Exploring Evolution of Identity Authentication and Championing safest Verification Techniques throughout time
In the digital age, ensuring the authenticity of a user's identity is paramount for businesses, especially those operating online. Here's a guide to help you choose the right identity verification method or solution.
Accuracy and Document Coverage
A good identity verification solution should offer high accuracy, supporting a wide range of ID types worldwide. It should provide at least 95% accuracy for scanning IDs, 100% accuracy for critical data fields, and at least 99% accuracy in detecting fake or authentic IDs.
Security and Compliance
Data security and compliance with standards such as ISO 27001, GDPR, CCPA, and KYC/AML laws are essential. Look for solutions that prioritize data security with features like on-device data processing, encryption, anonymization, and minimal data retention.
Scalability
The solution must handle your current transaction volumes and scale as your business grows, ensuring seamless performance as user numbers increase.
Customizability and Flexibility
A good platform should allow mixing and matching various verification methods tailored to your industry needs and use cases, rather than a one-size-fits-all approach.
Verification Speed and User Experience
Solutions should process identity verification quickly to avoid customer frustration. Fast and mobile-friendly workflows with options like two-factor authentication improve verification completion rates and user satisfaction.
Robustness and Method Variety
Options like biometric authentication (fingerprint, facial recognition, iris scans) increase verification certainty since biometric data is hard to forge. Investigating digital footprints can add insight but must respect privacy laws.
PII Storage and Data Privacy
Choose platforms that either safely handle PII storage themselves or enable you to remain compliant without excessive burden on your business.
Document Authenticity Validation
The solution should follow standards for validating physical evidence authenticity through optical capture, inspection, or trained agents.
Modern Identity Verification Methods
The history of identity verification dates back thousands of years, with people relying on their memory, jewelry, and other distinctive goods for identification. Today, methods like document-based verification, biometric verification, and database verification are common. Document-based verification requires customers to upload documents for verification, often with a selfie for added security. Biometric verification checks biometric data such as fingerprints or facial recognition for identity verification. Database verification involves comparing customer information with multiple databases and assessing risk levels.
The Evolution of Identity Verification
The first computer password was created in 1960, and in the 1990s, security questions were introduced. King Henry V introduced the first version of the passport in 1414, and the Babylonian Empire was the first civilization to collect and record people's personal information. Today, KYC providers are developing new technologies to simplify and speed up the identity verification process, with document-free verification being adopted by more countries to simplify onboarding processes.
Regional Differences
In the UK, clients can submit a valid passport, valid photocard driving license (full or provisional), national identity card, firearms certificate or shotgun license, or identity card issued by the Electoral Office for Northern Ireland. In the Netherlands, users need to get verified through a government app, while in some countries, users log into their bank account and agree to share personal data.
Sumsub's Solutions
Sumsub's solution allows businesses to design verification flows in a visual interface with minimal coding needed. Its Non-Doc Verification solution can be customized to meet country-specific requirements and is available to over 90% of users from various countries and is compliant with regulations in multiple countries.
In conclusion, choose an identity verification solution that balances high accuracy, strong security and compliance, flexibility/customizability, fast processing, scalability, multiple verification techniques (including biometrics), and robust data privacy measures to effectively meet your business and regulatory needs without compromising user experience.
- To ensure seamless transactions and maintain user trust, online businesses need to integrate technology-driven finance solutions that prioritize identity verification methods offering high accuracy, secure data handling, scalability, various verification techniques (including biometrics), and robust data privacy measures.
- As technology advances and regional differences arise, it's crucial for businesses to remain flexible by adopting identity verification methods suitable for their industry needs and user bases, following industry standards and local regulations for authentication and data privacy.
