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Things to Understand About Identity Verification
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. This kind of service may also verify the authenticity of such physical ID documents like the passport or the drivers license which is known as documentary verification or can verify the identity data against such authoritative references like the government data or the credit bureau which is known 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. These services are employed by a few social networking sites such as the dating sites and even the internet forums and the wikis so that they can stop the money laundering and other illegal activities, underage singups as well as spamming. Such services are necessary to establish those bank accounts and also the other financial accounts in various jurisdictions.
Such was established so that the companies will be assisted in the KYC process and also the Anti-Money Laundering rules. The identity verification is really now a big part to such transaction ecosystems of those financial institutions, online gaming, eCommerce businesses and even social media. In any place where risk should be determined and mitigated, then you must know that identity verification is surely 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. Such knowledge-based authentication questions can be given to the person who is giving such information to ensure that one is really the identity owner. There is actually an identity score that is calculated and also the identity of the user or such customer is given that verified status or not according to such score.
The different customers or a lot of kinds of business, like those government entities, the financial institutions as well as those retail merchants are often required to present identification for them to complete such transaction. For instance, the merchant should have customer identification for an array of purchases or if certain types of payments are being presented to pay for such 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.