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Concept
Identity verification service
Summary
An identity verification service is used by businesses to ensure that users or customers provide information that is associated with the identity of a real person. The service may verify the authenticity of physical identity documents such as a drivers license, passport, or a nationally issued identity document through documentary verification. Additionally, also involve the verification of identity information (fields) against independent and authoritative sources, such as a credit bureau or proprietary government data.
Identity verification services were developed to help companies comply with Anti-Money Laundering (AML) and Know Your Customer (KYC) rules, identity verification is now a vital component to the transaction ecosystems of eCommerce companies, financial institutions, online gaming, and even social media. Through adopting digital fraud prevention methods, businesses can achieve AML and KYC compliance while addressing the risks associated with fraud.
In financial industries, verifying identity is often required by regulations known as Know Your Customer or Customer Identification Program. In the US, one of the many bodies regulating these procedures is the Financial Crimes Enforcement Network (FinCEN). The Financial Actions Task Force (FATF) is a global anti-money laundering and terrorist financing watchdog organization.
A non-documentary identity verification requires the user or customer to provide personal identity data which is sent to the identity verification service. The service checks public and proprietary private databases for a match on the information provided. Optionally, knowledge-based authentication questions can be presented to the person providing the information to ensure that he or she is the owner of the identity. An identity "score" is calculated, and the identity of the user or customer is either given the "verified" status or not, based on the score.
Customers of various businesses, such as retail merchants, government entities, or financial institutions, are often required to present an identification to complete a transaction.
Official source
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