If you use your credit cards for your purchases, you would have experienced providing your IDs along with your credit card if there is a need to do so. As credit card fraud is prevalent right now, verifying your identity is one way to avoid fraud from happening.
An identity verification company handles such a responsibility. To meet the precise demands of the job, these companies are often asked to comply with different country-wide campaigns such as the International Anti-Money Laundering Law, Counter-Terrorism, and Know Your Customer. Verifying age and detecting fraud should also be included in their arsenal.
Different Levels of Identity Verification
- Low-level assurance
Self-attestation does not need to countercheck with any reliable sources. In this method, a person certifies their identity by sending a copy of their IDs with their signature and writing that their posting documents are accurate. In today’s standards, this will not hold that much ground.
- Low/medium level assurance
The KBV or the Knowledge-Based Verification method is almost the same as a self-attestation if the credit reporting agencies will experience data breaches. It means that a lot of people’s personally identifiable information or PII is readily available online, which should not be in the first place.
Some sites require you to log in with Facebook, which in itself allows you to either sign up or log in to the site. The issue here is that, as most people do not read the fine print, you may not know that you are letting the site access sensitive information if you are not careful.
Sometimes, using social media platforms to log in to sites does not guarantee complete verification. It only confirms that the email associated with the social media platforms is the same as it was during registration.
- Medium level assurance
If you get an ID scanned on a site or an app, it does not complete the whole puzzle of verification. The ID can confirm that it is valid, but it does not check if the holder’s identity is the same as the scanned ID. Even if you have to take a selfie along with the ID, it still does not complete the whole verification process.
- Medium/high-level assurance
With a biometric liveness selfie, it depends on your biological characteristics to check if you are who you say you are. It has to be done with other verification processes as well because it is still susceptible to spoofing.
- High-level assurance
To be asked to complete a virtual call means you would need to speak with someone face to face but through a video call. These carry a high-level assurance as it is akin to talking to someone physically.
Benefits of Identity Verification
When your business works with an identity verification company, these are the benefits that you can enjoy.
- It keeps your reputation intact.
- It will help you avoid paying fines.
- It can stop you from having chargebacks.
- It can help you avoid fraud and money laundering issues
- It improves your purchasing experience.
Last Points to Remember
Whenever data breaches litter the news, people often worry if it includes their personal information, too. It is why most businesses take the identity verification process seriously.
There are solutions you can consider, but rest assured that these legitimate identity verification companies regard your identity as sacred.