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A Few Things to Know About Identity Verification

The identity verification services are offering their businesses to the different companies to make sure that their customers or users are really giving the right information of their identity and that they are real persons. Such type of services can also verify the truthfulness or the authenticity of such physical ID documents such as the drivers license, the passport and this is known as documentary verification or may check such identity data against those authoritative references such as the data of the government or the credit bureau that is called the non-documentary verification.

Know that this kind of identity verification services is actually used online and in person to be able to verify a person’s identity. These services are employed by a few social networking sites such as the dating sites and even the internet forums and the wikis so that they can stop the money laundering and other illegal activities, underage singups as well as spamming. Such services are necessary to establish those bank accounts and also the other financial accounts in various jurisdictions.

Such was actually developed in order to help the companies comply with such Anti-Money Laundering and also the KYC rules or process. Be aware that the identity verification has become very important in the transaction ecosystems, the online gaming, financial institutions, the social media and also eCommerce businesses. In any place in which the risk has to be determined and mitigated, then you must understand that identity verification is definitely at play.

In such financial industries, that identity verification is often required by such regulation which is called Know Your Customer and the CIP. A non-documentary identity verification is also available which would necessitate the users or the customer to give such personal identity which is then given to the identity verification service. This kind of service will be checking the public as well as the private databases to guarantee a match in the provided information. Such knowledge-based authentication questions can be given to the person who is giving such information to ensure that one is really the identity owner. There is actually an identity score that is calculated and also the identity of the user or such customer is given that verified status or not according to such score.

The different customers or a lot of kinds of business, like those government entities, the financial institutions as well as those retail merchants are often required to present identification for them to complete such transaction. For example, a merchant may need customer identification for many kinds of purchases or when particular types of payments are actually presented to pay for those transactions. The financial institutions may also require those customers to present the identification for completing the cash or check deposit, withdrawal transactions and also for opening a new account. Such government entities may require the identification in order to access those secure areas or any other purpose.

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