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. Be aware that these services are also necessary for the bank accounts and other types of financial accounts in several jurisdictions.
Such was actually developed in order to help the companies comply with such Anti-Money Laundering and also the KYC rules or process. Be aware that the identity verification has become very important in the transaction ecosystems, the online gaming, financial institutions, the social media and also eCommerce businesses. In any place where risk should be determined and mitigated, then you must know that identity verification is surely at play.
In such financial industries, that identity verification is often required by such regulation which is called Know Your Customer and the CIP. 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. Such service would check the public as well as the private databases to ensure that the information provided match. The knowledge-based authentication questions may also be presented to the person which gives the information to make sure that one is really the 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 different customers or a lot of kinds of business, like those government entities, the financial institutions as well as those retail merchants are often required to present identification for them to complete such transaction. For instance, the merchant should have customer identification for an array of purchases or if certain types of payments are being presented to pay for such 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.