Eldon Broady

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.