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For many businesses, KYC (Know Your Customer) requirements are a big concern. As digital transactions are increasing dramatically, more customers are submitting their verification details and IDs online, and businesses must verify that the customer is who he/she claims to be. ID Verify, or idverify, is the process of verifying ID’s. Businesses can get details of Personally Identifiable Information (PII) of the customer, to identify the fraud score, which further helps in accessing risks.
Knowing ID Verify
There are companies that offer the service called “ID Verify”, where more than 60 different details and aspects of applicant’s Personally Identifiable Information (PII) is verified and confirmed. Besides the basic information like name, driving license, other details, including credit history can be confirmed. In certain cases, high-risk elements must be verified, such as applicants or individuals, who are likely to be on Watchlist, or have records that are possible indicators of fraud.
The sources
ID Verify typically relies on a wide range of sources to verify an applicant’s PII. From using trade line records that come sources like retailers, to the conventional details furnished by credit bureaus, companies may rely on various sources to verify PII. Many services also rely on specific sources, such as Non-Published landline phone records, agency records, and government filings. Also, there are resources and data sources that could be proprietary to the organization that’s verifying the data.
Which industries need ID verification services?
Most businesses in the banking, financing and retail sector need ID verification services on a regular basis. In recent years, such services are also being used in the real estate sector. For instance, many agents and real estate companies want to verify details before properties are sold or rented out. Also, regular businesses that are hiring new employees have to complete such requirements, to meet compliance needs.
Final word
As a company that deals directly with customer data, ID verification services are critical for your organization. While you can always choose to have an in-house team for completing the KYC requirements, the process is long-drawn, complicated, and may mean considerable work, especially if the volume of data or documents is large. Check online for ID verification services and contact one to know how they verify consumer details and ways in which they can help your company in particular. As long as your business exists, you will need assistance with KYC and AML requirements.
