Such identity verification services are being used by the businesses to guarantee that the users or those customers are really providing the information which is associated with the identity of the real individual. Such type of services can also verify the truthfulness or the authenticity of such physical ID documents such as the drivers license, the passport and this is known as documentary verification or may check such identity data against those authoritative references such as the data of the government or the credit bureau that is called the 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. The identity verification is really now a big part to such transaction ecosystems of those financial institutions, online gaming, eCommerce businesses and even social media. In any place in which the risk has to be determined and mitigated, then you must understand that identity verification is definitely 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. There is also such non-documentary identity verification which requires the customer or the user to give personal identity data that is being sent to the identity verification service. This kind of service will be checking the public as well as the private databases to guarantee a match in the provided information. The knowledge-based authentication questions may also be presented to the person which gives the information to make sure that one is really the owner of such identity. There is going to be such identity score that is actually computed and such user identity or such customer is then given a verified status or not depending on the score.
The different customers or a lot of kinds of business, like those government entities, the financial institutions as well as those retail merchants are often required to present identification for them to complete such transaction. The merchant has to have customer identification for the many purchases or when certain kinds of payments are actually presented for paying the transactions. The financial institutions may also require those customers to present the identification for completing the cash or check deposit, withdrawal transactions and also for opening a new account. Those government entities may also need the identification to access such secure areas or for other purposes.