In today’s world, digital identity verification is crucial for a safe, compliant society. The United Nations reports that $2 trillion is laundered each year. In order to protect the integrity of our economy, companies must ensure that their customers are legitimate, or else risk being hacked. Online banking and gaming are two industries where this process is essential. Here are some of the ways in which this process is used. Using biometrics to verify your identity will help protect you from scams and fraud.
Identity verification methods can be classified as two types: the Knowledge Based Authentication method and the database method. The first method is based on KBA principles, and uses an extensive database of information. The latter method is more reliable, because it uses data from a credit bureau to check the validity of a customer’s information. Using a database to verify a customer’s identity is also an effective way to reduce risk. For further information on AML Identity Check services, go to w2globaldata
A second type of identity verification is facial or document comparison, where the individual presents themselves physically. The worker examines the identity document to verify that it matches the person who holds it. In this method, the agent may also make a copy of the document or carry out other control procedures, depending on the nature of the verification. It is not unusual to be asked to answer a number of questions relating to your identity, if you have the right information.