The goal of any online business is to provide a service or product to its customers. However, there are times when customers may not be who they say they are – whether it’s a criminal trying to commit fraud or someone who wants to use your site for malicious purposes. To combat these types of threats, the use of an identity verification platform is increasingly becoming more important than ever before.
Remote identity verification
Remote identity verification is the process of verifying a person’s identity by having them answer questions about themselves. This can be done over the phone or through a website, which will then match the answers to their records. The questions can be either open-ended or multiple choice, with the latter being more effective for ensuring accuracy.
The most important thing to remember when developing your remote IDV solution is that it’s not enough simply to ask users who they are—you also need to verify their answers against public records such as credit reports and social media profiles. This type of matching makes it possible for you to detect artificial intelligence (AI)-driven bots designed to pass off fake identities as real people.
Document verification
Document verification is an important part of the identity verification process. It involves verifying documents such as passports, driver’s licenses, utility bills, and more. These documents are used to verify address, date of birth, and age. Documents are not used to verify citizenship status or immigration status at all.
Biometric authentication
Biometric authentication uses physical or behavioral characteristics to confirm a person’s identity. These traits can include things like your fingerprint, facial features, and voice pattern.
Biometrics are becoming more common in today’s society as it’s easy to use, secure and convenient for consumers. Biometric authentication is used across industries such as banking & finance, retail, healthcare, and government agencies.
Two-factor authentication
Two-factor authentication (2FA) is an extra layer of security that requires two different ways to prove your identity. When you have 2FA enabled, if someone tries to log into your account from a new device or IP address and doesn’t know your password, they can’t get in.
You might already be familiar with two-factor authentication as it’s commonly used for online banking and other financial services—but it protects many other types of accounts as well.
Threat detection and risk analytics
Fraud is a major concern for any business, but for merchants who deal in sensitive data like credit card information or social security numbers, it’s imperative to have an effective policy in place. Identity verification helps businesses quickly identify fraudulent activity so that they can take appropriate action to protect their customers and themselves from financial loss.
As customers age and become more sophisticated about their privacy concerns, companies need to be ready with solutions that help them maintain trust while providing a personalized experience that meets the needs of each user. With identity verification technology on your side, you can personalize every interaction with your users by requiring different levels of authentication depending on what they’re trying to do: browsing some content, making an account, buying something online.
Conclusion
There are a wide variety of methods available to verify an individual’s identity. However, it’s important to keep in mind that no verification method is completely infallible. Therefore, businesses must implement additional fraud prevention measures such as threat detection and risk analytics when performing these types of checks on their customers or employees.