The Identity Verification process is a must for every firm in the market to verify their users. Most of us have experienced the question of proving identities and businesses before any process of onboarding or involvement. The market tightly abides by the rules for identity verification to prevent the major pitfalls involved in the interaction between them. It is compiled by almost every industry that involves communication and trade of finances between the users. With the introduction of digital modern-day mechanisms, especially after the COVID-19 outbreak, the use of scammers is using digital means of exploitation. Even the gaming industry has suffered more than billions of losses due to fake identities and online scams as per Shufti Pro news.
To tackle the issue of identity thefts and leaks the identity verification solution has to be implemented in accordance with other acts of crime prevention such as Anti-money laundering (AML) and Combating financial terrorism (CFT).
Identity Verification Solution
To verify the identity of the customer the KYC (Know Your Customer) identity verification check is implemented at various hierarchies. The traditional or manual methods of verification are greatly improved with the digital systems at the service, the identity verification solution is backed up by new technologies which provide efficient ways of evaluating the clients automatically. Different methods are followed by different firms for their identity verification operations. The most used service in the world today is the E-KYC solution for the digital onboarding of the client.
Biometric Identity Verification System
The introduction of biometric identity verification in our lives has greatly enhanced the security of many systems out there. The identity verification service is also getting its benefits from this service for the identity authentication of the user. It is very difficult to breach the systems which are secured by biometric means of authorization. The identity verification at various onboarding systems uses the same trick for user verification.
Authorizing Customer by Fingerprint Verification
The fingerprint is a blessing for the security systems out there. With the use of devices that can efficiently detect and process different fingerprints, the firms are relying heavily upon, the verification of their customer’s identities. The user is verified with their fingerprints at offices, business gatherings, and other corporations at every process of onboarding or new operation.
Face Verification of The User For Identity Authentication
The face verification system is now used at various levels, for the secure authentication of their clients. With facial identification systems, the human face is scanned and processed in the database for future operation. The face identification system maps differentiate between different faces by mapping out the qualities or facial characteristics such as skin color, eye color, hair color, etc. The attackers have a hard time passing the facial identification check.
Other Biometric Methods That Play An Important Role
The other biometric methods such as Iris scanning and retina recognition are also used in some industries as a layer of improved security. All the biometric methods contribute to the improved levels of authentication and mark the user with a verified identity for reliable access to the systems.
The document verification process is one of the processes of the identity verification service. The user is required to present all the legal paperwork which indicates the identity. Those documents may include the identity cards, passports, or other financial statements of the user in case of any business onboarding. With the presentation of the documents the system scans and verifies the user by extracting their age, name, and all other identity-related data. The improved OCR systems also verify the credibility of the document by checking any signs of manipulation or fakeness. The document verification process assists in reducing many scams such as synthetic identity fraud etc.
Verification of User Consent
The new online tools of verification provide an enhanced solution to verify user consent. The old methods of checkbox agreements are all bypassed by the new tools used by the attackers online. To safeguard user privacy a new method of user consent verification is introduced which utilizes the video feature of the digitalization for real-time or live verification of the user.
The identity verification solution is a method of verifying user identity before any onboarding process. It is now a part of a compulsory check for most systems that involve any type of interaction between users and clients.