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. This kind of service may also verify the authenticity of such physical ID documents like the passport or the drivers license which is known as documentary verification or can verify the identity data against such authoritative references like the government data or the credit bureau which is known as non-documentary verification.
The identity verification service is also being used online and also in person to verify the identity. Such services are being used by a few social networking sites, the dating sites and the internet forums and also the wikis in order to stop underage signups, illegal activities like money laundering, scams and also spamming. Such services are necessary to establish those bank accounts and also the other financial accounts in various jurisdictions.
This was made to help those companies in complying with the Anti-Money Laundering as well as the KYC process. The identity verification has now become an important component to the transaction ecosystems of the financial institutions, the eCommerce companies, the online gaming as well as social media. In any area where the risk must be known and mitigated, then you have to know that such identity verification is really at play.
In those financial industries, the identity verification is often needed by the regulation that is called the CIP or such Know Your Customer. 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. This service is going to check the public and also those private databases to make sure that there is a match in the information provided. 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 going to be such identity score that is actually computed and such user identity or such customer is then given a verified status or not depending on the score.
Those customers or so many types of businesses, such as the financial institutions, the government entities or such retail merchants are usually asked to show identification so that they can complete a transaction. The merchant has to have customer identification for the many purchases or when certain kinds of payments are actually presented for paying the transactions. The financial institutions may also require those customers to present the identification for completing the cash or check deposit, withdrawal transactions and also for opening a 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.