What is Identity Verification?
In today’s fast paced, technology driven transactions, it’s becoming increasingly important to know that the person you’re doing business with is exactly who they say they are. You need to make sure that the person you are speaking to is the right representative of a company. Having risk decisioning tools available to you is very important in today’s economy. To get this you need an Identity Verification Solution to help with that.
Identity Verification is the process of finding out a person’s true identity or at least confirming that the identity information that a new customer has given to you is legit. More formerly known in the industry as KYC or Know Your Customer.Â
With the help of cutting-edge technology, identity verification providers help you figure it out. Mostly in real-time, you can find out if the person you are talking to is really who they claim to be. Verification dramatically reduces potential losses. For deeper insights which are mostly needed for employment, identity verification can also include background checks or even go into mobile phone or email verification.
Related: Authenticate A Consumer’s Identity In A Matter Of Seconds!
Who Uses Identity Verification?
Many different types of business use identity verification to protect their business. It has been used to defend businesses against fraud and identity theft. For financial institutions, it also helps fight against money laundering. Verification can be used by online retailers, car dealerships, check cashers, financial institutions, insurance companies, government agencies, and mortgage companies.
Related: Understand and Fight eCommerce Fraud.
Types of Data Provided
ID Verification Service providers can deliver many types of data sets depending on what you need. Raw data responses or customized results can be setup according to the requestor’s needs and the output can be most of the raw data, a few questions, or a customized risk score or a simple Yes or No challenge question and answer.
Related: Make Online Payments Easier for eCommerce Customers.
ID Verification Online Access
ID Verification services can be accessed in different ways depending on the provider and depending on the type of data needed. The most easiest and basic option for accessing one to a few records can be done through a Web Interface. You simply get an online account with an Identity Verification provider, and then search your providers’ online database using certain parameters like a Social Security Number, or a name and address or telephone number, among others.
For some business that need integrated solutions, identity verification providers offer APIs that enable connecting your content management system to their database securely. This enables automatic or 1 click data verification.
Related: Electronic Payments Make Business Finances Easier to Handle.
Bottom Line
By integrating Identity Verification into your business processes, you negate the effects of fraud greatly as you are able to know your customer (KYC) and find out who you are dealing with right from the start.
Contact Us for more information on Identity Verification, Real-Time Check Verification, Credit Card Processing, or eChecks and ACH Transactions. Or take us up on our FREE Merchant Account Analysis offer. We’ll analyze your merchant account rates and let you know how to Save! If you are ready, you may be able to Switch and Save!