In the majority of processes and procedures, both online and offline, and in all kinds of circumstances, the identity verification check is a crucial need. If we look at the complete process involving opening a bank account to pay taxes online, we can agree on how mandatory ID verification is.
WHAT IS KYC IDENTITY THEFT PROTECTION & HOW IDENTITY AUTHENTICATION IS CHECKED?
The KYC (Know Your Customer) process is the term used to describe the ID verification process in banking (and many other businesses).
An ID check validates the existence of a real person and establishes that they are who they say they are. This stops someone from creating synthetic identity fraud, engaging in deception, or acting without authorization on someone else’s behalf.
The processes and systems used to conduct offline and online ID checks are varied. This means that depending on the channel and method employed, the identity verification procedure might be carried out in various ways.
For the traditional face-to-face method, an individual must personally show up to the firm’s location, establishment, and organization in physical form.
When they arrive, they must provide a worker or representative their identity document which may include a passport, driving license, or equivalent so that they may confirm that the ID photo (often visually) matches the person dealing the document.
The identity check is likely to succeed if, in the agent’s opinion, both match. The agent may make a copy of the ID, require the person to fill out a form, and perform any other control processes that the agent or the business believes are required to confirm the person’s authenticity in order to complete the process. The identified user is now prepared to continue their arrangements if the verification process is successful.
Since there were various digital hurdles that the digital identity verification solutions had to jump, the procedure had to be modified to be used online. In contrast to offline, there are no physical locations to visit in the internet world. Some agents are unable to physically confirm a user’s ID in order to ensure its validity.
Fortunately, the majority of the current online verification tools allow people and businesses all over the world to conduct global verification and verified identity checks safely, reliably, and with even more validity than the conventional method.
WHEN IS ONLINE ID VERIFICATION REQUIRED AND WHERE IT IS OBLIGATORY TO USE?
The online verification procedure is required to guarantee users’ identities, and it offers the highest level of security and legal protection in the following processes:
- Telecommunications and insurance industries
- Government and public administration
- Apps and online platforms
- Banking and Finance
HOW DOES THE IDENTITY VERIFICATION PROCESS FOR AN ONLINE ID CHECK WORK?
Digital ID verification services such as electronic signature and face authentication are utilized in a variety of operations and processes. Both rely on streaming video identification, the safest and most dependable method for verifying someone’s identity online. Other than these two:
- The client accesses the website, app, or platform of the business, group, or institution.
- The client consents to online ID check services using the camera and microphone on his or her device.
- The ID document is requested from him or her on both sides. The authenticity and parity with the user are automatically evaluated using VideoID technology.
- The user turns to face the camera and smiles.
- If necessary, a group of knowledgeable personnel validates the video as part of the procedure.
- The user’s credentials serve as evidence that the user is who they claim to be, and the user’s identity has been confirmed. These credentials include the user’s email address and phone number, as well as the user’s facial biometric analysis from the ID-related video.
- After registering, the user is now eligible to access the business’s services and products.
DIGITAL ID VERIFICATION: WHAT IS IT AND WHAT IS DONE IN AN ONLINE ID CHECK?
Digital verification APIs of various forms have been developed over time.
It’s vital to comprehend that not all online identity verification services and products adhere to the requirements set down by legislation for the majority of activities, particularly those involving the financial sector, to ensure their legality, safety, and reliability.
The use of photos and selfies is one way of online ID verification that does not adhere to the necessary security criteria. Since it is unreliable and unclear, this method is typically used to find people for low-risk procedures.
In reality, by recognizing video identification as the sole acceptable online global verification process, ETSI has defined identity proof.
To establish their legitimacy and secure your business and your customers’ anti-fraud security, the online customer identification process (also known as eKYC) in digital banking and other financial businesses must adhere to stringent rules.
The eKYC procedure involves an online identity authentication check. This entails performing things online and remotely. Because QES+ (Qualified Electronic Signature) is a fully digital and remote technique that complies with all regulatory requirements, it plays a significant portion in the eKYC process to guarantee secure and reliable customer identity authentication.
The most cutting-edge digital customer onboarding and remote ID verification software are QES+ (Qualified Electronic Signature), which is based on Video ID verification and qualified electronic signature. Powered by artificial intelligence and machine learning, this online verification software solution increases the security of the eKYC process even more than the traditional face-to-face method. It is supported by a digital certificate to verify identity that unmistakably links the user to the document or process they accept. Additionally, the procedure complies with all legal demands made by regulators for identity authentication and is completed instantly in a short period of time
There is no doubt that after this discussion about identity verification and its role in finance, we can say that no company or business can remain secure without the digital verification process. Currently, the entire business world is gradually moving towards online means. As a result, a lot of hackers and fraud activities are on the rise. This is why every organization is trying its finest to make its verification process more efficient.