Identity verification

Introduction for the newbies

What is identity verification?

Identity verification is used in various fields, from banking institutions to hospitals. After passing the check, the person confirms that it is he who performs specific actions and this is not an attempt to cheat. This system is used by financial companies. For example, banks or cryptocurrency exchanges.

The process itself differs depending on the brand and what services you want to access. Traditionally, you came to the bank to, for example, open an account or update the current information. Now you need a tablet or phone, as well as Internet access. The list of verification requirements changes from organization to organization. The higher the security level is, the more complex the identity verification procedures are. So, to gain access to a bank account, you need not only specify a password but also to go through video verification or answer secret questions that were asked to you during opening an account. Paying for an apartment, making purchases, or opening an investment account - everything is available online.

How it works

You provide data that is checked with what is already in the database. If they match, you are validated. This system is used both online and offline. All this is necessary so that your data is not used by someone else. Multi-level verification will keep your money and personal information safe. Thus, it is not enough for fraudsters to find out your password to gain access to services. The system does not recognize them, and you will immediately receive a notification about an attempt to log into your account.

This problem began to manifest itself especially acutely during the quarantine period. People needed to update their bank details or get medical help. A confirmation system that works online has made these steps easier. In real-time, you may be asked to name keywords or go through video verification. This ensures that no one else can access the data except you. Companies, which are using this system, inspire more confidence in potential customers because they care about the safety of the information they are provided with.

How to verify the identity

If you want to authenticate to the portal, you may be asked to verify your identity. For example, you want to open a new bank account or update your data remotely. To do this, you will need to provide the following information:

●      identity documents: you need to show them to the camera or enter the data indicated on them;

●      biometric data: fingerprints or face recognition (the algorithm determines who is in front of the camera from a photo or video);

●      a unique code that comes to a phone number or postal address registered in the system.

These checks work best in combination. Real-time filling opens up more opportunities for fraud. To prevent this, as well as to reduce the level of crimes, a personal identification system was introduced. If a person comes to the website intending to commit something illegal, then if it is necessary to confirm his identity, there is a high probability that he will change his mind. For example, in financial institutions such as exchanges, verification is required before the first transaction. The number of transactions per day depends on what amount will be available and how much money you can withdraw from your account. And if some of your personal information is stolen, you can contact the institution and block your account or account until the circumstances are clarified.

The online Identity verification process

Modern technology helps to do most of the actions online. Banks use personal identification to save time. You don't have to change plans to free up an extra couple of hours to go to a branch or office. How does online identity verification work? Most often, this is a photo or video check. The first option is unreliable because the photo can be substituted and verification does not require eye or head movements. But video usage is a more reliable way. You may be asked to tilt your head and turn it in different directions to ensure that your photo is not put in front of the screen.

Let's take a closer look at the algorithm: you visit an organization's website or use a mobile application. You are asked to provide access to the camera and microphone, show documents from both sides - they must be in good condition. Also, for example, you may be asked to smile at the camera, tilt your head, turn, and do other things to make sure you are a real person. After this, the video is checked by an automated system, and if everything is in order, you are given access to services: registration, bank account, and more. This check takes a couple of minutes, depending on the technology used by the company.

Regulations and standards in ID verification

Identification by ID has been known for a long time, but today this system is available online. A series of checks make sure that the person requesting access to the service is genuine. Some regulations govern the use of different ways to verify your identity. They differ from country to country. AML5 in the countries of the European Union focuses on the verification of financial transactions for money laundering. eIDAS regulates functions that are used to verify identity, such as electronic signatures.

General recommendations while passing the test are good lighting and a phone camera. Your face should be visible, and when you show the document, it should be in focus. The text does not read the real person, so make sure that there is no interference, and all the characters on the papers are clear. During the check, you must have access to a fast Internet, because if the connection is interrupted, you will have to go through it all over again. Also, don't use a lot of makeup that changes your face.

ID verification services from KYCAID

Identity verification is easier than ever with online services. KYCAID offers real-time document verification. What data we check: name, surname, who is the person by nationality, date of birth. The face identification service will allow you to prove that the person on the photo or video and the documents is the same. Video confirmation occurs through a call, during which we, by using our algorithm, conduct a check and issue a confirmation that it is this particular person, who provides the documents, and not someone else. You can find the full list of services in the “Products” tab. Entrust the verification to us, and do not waste extra time and effort!

Organizations that introduce an online identity verification system generate more trust from their customers. The institution's usage of multiple levels of verification for its clients means increased security. A person trusts his data and knows that it will be almost unrealistic if they try to steal it.

After the quarantine, the organizations realized that there was a high risk of fraud. If the system has several levels of security, then most of the shenanigans will be stopped even before the start. How it works: before carrying out most operations, for example, in banks, you need to enter your data, they will be checked, and only after that you will be able to withdraw or deposit money into the account. The same system works with exchanges. If the algorithm recognizes the slightest deviation, the person will be denied access to the system.

That is a future where digital transactions will be safer than meetings in person. You do not need to meet in person to close deals with partners from other countries. You can go through all the checks of documents online and safely conclude contracts. The need for offices will remain for large remittances. And all minor issues can be solved by using the phone.