Businesses are increasingly becoming digitized and globally open. There is more to an online transaction than an exchange of goods and money. Each relationship/transaction involves the sharing of data, trust, and values. That is the primary reason for businesses to employ identity verification at the onset of the relationship.
Here we have discussed how an identity verification company can help verify your customers online.
Various Methods and Systems for Identity Verification
Depending on the channels used, you can use a variety of methods to verify your customers online. Traditional face-to-face meetings allow the customer to show his/her identity proof to confirm their identity. There is no such place online where the customer can disclose his/her identity proof.
The eKYC process is the preferred method to verify customers online. It is easier than other identity verification methods. Here are the steps of eKYC process:
- The user who intends to pass the identity verification needs to visits the website, app or platform of the organization
- Needs to provide his/her consent to use the camera and microphone.
- Is required to show both sides of the identity document on the camera. It is recognized and verified.
- Subsequently needs to show his face.
The identity verification company verifies the identity and person’s credentials. The recorded video with the user’s face and the identity document serves as proof to confirm the user is who he/she says is. After successful identity verification, the user is registered by the organization.
Use of Traditional Data Sources
Identity verification service providers have access to traditional data sources like mobile data records, credit files, utility data, government data, insurance data, electoral roll, social network files, and e-commerce information.
Using this data, identity verification companies can authenticate identities online to build a trust relationship. This allows businesses to meet the governments’ regulatory needs while helping people get access to the services they need.
Rules and regulations mandate the use of public data by service providers. For example, no data is ever sent to the inquirer. The public data management authority only sends match rate information. It protects the integrity of the data sources and preserves the documents for accurate identity verification services.
Use of Demographics for Enhanced Security
Demographics check is one of the methods used by identity verification services. It improves the ability to identify and flag risk factors. The use of demographic information is supported by enhanced data intelligence. Some of the demographics information that might be used for identity verification is education, age, gender, income, economic status, and geography.
Benefits of Identity Verification Services for Customers
The identity verification system verifies and authenticates customers in real-time, and there is no wait time involved. The process used secure technologies to capture customer data, and the data is encrypted before it is sent for verification and authentication.
The identity verification services are compliant with data privacy laws in Australia that ensure security to customer’s identities while transacting on the platform.
Identity verification is a necessary process to ensure the person’s identity matches who he/she is supposed to be. It allows businesses to conduct safe and ethical transactions and reduce the chances of identity theft and fraud.