Guide: What is digital identity verification and how does it work?
If you've ever asked yourself, "What is digital identity verification?" or wondered what best practices can be found in the industry, then this article is for you.Throughout this guide, we investigate the various regulatory and technological frameworks that affect online identity verification and the methods that can be helpful to your company during the onboarding process for new customers.
What is identity verification? Identity verification is necessary to ensure that one's identity is supposed to be. Identity verification solutions involve comparing the unique set of traits and characteristics associated with a person with those who claim the same. Identity verification is essential to ensure that the actual person is behind the process and prevent fraud through authentication and authorization. In most scenarios, authentication is a crucial requirement, whether online or offline, such as online or offline banking, flight bookings, or passport applications.
What is digital identity verification? In the digital age, digital identity refers to the way you represent yourself online and how you are electronically documented through social media logins, business email addresses, or personal email addresses. In short, it is the process of validating the traits or characteristics that identify a person and, through computer technology, validating that they are who they claim to be.
Why is digital identity verification necessary? As technology has helped us perform complex tasks like the wind, the cybersecurity threats it poses cannot be ignored. Every year, billions of people who compromise their identities as cybercriminals are constantly on the lookout for fragile networks that are easy to bypass. In other words, a poor authentication or a loophole within the entire Identity Verification solution system can be fatal to the organization. Hackers can impersonate online users and gain access to sensitive business information, reusing it for various purposes. As a result, a more stable line of defense in digital identity verification is becoming necessary today as businesses lose millions in financial losses and brands are damaged by the increasing number of identity thefts.
How does the digital identity verification process work? Identity verification solutions work by adding easily accessible proof of identity (e.g. biometrics or identity documents) with validated records (e.g. the goal is to verify that someone is who they say they are. Different identity verification methods help verify a person's identity, and each works differently.
Let's take a look at each of these methods: ● ●
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ID Document Verification: Checking the validity of identification documents (e.g. driver's license, passport or official identification). Biometric verification: A selfie serves as a biometric verification tool to ensure that the person presenting the ID is the same as the person whose portrait appears on the ID. Live Detection: Detects fake attacks such as face masks or fake images to determine if the selfie is genuine. Knowledge-based authentication (KBA): A type of authentication based on user knowledge, e.g. from the applicant's credit file, to generate questions outside the portfolio. OTP Verification: Candidates receive a one-time password via SMS or email during the verification process. Database Method: Using information from social media, offline databases and other sources to verify candidate information.
Conclusion Companies that fail to win consumer confidence gradually lose business. This could be the reason why robust Identity verification solutions should be used. As cybercriminals efficiently use inappropriate authentication systems, the result is compromised user identity and brand stigma. Organizations should consider relying on a robust CIAM solution that will help protect user identities without compromising user experience. A Face recognition company, Camvi's state-of-the-art Identity verification solutions are probably the best choice for storing essential user data and offers a robust authentication mechanism backed by a great user experience.