In today’s world, identity verification plays a vital role in people’s lives and businesses. It helps to prevent fraud, protects personal information, and guarantees secure communication on the Internet. In this blog post, we will explore the best methods for online identity verification and how it can be a helpful tool at your disposal.
What Is Identity Verification?
Authentication is verifying the person’s identity and ensuring that they are the one claiming to be. In the online world, this traditionally means that the identity of the user applying for a service is electronically authenticated. The use of solid identity identification processes assists in reducing extraneous entry and embezzlement, amongst other perils.
Best Online Identity Verification Methods
Many online identification strategies are available, all with distinct advantages; used in specific contexts and provided by ID verification companies to ensure safe and secure verification. Here’s a closer look at five of the most common methods:
1. Document Verification
Document Verification is an e-verification process where the authenticity of IDs such as passports, driving licenses, and national IDs is checked. This usually involves taking a picture of the document AND performing rigorous checks on the docket’s authenticity through various algorithms.
Benefits of Document Verification:
Easy to implement: Document verification is an easy-to-understand method with proven adopted technology available.
Standardized process: IDs produced by the government have a unique format that enhances the verification process.
High level of security: Document verification is, however, secure when used in tandem with liveness detection techniques that guarantee that a human being presents the document.
2. Biometric Verification
Biometrics involves using a person’s physiological or behavioral traits for identification, including fingerprint scanning, facial recognition, iris scan, or voice recognition. This method requires using an image, fingerprint, or some other record of a user, against which they are compared to an established image or template.
Benefits of Biometric Verification:
Enhanced security: Biometric data are personalized; therefore, biometric verification is one of the most secure means of identification alive today.
Improved user experience: Biometric verification can, therefore, be more effective than other methods, such as passwords.
Reduced risk of fraud: Biometrics is very challenging to counterfeit or imitate because each person has a different biometric feature, as explained by Neath et al.
3. Knowledge-Based Verification (KBV)
Knowledge-based authentication (KBA) uses user details to confirm identity. This type usually involves contacting the user and formally interrogating them about their history, such as past addresses, past employers, and loan details. The user is then matched with information available in the organization’s databases or files.
Benefits of Knowledge-Based Verification:
Low cost and easy to implement: KBV is one of the cheaper methods, and the program’s framework is easy to establish.
Suitable for low-risk scenarios: KBV can be pretty effective as a verification tool for fraud-related conditions that are difficult to consider.
Familiar with users: Many users need help answering questions that KBV can provide for online services.
4. Two-factor authentication (2FA)
Two-factor authentication adds an extra measure of security when logging in to an account. In addition to the username and password, 2FA also asks for the second verification factor for accessing the account, for example, a code sent to the registered mobile number, or an authentication code generated through the authentication app.
Benefits of Two-Factor Authentication:
Stronger defense against unauthorized access: It also complicates the hackers’ job. Even if they were able to obtain your password, the second verification factor wouldn’t allow them to access your account.
Widely adopted and familiar: 2FA is a standard method widely adopted by numerous Internet services, so most of the population is more or less familiar with it.
Relatively easy to implement: No highly complicated dependencies must incorporate 2FA with the existing login systems.
5. Credit Bureau-Based Authentication
Credit bureau-based authentication relies on credit bureaus to authenticate a user’s identity. This involves using a credit report, which the user allows to check information such as name, address, and date of birth.
Benefits of Credit Bureau-Based Authentication:
Detailed identity verification: Through credit reports, one can view user financial information and thus thoroughly scrutinize identifications.
Faster verification process: Credit bureau data can help minimize the verification process, primarily for users who use credit products extensively.
Potential for fraud detection: Such data can detect signs of fraudulent behaviors or discrepancies that would not be easily noticed normally.
Wrapping Up
Whether a business or individual selects to use the online identity verification method depends on the needs of an organization, the nature of the transaction or type, and an individual’s risk tolerance. In some stringent security applications, it may be desirable to incorporate paper-based identification and fingerprints, for instance. On the other hand, if the threat level is comparatively low, then using the credentials that the user has entered as the forms of identification, also known as knowledge-based verification or two-factor authentication, may be enough.
It’s essential to evaluate the following factors when selecting an identity verification method: It is critical to assess the following factors when selecting an identity verification method:
Level of security required: This pertains to the nature of the information being protected as well as the implications or repercussions of violating it.
User experience: To be effective, avoid using a method that could frustrate users by making it complex.
Cost: See the expenses that can be incurred for establishing and sustaining various verification techniques.
Regulatory compliance: Make sure that the chosen method fits the legal requirements provided by the industry and the related data protection acts.
Scalability: This includes the magnitude of the number of users and data that the method/algorithm can accommodate.
Thus, by paying attention to the points in the presented list, particular businesses and individuals can choose the most suitable online identity verification to minimize the risks of personal information exposure and guarantee a safe environment.
