so that they can complete a transaction. For example, a merchant may need customer identification for many kinds of purchases or when particular types of payments are actually presented to pay for those transactions. The financial institutions may also require those customers to present the identification for completing the cash or check deposit, withdrawal transactions and also for opening a new account. Such government entities may require the identification in order to access those secure areas or any other purpose.