In order for a business to ensure that customers provide affination which is associated with the real person identity, they use an identity verification service.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.identity verification services are required to determine the financial accounts as well as bank accounts in many jurisdictions.
This service for identity verification was developed so that it could help companies in complying with some set regulations such as anti-money laundering as well as know your customer. Identity verification has now become very important in the element in the ecosystem of e-commerce transactions, financial institutions, social media as well as online gaming.identity verification is applied anytime a risks needs to be determined and then mitigated.
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 non-documentary identity verification will need that the customer or the user provides personal identity data that will then be sent to the service of identity verification.After the service has provided their personal identity data, the service will then check on all public as well as private databases looking for a match of the given information.
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.The identity score will then be calculated and the user identity will be given as either verified or not verified for the user or customer depending on the given information.
It is a requirement for the customers of various firms such as government entities, retail merchants as well as financial institutions to present their identification before any transaction can take place.Fir instance, customers for retail stores, will be required to provide identification for several kinds of purchases such as tobacco, lottery as well as alcohol purchases or even when they are presenting various type of payments for transitions.In financial institutions, customers will be required to present identification in order for them to complete deposit or withdrawal transactions, checking of cash or while opening a new account.The government might need that customers present their information for identification purposes before they are given certain services.