ID verification services are intended to enable businesses to ensure compliance with KYC (know-your-customer) and anti-money laundering regulations. These services facilitate businesses in protection against fraudulent and unlawful activities.
ID analyzer software is an identity verification solution that businesses or individuals can use to verify a person's identity digitally, thus ensuring they are who they claim to be.
How does ID Analyzer work
The software takes into account the identity aspects of the person like their biometrics or identification provided by them like an ID and compares it with authenticated information stored with an official entity like their passport or official ID or the registered biometric information.
To put it simply, the software compares the information provided by businesses or individuals with verified data to ensure that the person's identity is what they are claiming. The software can verify ID documents and ID authenticity, including government ID, driver's license or passport.
The various features of the software are listed as under:
1. Biometric verification
The ID analyzer software can enable biometric verification by using selfies to compare the picture of the person presenting his ID with the picture on the registered ID. It detects the liveness and assesses the credibility of the selfie. The software can identify spoofing attacks to rule out the possibility of using masks or a picture on a picture to forge an identity.
2. Knowledge-based verification
Knowledge-based verification can prove to be an important feature for financial institutions and other such services. The software offers institutions to use out-of-wallet questions for the applicants or customers based on the information provided in the applicant's credit records.
3. Verification through OTPs
This kind of verification is usually used before a transaction is concluded. The software generates an OTP (one-time-password) for ID verification and sends it through email or SMS to the individual to complete the verification process.
4. Verification with other services
If a client has standing credentials with another service provider, the software can use it to verify the individual's identity to complete the onboarding or account opening process.
5. Verification against online platforms
The ID analyzer software also uses data from other databases or social media platforms to validate the information provided by the applicant. It can be helpful in prevention against harassment, fraudulent activities or spamming.