Businesses are constantly dealing with compliance requirements and regulations. With Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations in place, identity verification is no longer a choice. What exactly is Identity Verification? How to verify a person’s identity?
In this post, we are sharing some of the key questions worth knowing.
Knowing the basics
In simple words, identity verification is the process of verifying a person’s identity with regards to the documents furnished. Today, identity verification is a must for accessing varied services, and many businesses and agencies need to do this form of verification time and again for thousands of customers. It should be noted that identity verification is not exactly authentication, but a step before that.
How is identify verified?
There are varied ways in which identity verification can be done. For instance, Microbilt has come up with its data APIs that are ideal for businesses that are looking forward to staying compliant and want to simplify the process of detecting fraud and background screening. Microbilt has designed a solution that will work across industries, and clients can test their APIs by registering on their developer platform. Coming to the ways in which identity verification is done, here are the five common methods.
- Knowledge-based authentication. In such verification a person is asked to answer security questions, answers to which are likely to be known by that person, and not any random stranger. Unfortunately, KBA doesn’t work that well as a method, because finding details of an individual via web resources is rather easy.
- Two-factor authentication. In this form of authentication, the user is asked for a token for authentication, beyond the basic details, such as username and passwords. For this form of authentication to work, the person needs to have his smartphone with him.
- Credit bureau-based authentication. As the name suggests, this form of verification relies on the records of credit bureaus, but the problem lies with records of certain individuals, such as immigrants.
- Database Methods. Varied kinds of resources are used to verify the identity of a person in this form of identification. However, the problem lies with the case of false identities, which are pretty common these days.
- Online verification. Online verification relies on other techniques, including AI, computer vision, and biometrics to know of if an ID belongs to the user claimed. Considered to be one of the better ways of ID verification, this is what most businesses prefer.
Working with MicroBilt
Since businesses have been duped time and again, MicroBilt has come up with unique solutions that meet custom ID verification needs. The company protects businesses against fraud and ensures that the cases of identity theft can be minimized to the best possible extent. You can check their website to find more details, but using MicroBilt’s APIs is the safest way to secure your business and stay compliant at the same time. If you have any questions, don’t shy away from talking to their help desk.
With consistent and ongoing support, ID verification doesn’t have to be tough.