Explained: Guide To Types Of Identity Verification Solutions You Can Opt For Your Business
To comply with the law and register a company in the majority of countries’ economies, identification verification of some kind must first be completed. Due to the COVID-19 situation, in-person interactions had to be either discontinued or severely curtailed, which made traditional identity verification services more difficult. As a direct consequence of this, there has been a rapid acceleration of the requirement for digitalization in the sphere of company incorporation in order to permit a continuation of the company’s establishment and to prevent in-person contact.
Verification of digital identification documents at the time of business start-ups is essential to the prevention of fraud and identity theft, the enhancement of transparency, as well as the promotion of safe online interactions in an economy that is becoming increasingly digitized. Here are different types of identity verification methods provided by identity verification services.
1. Authentication Based on Knowledge
The answer to a series of secret questions is typically required in order for knowledge-based authentication, also known as the KBA, system to successfully verify the identity of a person. The answers to these inquiries are intended to be simple for that particular individual to provide, but they are intended to be challenging for any person to provide. One of the additional safeguards included in the KBA is the requirement that candidates must complete the questions within the allotted amount of time. The fact that KBA is the easiest method offered by identity verification services for consumers to grasp is maybe the most significant benefit of utilizing it.
2. Multi-Factor Authentication (MFA)
Although every method of multi-factor authentication (MFA) is also two-factor authentication (2FA), not every MFA method is also multi-factor authentication (2FA). Using multi-factor authentication (MFA) to get access to a resource necessitates the use of at least two different methods of authentication. This can take the form of either an application or even an online account. In addition to passwords, multi-factor authentication (MFA) could need a personal identification number (PIN), biometric information, facial recognition, or a one-time password (OTPs).
Identity verification services implement solid identity and access procedures with a multi-factor authentication system that is simple to use as a crucial component.
3. Online & Biometric verification
Online verification makes use of specialized software to perform a cross-check to determine whether or not the user’s government-issued identification card is a match for that person. The use of artificial intelligence (AI), biometrics, computer vision, and sometimes even human evaluation are all viable options for accomplishing this. Voice recognition, facial recognition, iris scanning, fingerprinting, retina scanning, and all them together are additional methods that can be used to validate an individual’s identification. Customers get the benefit of not having to remember any passwords or provide answers to any questions when using these kinds of verification techniques, which is a huge advantage for everyone involved.
4. Credit Bureau-Based Authentication
A technique of authentication known as “credit bureau-based authentication” uses data obtained from any or all of the three major credit agencies. These businesses keep a significant quantity of individuals’ credit information, such as their names, addresses, and social security numbers, in their databases. The user’s experience is not hindered in any way by the use of a score in credit-based authentication, which produces a conclusive match.
It is critical to have methods for identity verification that are foolproof if one wishes to reduce risk while recruiting new employees. When recruiting people remotely or abroad, that’s even more vital to keep in mind. Since there are constantly new methods being used to launder money, it is essential to keep one’s knowledge of AML solutions up to date. You can find the best identity verification services online and choose any method of verification as per your requirement.