A Few Things to Know 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. 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.
The identity verification service is also being used online and also in person to verify the 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.
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. There is also such non-documentary identity verification which requires the customer or the user to give personal identity data that is being sent to the identity verification 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.
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. Also, the financial institutions often ask such customers in order to present that identification in order to complete a withdrawal or that deposit transaction, check or cash or to open such new account. Those government entities may also need the identification to access such secure areas or for other purposes.