A Comprehensive Guide About Identity Verfication Services

Every year, millions of victims worldwide fall prey to identity thieves. By pretending to be their victims, fraudsters can open bank accounts, use credit cards, and make unauthorized purchases. According to a poll done in 2022, respondents claimed fraud losses of up to $42 billion.

Regulators continue to enact stronger rules to ensure that financial institutions and other regulated industries take responsibility for preventing financial crime. The most crucial safety measure regulators use to stop fraud is proof of identity verification. Everything you need to know about the procedure, including how it can safeguard your customers and keep your service secure, will be covered in this article.

Identity Verification: What is it?

Businesses have used manual identification verification (IDV) for a long time. In the modern era, entering a bank without acceptable documents is unthinkable. Digital identity verification has become the new norm thanks to the emerging neo-banking sector and the Pandemic 2020, which accelerated digitalization.

A technique called identity document checking verifies the accuracy of a person's identification. Cutting-edge technology like mobile verify and biometric verification is used by digital IDV for document verification. A bank employee typically does registry checks through active directory and matches faces to faces on identification documents.

The procedure is mostly used to determine a person's genuine identity. This secure method can stop financial crimes, driver's license theft including money laundering and identity theft. This is a standard practice employed by unregulated sectors to ensure the security of services.

Why is Identity Verification Important?

Not only is identity document verification a regulatory burden. Both businesses and their clients can gain from the license authorization.

Fighting Financial Crime and Fraud Prevention

Identity verification is mostly employed to fight financial and identity fraud. You may eliminate conflicts and identify fraudulent tribal documents, synthetic identities, and age by thoroughly verifying each employee’s identity. Users of your service will continue to be secure.

Improving Accessibility

You can increase the accessibility of several services by establishing an identity verification service. This is crucial for extending your company's reach internationally.

Enhancing the Customer Experience

Information update reminders are made simpler by IDV. When information changed in the past, clients were required to update it. Automated reminders and information checks have replaced the outdated procedure. Customers are also more likely to stick with the service by speeding up the initial license grant procedure.

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How Does Identity Proofing Operate?

Process of Identity Verification

The process of verifying an ID involves three main steps:

• Identification: collects and documents relevant employee data either manually or electronically.
• Verification of identity: ensures that the data collected is genuine and not stolen or faked.
• Revalidation of employee identities: revalidating the employees' identity before they are granted access to a service to customers.

Unless it has expired, employees are typically only asked for their ID during onboarding. It's crucial to confirm their identity multiple times while they're working. Authentication is necessary every time a consumer returns to a platform, but it might also be necessary every time.

Methods of Identity Verification

Identity verification is performed in a variety of ways.

• Photo-based identity verification: Works by mapping a selfie's biometric data. It's a simple and quick way to comply with KYC regulations while on-boarding consumers.
• Video-based identity verification: Through a live video call, this is accomplished. An identification document's information and biometric data are automatically recorded during this process. The information is then examined to look for any spoofing efforts and confirm that the client is who they say they are. With the assistance of our qualified KYC specialists, EBS Colorado can offer video-based KYC verification; alternatively, you can utilize it to teach your specialists. The call is not delayed or interrupted at any point throughout the automatic completion of any checks.
• Upload-based identity verification: This method can be utilised if regulations allow for the absence of a person during verification. The data must be entered manually. Registry checks are conducted to verify a person's identity and ensure that provided documents are authentic. Upload-based identification verification replaces real-time procedures.
• NFC-based identity verification: This is the newest verification method on the market. It allows for an easier process. Users with NFC-enabled phones may quickly scan documents for security and accuracy.

Verify Identity of Your Applicant Now and Get a Complete Identity Report

How EBS Colorado Can Help to Prevent Fraud

Businesses, financial institutions, and other industries are all harmed by fraud. Every year, identity thieves take a lot of money from their clients. Sanctions are imposed on companies that break laws against financial crime.

The most effective method for catching fraudsters is automated identity verification. Manually confirming IDs is a tough and time-consuming task. However, you can speed up the procedure using EBS Colorado's Identity Verification Service.

Our automated solution lets you quickly onboard new clients while spotting various spoofing techniques, including masks and document changes. By assigning the heavy lifting, our clever tool will help you save time, improve performance, and ensure safety.

2023-05-03 15:07:25