Verifying your identity is an essential procedure that guarantees an individual’s identity tallies to the one that is meant to be. Identity is the correlation of one individual to a piece of information when both elements are compared. It is a distinctive set of characteristics and traits of a person. That’s why no one has a similar identity to another person. This is important when it comes to digital transactions since several internet users have been victimised by identity theft. Hence, every business must know the importance of hiring an identity verification company.
Verifying identity is an important requisite in the majority of procedures–online and offline. This is crucial to all sorts of cases, from bank account opening to filing complicated tax methods online. Not all people are tech-savvy, which is what hackers like to take advantage of. The unfortunate consumer then ends up getting entangled with a false identity in some online platforms. When dealing with banks and other relevant businesses, this verification procedure is recognised as the know-your-customer (KYC) method.
The Importance Of The Process
Verifying or confirming an identity ensures that it is indeed a genuine individual conducting the transaction and that they are exactly who they claim to be. This prevents both the individual from performing unauthorised business on behalf of the firm and committing fraud.
There are different forms and applications to confirm identities. The process can be performed in various methods depending on the medium and its deployment. In the conventional face-to-face procedure, the person represents himself to a firm or organisation and shows his relevant documents. The agent who receives such documentation will then confirm the photo to the actual person in front of them. If the paper present is a photocopy, further verification will be requested and conducted.
On the other hand, online identity verification is entirely different since there’s no venue for the person to appear and no staff assigned to verify the validity of the presented papers. There’s also no means of validating the person who sent the documents. Businesses hire an identity verification company to make the entire verification process simpler and more secure.
How Does It Work
It is crucial to learn several kinds of identity verification procedures that have been implemented in the digital world. Some of them may not meet the requirement for the process to be considered safe and reliable.
One of the techniques that don’t meet the security standards of identity verification is the use of selfies and pictures. This is usually used on low-risk transactions. Another means is the streaming-video method, which is much secure and fulfils the legal requirements of online verification policies. Some of the applications have integrated artificial intelligence and machine learning to strengthen their overall reliability.
The electronic know-your-customer procedure involves confirming the identity of individuals who are in remote locations via online. This method requires a stable internet connection and a decent camera. The person will be required to show their ID cards and present their face afterwards. Once verified, the firm or an agent will request further details such as a phone number and email. After everything has been confirmed, the person can now access the company’s website or be considered registered.
Face authentication and e-signature methods are other excellent solutions that are deemed to be reliable and secured.
