Let’s learn what each word is recognized for before knowing what an advanced background check digital Identity verification method is. Before moving on to the main aim of this article, we need to establish a clear point of view.
Identity, according to the Cambridge (English) dictionary, denotes “who a person is” or “characteristics of a person that distinguishes them from others.”
Verification is the process of confirming the existence of something or someone. To determine whether or not something exists.
The term “digital” refers to computer and internet technology. Because the contemporary generation is all about digital, when we talk about identity checks for digital identity verification, we’re talking about using computer technology to verify someone’s identification.
The concept of digital identity verification applies the concept of identity verification to today’s remote environment. Businesses must detect identity fraud and determine who they claim to be, with data breaches, account takeover attacks, and identity theft on the rise. Companies, governments, and financial institutions can use biometric verification, face recognition, and digital ID document verification to validate a person’s identity.
Digital identity verification is essential when a person and their ID document are not physically present and throughout the account opening and onboarding process. Financial institutions can perform identity checks to ensure that a person is not a fraudster, criminal, or attempting to cheat.
Digital Identity Verification Methods
To verify a person through a facial biometric or an ID document, digital identity verification compares the data to the verified data set (i.e., passport data or a biometric kept on a user’s registered mobile phone).
Digital advanced background check solutions come in various methods, each of which works distinctly. These are some of the methods:
ID Document Verification Method:
Verifies (driver’s license, passport, or government ID) the validation of ID.
Biometric Verification Method:
Pictures (face) is used to verify that the person presenting the ID is the same as the one on the ID.
One-Time Passcode Verification Method:
A one-time passcode issued through SMS or email is used to validate the verification.
Database Verification Method:
Data from social media, offline databases, and other sources are used to validate the information.
Liveness Detection Method:
Detects faking attempts to determine whether a selfie is genuine.
The necessity of Digital Identity Verification
From banking to shopping to travel, businesses embrace digital infrastructure to connect customers with what they want and when they want it. That is why every industry is shifting to digital models; nevertheless, many organizations continue to rely on physical identity checks methods that have been utilized in the past and are no longer adequate for verifying bank accounts, mortgages, loans, and other financial transactions.
It can speed up the process while also removing bottlenecks, so identity verification via digital technology and procedures is easily achievable. Therefore, The more data there is, the more likely there is to be mismanagement, allowing fraudsters to easily impersonate someone else, use a stolen credit card, or take control of an account.
Businesses are grappling with the issue of shifting to online identity verification now that fraudsters are exploiting loopholes in digital identity verification solutions.
Protect Your Digital Identity
Today, the internet has a stronger impact (both positive and negative) on our lifestyle. Meanwhile, our digital lifestyles are having a greater detrimental impact on our lives; we are putting ourselves in danger of identity theft and data breaches as a result of how we act online.
So, It’s critical to operate responsibly online and protect your personal information using these five ways:
- Keep your social security number safe.
- Make sure you’re using an encrypted connection.
- Connect an external hard drive to your computer for data storage.
- Use more strong passwords.
- Be cautious when using social media.
Benefits of Digital Identity Verification
- A wholly digital approach provides a superior user experience and can boost digital channel development.
- When an unknown applicant is geographically isolated, digital identity verification can assist institutions in identification.
- Financial institutions can use digital identity verification for Know-Your-Customer (KYC) standards.
- Face comparison is used in facial biometric methods to verify that the person is the same on the document.
- Everybody can use and access mobile image capturing.
- Dataset from the document eliminates the need for human data entry.
- Documents validation in seconds.
We all know that ensuring the validity of a person’s identity is critical to risk management. Aside from that, consumer trust is precious, and businesses that fail to earn it risk losing their customers. Scammers take advantage of weak identity verification services all too often, destroying consumer trust.
Advanced digital identity verification systems based on machine learning are required to ensure that a person is who they claim to be. This is the only way we can end the daily frauds that we hear about somewhere in the world.