The digital age has raised identity verification to the next level. Now you have the chance to open a bank account at your fingertips without even leaving your house. All you need is a device with a camera and an identity document.
An identity verification service is a procedure for verifying someone’s identity created by a third-party company that can be purchased and implemented by other businesses. The process is usually based on various automated technologies and relies on diverse data sources. Depending on requirements, besides comparing a customer’s identity with the identity document they provide, that technology can also perform background checks (PEP and Sanctions screening, for example) and assess the risk of working with a potential client. But there’s so much more to it.
There are many benefits to using an online identity verification service. Primarily, it shortens the procedure to just a few minutes and guarantees quick onboarding of new users. On top of that, it serves as a fraud prevention measure because having a strong identity verification service in place will often deter fraudsters from even trying to cheat it. Additionally, in most cases, your business is required to follow various compliance regulations. In that case, an identity verification conducted through online means is the fastest and most convenient way to ensure you meet even the most stringent KYC/AML compliance laws.
Naturally, the usage of identity verification services is most widespread in the financial sector – from online banks to cryptocurrency exchanges and everything in between. However, in pandemic times, where a large portion of our daily activities has moved to online spaces, other industries are increasingly adopting it as well.
The key steps in each identity verification process are as follows:
Different identity verification service providers utilize various technologies to create their individualized procedures. They’re based primarily on biometric measurements and analyzing a person’s physical and behavioral characteristics. Among those technologies are, for instance, face recognition and artificial intelligence (AI), along with machine learning. Most companies also employ at least some level of human supervision to eliminate common fraud techniques, as purely automated processes can be easier to spoof than a hybrid of both. Varied data sources are also used to compare the documents with their government-issued templates.
When considering identity verification providers for your own company, you should first and foremost evaluate your needs. What sort of data do you want to collect from your customers? Do you require any additional services – like PEP and Sanction checks or risk assessment and ongoing monitoring as part of Customer Due Diligence? Often this process can be customized and tailored to suit a particular client’s needs. Research the market and browse through different verification providers’ sites. Compare the solutions they offer, the databases and data sources they utilize, the supplementary services they provide, as well as the pricing. Many identity verification businesses present you with an opportunity to schedule demos where you can get an in-depth look into a particular company’s processes and answers to any questions you might have.
Here at Fully-Verified, we offer two distinct solutions that merge artificial and human intelligence and can be further customized according to your specific needs and requirements.
Furthermore, you can choose between the Full-Service model and the SaaS model. In the former case, you leave everything to us and rely on our group of trained operators to perform identity verifications of your clients. In the latter, we provide you with the software, and you create your internal team responsible for the verifications directly in your company.
Fully-Verified was created as answer to its founders collectively losing over $150 000 to various types of fraud in their eCommerce businesses.