Reviewing Common Means Of Verifying Customer Identity!

As more business continues to take operations online, meeting KYC requirements is becoming a major concern. Identity verification is about establishing that a customer is what he/she claims to be, by matching documents with records. If you are thinking how to verify someone’s identity, there are varied ways to do that, and most businesses now rely on ID verification API and tools for the same.

Here are five basic means of identity verification.

1. KBA

Short for Knowledge-Based Authentication, KBA is about asking a few questions to the customer, answers to which are only likely to be known to the person, and not anyone else. Call centers often rely on Knowledge-Based Authentication, but the problem remains that finding such information is not that hard anymore for fraudsters. It’s important to use KBA effectively and only in selected cases.

2. Two-factor authentication

The second means to verify someone’s identity is through Two-factor authentication, where the customer is asked to offer an additional code or detail before they can access a profile, website, or account. The token ensures that not anyone with possible access to the password can hack into an account or misuse data. In most cases, a fixed token is asked, or a special code is sent to the customer’s mobile.

3. Authentication via credit bureau

This one is a no-brainer. The data is retrieved and verified from one or more credit bureaus. These credit bureaus contain all the necessary information about consumers, so details like name, address, and number can be verified easily. The only problem lies with verifying immigrants and young people, because details may not be available to credit bureaus.

4. Through Database

There are varied Databases that can be used to confirm someone’s identity. Depending on the identity verification tool you are using, a wide range of databases can be used for verification, and this is often the most trusted, easiest, and cost-effective means of ID verification, besides online verification, which again is a better option

5. Online Verification

Online Verification is the last one on the list, which relies on different techniques, artificial intelligence, and biometrics, besides other means, to verify someone’s identity. The user may be asked to provide a picture of themselves holding their ID so that it can be confirmed that the person is the same. There’s no denying that online verification is the most secure option of all.

Check for ID verification tools right away and don’t forget to review the sources that are used for verifying data and information.