Identity verification is one of the most growing concerns of the tech world. Every big company is now spending millions from its revenues to improve the identity verification process. But the amusing part is that small businesses still have not realized the potential of identity verification. They are still stuck on the basic questions like, “Is it even important? or which method is best for their product or company?” So here is an article answering all of your Frequently Asked Questions regarding the same. Enjoy!!!
What is Identity verification?
Identity verification is the process that ensures that the identity of the person logging in matches the owner of that account or system. Moreover, it can also be related to ensuring that information provided by the users or customers belongs to a real person.
Which industries are using Identity verification the most?
Albeit Identity verification is used in majorly every type of industry, but here are some of the major industries where identity verification plays a huge part:
- Financial Sectors
- Medical Sector
- Telecommunication Industry
- Recruitment Industry
On what basis can we verify identity?
Let’s not beat around the bush and come straight to the point that identity verification is based on these five methods:
- Knowledge-based authentication
- Two-factor authentication
- Credit bureau-based authentication
- Verification by an online process
- Verification by Biometrics
What are the different types of Identity verification?
- ID Document Verification
- Human Supervision
- 3D Liveness Detection
- Facial Recognition
Which is the best type of identity verification?
There is probably no such “the-best” type of identity verification. To elaborate more, it is situation-specific. But if, in any case, we have to choose the one which is based on the most advanced technology and at the same time it is reliable too, it should be the use of AI in face verification with a touch of human verification. Yes!!! AI and humans can together do wonders on an enormous scale with excellent efficiency.
Why is even Identity verification important?
Identity verification is important as it helps in avoiding fraudulent cases. And not just this, if you do not comply with the rules and regulations related to customer identification, you will be inviting hefty fines from the government. Moreover, it adds to the image of your brand. We don’t need to tell you that having a good brand image is one of the most important parts of sales.
Should I opt for Identity verification for my product?
One word: Yes!!!!
Having an Identity verification service for your product can indirectly help you to gain the trust of your customers, which will indirectly reflect in your sales graph. Moreover, it adds an extra layer of protection, prohibiting an intrusion of privacy for your customers. Therefore, it is a must for your products.
Well, the questions are infinite, and the answers are limited. We hope that we sort of cleared the air by answering the most asked questions regarding identity verification. If you need any more help regarding the same, you can always refer to iDenfy for more details.