It’s the digital age, and more businesses are relying on online transactions. Customers do not need to be present to carry out business. This creates emerging challenges for companies. For that reason, firms need to ensure that they conduct business with legitimate people. For banks, this is challenging because they also need to meet strict regulations. This new challenge has contributed to the rise of the revolutionary identity verification solution sector aimed at helping customers to verify their identities in different scenarios. So how do you get that best online identification provider?
1. The Pain Point
Identity verification is what it sounds like. Here is a perfect example:
A person may be wanting to open a new bank account via their mobile phone. In the process, the banking system will have to confirm their identity.
To achieve that, the bank will immediately deploy a credible identity verification provider who can help determine if the individual applying for the said bank account is the exact person they say they are.
2. What Will Be Needed
In the process of opening the bank account, personal information such as a valid ID issued by the government will be required. Biometric data will then be taken and then compared to the information stored in the official databases. If the information matches what is available in the databases, the person shall be authenticated.
With the multiple identity verification solutions available in the industry, how do you know exactly which solution offers the best and most reliable results? The best identity verification services use official data sources.
They also have a broad range of data sources in every country and can collect quality data from people for identity checks.
Here are additional elements to look at
Which type of identification do you use?
This is the third utmost important question you need to ask when selecting an identity verification provider.
While it isn’t easy to answer the question, since various faucets should be considered, you still need to face it head-on. The underlying issue is why exactly you need to identify verification.
In case the company must comply with the regulations of the anti-money laundering department, you should follow the guidelines set by the government you would like to be registered with.
If you want to secure your firm against fraud, you need to ensure that the firm you’re hiring is equipped with all tools you’ll need to accomplish this.
The types of verification methods available in the firm
There are multiple ways in which a company’s identity verification can be conducted. Take a look at some of the most efficient ways:
Well known as KBA, knowledge-based authentication plays an important role in verifying a person’s identity by needing an answer to various security questions.
The questions are generally designed to be pretty easy for the person to answer, but for any other person to give the correct answer for the same question. Other safeguards for KBA are such as the requirement to answer different questions in a specified time.
Database ID methods use the information garnered from different sources in verifying a person’s identity. Some of the sources are such as online databases from social media and offline databases.
These data methods are used to help assess the level of risk a user poses because they reduce the demand for manual reviews.
There you have it. There are different data verification portals used to verify a person’s identity in business and other sectors. These elements are used to connect businesses with viable portals and verification problem solvers. They are also used for websites as well as desktops.