What is identity verification?
Identity verification is the important process of ensuring that a person is who they claim to be when opening a bank account, applying for a loan, or other financial processes. Though identity verification is an important security measure in combatting new account fraud, Identity verification also plays a role in Know Your Customer (KYC) and anti-money laundering (AML) efforts at financial institutions which assess and monitor customer risk.
There are many different methods of digital identity verification, which all work in different ways. These methods include:
- ID Document Verification
- Biometric Verification
- Liveness Detection
- Knowledge-based Authentication (KBA)
- One-time Passcode (OTP) Verification
- Trusted Identity Network
- Database methods
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