Identity verification is a process that allows to confirm one’s identity and confirm the validity of details provided by a person. The process is usually based on data authentication of one’s identity document, such as a passport, national identity card, or driving license. Digital identity verification is carried out entirely online with the use of technology, AI, and machine learning solutions.
For businesses operating online, the identity verification process is one of the most critical steps of customer digital onboarding. It minimizes the risk of fraudulent activity, such as identity theft, anti money laundering, or carrying out transactions on one’s behalf without authorization.