Identity Verification (IDV) is the process of verifying that a person really is who they claim to be before providing access to services, accounts, or transactions. This is crucial for all sorts of industries—from banking to fintech, from cryptocurrency platforms to insurance, and ultimately any tightly-regulated space where fraud prevention and anti-money laundering are top of mind.
Today, IDV solutions are a blend of several verification methods, like validating government documents, facial recognition, biometric matching, liveness detection, database checks, and address verification. These technologies assist organizations in their efforts to align customer identity verification accurately with manual review and onboarding, traded off for fewer constraints.
Identity verification, which is an integral part of Know Your Customer (KYC) and Anti-Money Laundering (AML), tends to mitigate the risk of identity fraud, account takeover, and financial crime. With the growth of Digital Services, automated IDV deepfakes enable organizations to onboard customers quickly, improve security, and comply with regulations whilst delivering seamless journeys on web and mobile platforms.