Things to Understand About Identity Verification
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. Such service can also provide a verification of the authenticity of those physical ID documents such as the driver’s license or the passport that is called documentary verification or may check such identity data against the authoritative references such as the credit bureau or the government data that is also referred to as non-documentary verification.
Be aware that the identity verification service is also utilized online and in person to ensure one’s identity. The services are also used by some social networking sites, those dating sites and also the internet forums and those wikis to be able to put an end to illegal activities such as the money laundering, the underage signups and even spamming. Also, you have to know that such services are needed for the bank accounts and other kinds of financial accounts in many jurisdictions.
Such was actually developed in order to help the companies comply with such Anti-Money Laundering and also the KYC rules or process. 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 where risk should be determined and mitigated, then you must know that identity verification is surely at play.
In those financial industries, the identity verification is often needed by the regulation that is called the CIP or such Know Your Customer. A non-documentary identity verification is also available which would necessitate the users or the customer to give such personal identity which is then given 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. 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 is actually an identity score that is calculated and also the identity of the user or such customer is given that verified status or not according to such score.
The customers of many kinds of businesses, like the government entities, the financial institutions or the retail merchants are often required to present such identification in order to complete a 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. 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. The government entities will have to ask for identification to be able to access such secure areas or any other kind of purpose.