The identity verification services are offering their businesses to the different companies to make sure that their customers or users are really giving the right information of their identity and that they are real persons. This kind of service may also verify the authenticity of such physical ID documents like the passport or the drivers license which is known as documentary verification or can verify the identity data against such authoritative references like the government data or the credit bureau which is known as non-documentary verification.
Be aware that the identity verification service is also utilized online and in person to ensure one’s identity. These services are employed by a few social networking sites such as the dating sites and even the internet forums and the wikis so that they can stop the money laundering and other illegal activities, underage singups as well as spamming. Such services are necessary to establish those bank accounts and also the other financial accounts in various jurisdictions.
Such was established so that the companies will be assisted in the KYC process and also the Anti-Money Laundering rules. Be aware that the identity verification has become very important in the transaction ecosystems, the online gaming, financial institutions, the social media and also eCommerce businesses. In any area where the risk must be known and mitigated, then you have to know that such identity verification is really at play.
In such financial industries, verification of identity is usually required by the regulation which is known as the CIP or the Know Your Customer. You should also know about the non-documentary identity verification that asks the customer to provide personal identity data which is sent then to such IDV service. This kind of service will be checking the public as well as the private databases to guarantee a match in the provided information. This kind of knowledge-based authentication questions would also be given to such person providing the information to be sure that one is definitely owner of such identity. There would be an identity score being computed and the user identity or that customer is provided with a verified status or not based on the score.
Those customers or so many types of businesses, such as the financial institutions, the government entities or such retail merchants are usually asked to show identification so that they can complete a transaction. For instance, the merchant should have customer identification for an array of purchases or if certain types of payments are being presented to pay for such transactions. Also, the financial institutions often ask such customers in order to present that identification in order to complete a withdrawal or that deposit transaction, check or cash or to open such new account. Those government entities may also need the identification to access such secure areas or for other purposes.