Identity Verification: The Means To Perform shuftipro.com

A decade back hardly, besides a few groups of people, there was seldom anyone familiar with the term Identity Verification. However today, the world has very much become familiar with it.
<a href="https://shuftipro.com/document-verification">Document Verification</a> refers to knowing, identifying, certainly, or authenticating the identities of the people online. It implies that the people certainly are, who they are claiming to be.
Identity verification is most often performed by financial institutions. Consider you have a bank account with some bank. Now, you want to perform a transaction using digital banking services. The very first step after logging into your account will be authenticating your identity. It will only be after you have done so that you’ll be given access to your account. Which is what led to establishing the term KYC or Know Your Customer.
However, as for how you authenticate your identity, this is explained in detail in the rest part of this very article.
Why for customers to have their identity verify online is necessary?
Performing identity verification is an obligation and a necessity both. Obligation, since, its compliance has been made mandatory by the global or regional authorities. Necessity, because carrying it out is in the online businesses’ own interest.
Identity checking is designed to stop online fraud. Giving specific accesses without authenticating the identities online, results in identity thefts and various frauds. For that reason, concerned authorities have established certain rules and regulations. These rules and regulations, precisely known as KYC (Know Your Customer) compliance, are obligatory to follow.
Being compliant with such regulations, not only saves from non-compliance penalties but also saves businesses from facing financial or customer losses.
Means to have Global Identity Verification performed:
For identity verification, identities need to be verified. For the very purpose, global identity databases are made to use. The very identity is then checked against the global identity databases.
The means to perform it, are as under:
Face Verification:

This involves making identity verification by using facial recognition technology. The user is required to face the camera in real-time. The facial technology then establishes the authentication of the identity by:

Liveness detection
Fake image detection
Anti Spoofing checks
3d depth perception
Microexpression analysis

Document Verification:
This involves making identity verification by making use of some government-issued documents. The supported document types are national identity cards, passports, driver licenses, etc.
This requires users to display the front-side of the document in real-time. The OCR technology would then extract the information against data fields; for cross-checking with the existing document.
Identity Card Address Verification:
As the name implies, this involves making identity verification by making use of addresses specified on the identity card. However, the identity card could also be any document entailing a full address.

Making identity verification and identity proofing using address verification may have the following significant benefits for the online businesses and financial entities respectively:

No more ‘false chargebacks’
Better delivery time with authenticated addresses
Enhanced communication with accurate addresses
Additionals security measures for various compliances
Fraud detection and thus mitigation by customer profiling
Help in making various compliances

Two-factor authentication (2FA):
Passwords only, as means of security, were never sufficient. Two-factor authentication, thus adds an extra layer of security, when combined with password prompting.
The user after inputting the correct password is then required to share the access code. The access code is shared through either channel with the user. The channel varies with the user. It can either be shared with a text message, a voice call, or an email.
By the combination of the correct password and access code, the two-factor authentication performs identity verification.

Identity verification is to prevent online fraud. Performing it is an obligation and a necessity both; since it is in the digital businesses’ own interest.