Identity verification is a core requirement for businesses that operate in regulated industries. It reduces the risk of fraud and mitigates compliance concerns like money laundering and terrorist financing.
Robust ID verification processes also contribute to a streamlined customer experience. However, they need to walk a fine line between making access difficult for fraudsters and creating unnecessary friction for legitimate customers.
Selfie Verification
Using selfies as part of the identity verification process is becoming increasingly common. This is especially true for businesses that need to onboard customers securely at scale and meet strict KYC and Anti-Money Laundering (AML) requirements. This type of verification is a convenient and low-friction way to ensure that the person accessing an account or service is who they say they are. It can also help to prevent fraud and protect against data breaches that result in sensitive information being used by identity thieves or malicious actors.
Selfie ID verification typically works by comparing the user’s face in a selfie with an existing photo from a government-issued identity document, such as a driver’s license or passport. The process does not require a physical vetting and is conducted through a smartphone in real time. This reduces friction and allows for faster, more accurate onboarding of new customers.
Selfie verification solutions use facial recognition and liveness detection technologies to verify that a person is who they claim to be. This can include evaluating for the presence of glasses or other objects that could be used to trick the system into thinking it is looking at a digital replay instead of a live person. Some solutions also require multiple frames from the camera to ensure that the person is truly present and not hiding their face or moving around.
Photo ID Verification
The use of photo ID verification is a common practice to ensure that the person who presents an official document such as a passport or driver’s license really is the owner. It’s a technique employed in many industries, from airport security to financial institutions that need to comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.
The process of photo ID verification involves comparing something the signer has with verified data sets, such as government information or public databases. The person may be asked to submit a set of documents, such as utility bills or bank statements, or they may need to upload a selfie for verification. This selfie is then compared with the photo of the person in the official ID document to confirm that it’s a real photograph.
The quality and clarity of the ID document and the selfie are important for accurate results. This is where powerful algorithms come into play, assessing things such as the size and position of watermarks, holograms, font usage and consistency, and rounded corner detection. In addition, facial recognition technology is used to identify and match the features of the person in both images. The process is automated, ensuring that the verification outcomes are precise and dependable. It is one of the most efficient ways to meet KYC and AML regulations.
Two-Factor Authentication
A common security measure used by online services, 2FA requires users to input a second form of verification before being granted access to an account. This is commonly done by a one-time code sent to a user’s smartphone, or via a physical token like a fingerprint or iris scan. This extra step makes it significantly more difficult for hackers to gain access to an account, even if they have the user’s password.
When choosing a type of 2FA, it is important to consider the security needs of your organization. Different industries have different risk factors and unique security concerns that must be addressed. For example, financial institutions are more likely to be targeted by cyber criminals due to the sensitivity of the data they hold. As a result, they tend to deploy 2FA more often than other companies.
The best way to ensure that your organization’s implementation of 2FA is successful is to work with the stakeholders involved. This will help you understand what their priorities are and how to frame the issues around 2FA adoption. This can include a variety of individuals, from the CEO to your company’s security team. By identifying the key stakeholders, you can leverage their support and expertise to maximize the effectiveness of your 2FA solution. In addition, you should make sure to communicate clearly with these groups about the risks of a data breach and the benefits of 2FA.
Video Verification
Video identification is a new technology that allows customers to prove their identity with the help of a live agent through a video call. This verification process is much more streamlined than traditional methods and provides a better experience for the customer.
The biggest benefit of this process is that it helps businesses comply with KYC and AML regulations. With this method, companies can detect fraudsters quickly and efficiently. This means that they can save time and money while avoiding expensive fines.
With this technology, the customer is able to show their ID document and face in high definition. The document is scanned and verified by the agent, and the video is recorded as evidence of the customer’s identity. Unlike photos, videos are not easy to manipulate. Additionally, they can be easily analyzed for liveness and authenticity.
While a video can be used as a form of proof, it is important to know how to verify it properly. This includes understanding what to look for, and how to compare it to other documents. For example, a business name, street sign, line of trees, minaret or bridge are all good clues to help determine the location. Also, the lighting and shadows can be useful when analyzing a video.