The Main Types Of Identity Verification Methods
Many businesses today have taken it upon themselves to do identity verification. This is especially so for companies such as e-commerce companies and financial institutions. You find that there are many techniques that have been created to ensure this is done. This is basically done so that companies can protect themselves against and prevent business fraud. In this verification method you find that each country has its own rules and regulations concerning how it should be done and the techniques that need to be used as well as enforcing them.
There are many types of these methods that you can find being used. Some of the methods are such as; authentication based on knowledge, two factor authentication, authentication based on credit bureau, database methods and online verification. These are the main methods that are applied when it comes to this process to ensure that it is done.
Database method applies the use of data from nay sources so that you can verify one’s identity. You find that the sources that apply in this can either be offline ones or online ones through avenues such as social media. This method helps to reduce risk greatly by assessing how much a person possess that risk. It is advantageous since it reduces with a significant amount the need for manual reviews.
Fraud verification online method applies to use when one wants to verify a government issued ID and whether it belongs to user. For this some of the things that are used are; computer vision, biometrics, artificial intelligence, as well as human review.
As for knowledge based authentication, this is done when there are security questions involved. In order to verify a person’s identity, you assess how a person answers certain security questions. The design of these questions is that it can be easy for the person to answer but when it comes to anyone else it gets extremely hard as the individual is the only one who knows answers to the questions. You also get that they have a characteristic of a time limit for the questions to be answered. This method is the easiest way that you can use to verify how a person is. Check out this product now!
Two factor authentication works by providing the users with a form which can be used as personal identification or in other words a token. This is done on top of putting in the usual prompt for the username and password before gaining access to an account. This is advantageous for the creation and resetting of passwords.
Authentication that is credit bureau based uses the logic in that it depends on other information from major credit bureaus. This is because these establishments have a large amount of information on people.