Overview

Identity verification is a key process. It confirms an individual's claimed identity by checking their documents. This process involves checking ID documents and other evidence. It is to confirm the person's claimed identity.

To prove someone's authenticity, various documents may be required. These include government IDs, security credentials, or other legal papers. Identity verification services can check these documents in detail. They often use digital platforms for remote verification. This ensures accuracy and convenience.

Identity verification is fundamental to confirming that individuals are who they claim to be. This process involves thorough checks of official documents, such as government IDs and security credentials, to ensure authenticity.

Especially critical in financial services, identity verification helps prevent fraud and supports KYC and AML compliance. As online threats like data breaches and identity theft rise, digital identity verification solutions—like biometrics and facial recognition—enable remote verification, ensuring accuracy and efficiency.

This step is crucial for customer onboarding, safeguarding institutions, and enhancing user experience by enabling swift, secure access and protecting against fraud.

How does Identity Verification work?

Identity verification can be done by manual or automated methods. Each offers a distinct process.

Traditional verification relies on in-person checks. Individuals present physical IDs. A verifier manually compares the ID photo to the person. This information is then cross-referenced against public databases to confirm authenticity.

Electronic verification is a process that operates entirely in a digital format. It requires clients to submit a photo ID and a live selfie. These are analyzed and matched using advanced technology. This digital method enables instant cross-referencing with public databases. It offers fast, accurate results.

Instantpay's identity verification solution is a great example of this. It allows for remote verification without needing to be physically present. It uses advanced AI to eliminate human error. It provides precise, reliable identity authentication via a fully digital process.

Why do we need identity verification?

Customers expect easy account openings, often from their own devices. Digital identity verification is now essential for remote onboarding. It offers a secure, efficient way to boost customer satisfaction and fight fraud.

When a new customer applies for an account online, we use advanced facial comparison technology to verify their identity. First, the submitted ID document undergoes verification for legitimacy. Next, the customer takes a real-time selfie, which is matched with the verified ID photo. A successful match confirms the customer's presence. It builds trust and deters fraud.

This process boosts security by cutting identity theft risk. It also helps meet Know Your Customer (KYC) and Anti-Money Laundering (AML) laws.

Moreover, identity verification is key to customer experience. A quick, easy verification process boosts user satisfaction and loyalty. Customers appreciate the ease and reliability of the interaction. Conversely, a tedious process may lead to customer drop-off, ultimately affecting business performance.

As digital interactions rise, identity verification is vital. It protects businesses and helps create a great customer experience that drives success.

The Strategic Advantages of Digital Identity Verification

Digital identity verification is changing how financial firms ensure security and compliance. It offers benefits for both operations and customers.

✅ Optimised User Experience: A fully digital verification process enhances user engagement by offering a seamless and efficient experience, driving growth in digital channels. This streamlined approach not only attracts new customers but also fosters long-term satisfaction.

✅ Fraud Prevention in Remote Settings: To reduce fraud from remote applicants, use digital identity verification. By validating identities without physical contact, banks can safely expand their reach while keeping strong security.

✅ KYC Compliance: With rising regulatory focus on Know Your Customer (KYC) standards, digital ID verification helps banks meet these requirements and industry standards.

✅ Facial Biometric Verification: Leveraging facial comparison technology, this method confirms that the person presenting the ID matches the individual on the document, adding an additional layer of security and trust in the verification process.

✅ Accessibility through Mobile Image Capture: Digital identity verification accommodates all users by enabling mobile image capture, making it a practical and accessible solution for diverse customer bases.

✅ Automated Data Extraction: By extracting data directly from identity documents, manual entry is eliminated, reducing the risk of errors and speeding up the process.

✅ Instant Document Verification: Documents can be authenticated in seconds, reducing the processing time from minutes to mere seconds, which is invaluable in fast-paced digital environments.

Steps of Identity Verification in the Digital Age

Step 1 - Capturing the Identity Document: First, take a clear image of the identity document, such as an ID card, passport, or driver's license. It's critical to avoid glares, blurriness, and cropped edges. They can impede verification. Every detail must be accurately captured to facilitate further steps.

Step 2 - Document Image Quality Assessment: After capturing the document, we check its quality. We use technologies to enhance brightness, contrast, and alignment. This ensures the document is both readable and authentic. Algorithms verify the document's liveness. They confirm it is genuine and unaltered.

Step 3 - Data Extraction and Analysis: Documents often have multiple zones with encoded data. This includes: visual inspection zones, MRZ, barcodes, RFID chips, and security features. In this step, we extract data from these zones. We decode it if needed and cross-reference it. Any discrepancies may indicate potential forgery, allowing for immediate action.

Step 4 - Capturing a Live Biometric Portrait: Next, the individual provides biometric data, usually via a live selfie. Advanced liveness detection tech verifies that the image is genuine. It protects against masks, pre-recorded videos, and manipulated images. This step ensures the integrity of biometric data.

Step 5 - Face Matching: Finally, the biometric portrait is matched against the photo on the ID document. Face matching tech compares the selfie with the document images, including any photos on the chips. A successful match confirms the individual’s identity, completing the verification process.

Which industries need Identity verification?

✅ Banking and financial organizations

✅ Government-related services

✅ Aviation companies

✅ Insurance and medical help institutions

✅ Hotels, casinos, and entertainment companies

✅ Car, scooter, or bike-sharing services

✅ E-Commerce

✅ e-Sports/Gaming