Important Things To Know About Identity Document Verification

 

Identity document verification has long been an important part of authenticating a person’s claim to a certain identity. It is a very important part of Know Your Customer (KYC) as well as Anti-Money Laundering (AML) measures. With more and more businesses moving online these days, solutions that allow for instant and accurate electronic identity verification are proliferating. This is something that you should definitely consider whether you are a small or large business owner and would like to improve the security of your systems.

So, what exactly does identity document verification mean? It is an authentication process that compares the identity that a person claims to possess with data that proves that identity. Among the documents that can serve as providers of this objective truth include birth certificates, driver’s licenses, and social security cards, among others. However, an identity document can be stolen or forged, requiring institutions like banks to take additional measures in order to affirm that there truly is a match between who a person claims to be and who they actually are.

A lot of institutions usually employ secret password questions where the answers can only be known to the holder of that identity. In the past few years, the technological means of confirming identity have become commonplace, for instance single sign-on (SSO) and other technological capabilities that can firmly establish the identity of a person. 

People with bad intentions, such as criminals, are involved with increasingly complex schemes, something that leads to ever-more stringent Anti-Money Laundering (AML) and Know Your Customer (KYC) requirements that institutions such as banks must abide by. What this simply means is that more sophisticated identity document verification measures are needed to prevent fraud and satisfy regulatory requirements.

 For more information on identity document verification, visit our website at https://www.ipsidy.com/


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