Such identity verification services are being used by the businesses to guarantee that the users or those customers are really providing the information which is associated with the identity of the real individual. Such type of services can also verify the truthfulness or the authenticity of such physical ID documents such as the drivers license, the passport and this is known as documentary verification or may check such identity data against those authoritative references such as the data of the government or the credit bureau that is called the non-documentary verification.
The identity verification service is also being used online and also in person to verify the identity. The services are also used by some social networking sites, those dating sites and also the internet forums and those wikis to be able to put an end to illegal activities such as the money laundering, the underage signups and even spamming. Such services are necessary to establish those bank accounts and also the other financial accounts in various jurisdictions.
Such was established so that the companies will be assisted in the KYC process and also the Anti-Money Laundering rules. 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 place where risk should be determined and mitigated, then you must know that identity verification is surely at play.
In such financial industries, that identity verification is often required by such regulation which is called Know Your Customer and the CIP. You should also know about the non-documentary identity verification that asks the customer to provide personal identity data which is sent then to such IDV 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. This kind of knowledge-based authentication questions would also be given to such person providing the information to be sure that one is definitely owner of such identity. There would be an identity score being computed and the user identity or that customer is provided with a verified status or not based 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. For example, a merchant may need customer identification for many kinds of purchases or when particular types of payments are actually presented to pay for those 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. Such government entities may require the identification in order to access those secure areas or any other purpose.