Identity verification is mostly used by business so that they can make sure that their clients or users offer information which is related to their real identity.The service of identity verification can also be used in checking the authenticity of physical identity documents such as passport or driver license.
Identity verification service can be used in person as well as online to verify the identity of a person. In order for them to stop such activities like underage signups, sock puppetry, and other illegal activities including money laundering, harassment and spamming, identity verification service is used by internet forums, dating’s sites as well as social sites for networking.These services are needed to establish bank accounts as well as other financial accounts in so many jurisdictions.
The service was created to help firms to comply with the set regulations such as know your customer and also anti-money laundering.Identity verification has now become a very important part of the transactions nature of e-commerce companies, online gaming, financial institutions as well as social media.In order for firms to identify a specified risk and then apply all the adequate measure for its elimination, then identity verification service will be used.
Identity verification id often needed in financial institutions in the process of complying with know your customer as well as client identifications programs rules.A nondiscriminatory verification for identity will need that the user or the client provide personal data for identification which will be sent to the service if identity verification.The identity verification service will check on the private as wells private database for the particular information which will match the information which has been provided.
Another option to check on the identity of a user will be proving them with knowledge based questions for authentication considering the information provided to check on whether they are the real owner of identity.Identity score will be calculated and the user or customer identity of the user will be given as verified or not verified.
In order for some customers to be allowed to perform an operation, they will be required to show identification in such business-like government entities, financial institutions, as well as retail merchants.For example, a merchant may need that before a customer makes certain investments, they will need to give identification, these transactions will include beer, tobacco as well as lottery purchase.Financial institutions will require that customers present identification in order for them to be allowed to complete withdrawal and deposit transactions, opening an account or while checking cash.Government entities can also require that individuals present their identity documents so that they can have access into secure areas.