In order for a business to ensure that customers provide affination which is associated with the real person identity, they use an identity verification service.Identity verification can verify the authenticity of any physical document for identity including passport as well as driving license.
Identity verification service can be used in person as well as online to verify the identity of a person. Identity verification is utilized by some internet firms, sites for social networking as well as dating sites so that they can avoid spamming, underage signup, and sock puppetry and other illegal activities such as money laundering, scams and also harassment.These services are needed to establish bank accounts as well as other financial accounts in so many jurisdictions.
The service was created to help firms to comply with the set regulations such as know your customer and also anti-money laundering.Identity verification has now become very important in the element in the ecosystem of e-commerce transactions, financial institutions, social media as well as online gaming.In order for firms to identify a specified risk and then apply all the adequate measure for its elimination, then identity verification service will be used.
In financial industries, identity verification is mostly required by some regulations which include the customer identification program as well as know your customer.A nondiscriminatory verification for identity will need that the user or the client provide personal data for identification which will be sent to the service if identity verification.After the service has provided their personal identity data, the service will then check on all public as well as private databases looking for a match of the given information.
Another option that can be used in identifying the identity of someone is the authentication questions which are knowledge-based which will be presented to the person who has provided the information to make sure that they are the owner of the identity.The identity score for the answers given will be calculated depending on the answers that have been provided, the score will either be verified or not verified.
In order for some customers to be allowed to perform an operation, they will be required to show identification in such business-like government entities, financial institutions, as well as retail merchants.For example, a merchant may need that before a customer makes certain investments, they will need to give identification, these transactions will include beer, tobacco as well as lottery purchase.When it comes to financial industry, a customer can be required to give information for identification before they are allowed to perform withdrawal or deposit transactions, cash check or while opening a new account.The government might need that customers present their information for identification purposes before they are given certain services.