It is the time of digitalization, verification processes are remote now, and the world depends on virtual and transportable electronic identity. Electronic identity verification is a solution to verify customers’ identity for online businesses. The digital economy requires a completely secure and protected solution to have real customers onboard.
Now every business requires digital resources to render paper identification which is time-consuming and hectic. Digital means have enlightened this world in terms of both cost and time. Digital means are highly effective, sharp, and accurate, companies are required to implement them to cope with this digital era.
What are Electronic Identity Verification Solutions?
Electronic identity verification (EIDV) is an electronic process to verify a customer’s identity before having it onboard. Eidv’s solution involves the collection and analysis of government-issued ID cards. Additionally, it allows a swath of further details and risk signals such as browser fingerprint, IP address, and behavioral or passive signals. Such details are not possible to access in the manual verification process. Moreover, it empowers more predefined decisions as the client risk profile is known. Eidv is an essential part of ‘Anti Money Laundering’ and ‘Know Your Customer’ compliance as it gives access to a customer’s Identity as it is. It provides automatic verification processes that are working under advanced AI and ML models and processes a successful onboarding business.
How to Verify Identities Electronically?
The EIDV checks vary as per businesses and companies, every organization has different requirements for different information, such as where ID card is used, and where other documents such as licenses, utility bills, and educational certificates are used. Depending upon business, companies may use the following processes to comply with EIDV solutions.
- Government ID verification
A customer is required to upload or take a picture of a passport, identity card, license, and state ID. Digital systems use these images to extract information, identifying whether the information provided is authentic or not. Automatic heuristic checks are applied to verify the legitimacy of IDs.
- Document Verification
Various documents such as bank statements, birth certificates, utility bills, and social security cards are used for identity verification. These documents are scanned to know if there is any kind of tampering or falsified information. If there is any critical issue, the client is verified as unauthentic and the company does not have to deal with it.
- Database Verification
All the information provided by the client is matched with the database, which contains the person’s data. For example, an ID card provided to an organization can be matched with a government database base that contains individual authentic data, and thus verification is complete.
- Selfie Verification
It involves the verification of an individual’s face in terms of face prints. Facial biological features such as skin color, the shape of the chin, the size of the nose, etc are used as face prints, and a person is identified.
Benefits of EIDV for Businesses
- Reduction of Human Error
The EIDV process complies with advanced AI and ML-based software and eliminates the errors made by human beings. These technological methods are sharp enough that they can detect minor variations that cannot be viewed with the human eye.
- Fast processing time
An automatic verification process can perform several actions in a single moment. Algorithms work within nanoseconds to verify any document. Electronic identification verification tools are very fast to extract data from documents.
- Fraud Prevention
EIVD solutions mitigate the risk of fraudsters and financial terrorism, allowing clients with original documents only. Electronic identity verification service providers are contacted to have a successful business with real clients. Fake clients are identified in the beginning with the help of the identification of documents. Digital methods are quite helpful in the identification of clients while having onboard.
Benefits of EIDV Vs Manual Verification Processes.
- More Convenient
Manual verification involves physical paper forms from customers while in EIDV scanned documents are used. Customers don’t need to come onsite and stand in a queue to be verified. It is a more convenient method for both organizations and clients. Organizations do not need to hire multiple employees for the verification process. Moreover, a company didn’t need to monitor employees hired for the verification process.
- More Reliable in Accuracy
AI models are trained to recognize genuine and fake documents, and algorithms can extract data in seconds from various documents and ensure their authenticity. While humans are prone to tiredness and destruction for long-term verification processes fibahub.
Electronic identity verification is a solution to eliminate the risks of fraud, identity theft, and financial terrorism. It is beneficial for both clients and organizations, it is both time and cost-effective. Customers do not need to go on-site and submit their documents for verification. Electronic identity verification processes have helped them to get verified by submitting scanned copies of their identity documents. Organizations don’t need to hire multiple employees for the verification process and it can be done electronically within a short time.