Digital identity verification is a process which entails verification of customers, employees and other company stakeholders to have legitimate people onboard only. Individuals' identities are verified through different biometric checks and government-issued ID documents like ID, passport, driver's license, etc.
Identity verification services are instrumental in verifying the identification of an individual and verifying they are who they claim to be. These services can help businesses comply with KYC and anti-money laundering guidelines and prevent fraudulent and illegal activities.
Importance of ID Analyzer software
As technology continues to improve, industries are striving to incorporate the latest technological features to streamline their processes and improve employee productivity whilst decreasing their workload. At the same time, they aim to build lasting, lucrative relationships with customers.
However, this also poses the challenge of businesses falling victims to illegal and fraudulent activities. Data breaches, identity theft, trafficking, terrorist financing, account frauds, money laundering etc., are all by-products of increased digitalization.
However, organizations can combat such misconduct and criminal activities with identity verification services. These identity verification services like the ID Analyzer software help industries to prevent criminal or fraudulent activities.
How does the software work
The ID Analyzer software takes a person’s biometrics or provided identification and compares it with the registered information for their biometrics or available in official ID documents like their passport, ID or driver’s license. Some of the salient features of the software are listed below;
• The software conducts biometric verification through selfies to compare them with the person's registered ID picture. The software is equipped to determine the liveness and assess if the selfie is indeed credible. So if a person is trying to forge an identity through masks or pictures on pictures, the software can detect.
• Another important feature is knowledge-based verification. It is critical for financial institutions and other such entities. Businesses can incorporate out-of-wallet questions in the system to verify the applicant’s information as provided in their credit records. It can also assist banks in verifying customer information at the time of onboarding and opening accounts etc.
• The ID Analyzer software can also assist in verifying information at the time of conducting transactions. For instance, it generates a one-time password that is sent to the customer's phone or email through which the customer can verify their identity and help the business ensure the customer's authenticity.
