ALL >> Hardware-Software >> View Article
Id Verification Explained
If you have ever been a victim of cold calling, then you can imagine the frustration of dealing with a person whose identity you do not know. While on a personal level, you only get annoyed and block the address or number, on a business level, there are larger implications of not engaging an ID verification service.
With the increase in online transactions and terrorist activities, identity verification is part of the anti-money laundering compliance measure embedded in Know Your Customers (KYC). Through a verification service that demands documentary evidence such as government-issued IDs, driving licenses, and passports, a business is assured that the customers are who they say are. Some situations demand knowing a person's identity; there are various methods to do it as detailed below.
Methods of Identity Verification
Electronic Identity Verification
While photos have been used to prove your identity, they are not reliable because images can be easily altered. However, video ID is a reliable way in which a person still has to hold an identification document and show it on both sides. The video ...
... has to be validated, along with the documents and contact details. Streaming video has been flaunted as the most secure identity verification.
Alternatively, an ID verification service could also include facial authentication and electronic signatures. Most banks use electronic signatures and biometric procedures, while other sensitive areas would call for digital facial recognition and identification systems.
Documentation
An identification document should match the person carrying it as his own. Most have enhanced security features to ensure that they have not been tampered with, and the system analyzes them.
Mobile ID
You may wonder why you will be asked for your mobile phone number when signing up for a new service. Mobile phones provide other information such as your name, address, geolocation, and billing information.
Knowledge-Based Authentication
You might have been asked to pick a security question when signing up for an email account. These are used to confirm the person's identity in case the need for such an occasion arises.
When to Use an ID Verification Service
Suspicious Activities
If a transaction is flagged as suspicious, the owner of the account has to be verified. It could be too many password changes or attempts to change login details because it may appear like the person does not have permission to do so. By conducting identify verification, your account remains secure and prevents losses that would incur in case of unauthorized cases.
Onboarding
A new customer has to provide personal information. An ID verification service ensures that you are not allowing a criminal to transact with you, resulting in heavy fines. Since it is the first time, a rigorous verification procedure must be performed before allowing the prospective customer to have an account.
Author Resource:-
Eldon Broady writes about identity verification and business verification service. You can find his thoughts at screening solution blog. For more information on AML compliance, visit the website.
Add Comment
Hardware/Software Articles
1. Hose Pipe & Coupling Branch Pipe - ManxpowerAuthor: MANXPOWER
2. Why Reliable It Support Services Are Essential For Modern Businesses
Author: Entrust Network Services
3. Understanding The Cost Of Custom Software Development: What To Expect And How To Budget
Author: Herbert
4. Is It Time To Migrate Your Visual Basic 6 App? Here's How To Do It Right
Author: Adam Green
5. Expense Management Software Vs. Manual Expense Tracking: A Comparative Analysis
Author: Hourglass IT
6. Online Classroom Management Software
Author: Aditya Sharma
7. How To Develop Your Ability To Think Design
Author: ayush
8. Why Is Purchase Order Management Software Essential For Your Business?
Author: Kiran
9. Revolutionizing Business Efficiency With Smart Tech Solutions: Erp, Ai, And Beyond
Author: Digiprima
10. How Custom Software Development Empowers Businesses
Author: Giorgi Jaxel
11. A Step-by-step Guide To Setting Up Inverter, Battery, And Ups Systems
Author: Sonic Distributors
12. Comprehensive It Services For Nonprofits: Why Entrust Network Is Your Trusted Partner
Author: Entrust Network Services
13. 2025 Creative Review Software: Increasing Cooperation And Productivity
Author: ayush
14. Utilizing Website Proofing Tools To Simplify Web Development
Author: ayush
15. Transforming Business Operations With Cutting-edge Mobile App Development
Author: Digitallyever