An identity verification service is used by businesses to ensure that users or customers provide information that is associated with the identity of a real person. The service may verify the authenticity of physical identity documents such as a driver’s license, passport, or ID.
Identity verification services were developed to help companies comply with Anti-Money Laundering (AML) and Know Your Customer (KYC) rules. Identity verification is now a vital component to the transaction ecosystems of eCommerce companies, financial institutions, online gaming, and even social media.
By adopting digital fraud prevention methods, businesses can achieve AML and KYC compliance while addressing the risks associated with fraud.
An additional method to service Identity Verification that is gaining industry prominence is through Artificial Intelligence, or more commonly referred to as Artificial-Intelligence based Identity verification. In this process, ID verification is performed through webcam. Mostly result is also available in real time as well.
Identity verification service are used both online and in person to verify identities.
These services are used in the financial service industry, e-commerce platforms, social networking sites, Internet forums, dating sites, and wikis to curb sockpuppetry, underage signups, spamming and illegal activities like harassment, Identity fraud, and money laundering.