Understanding EIDV – what is electronic identity verification
Electronic ID verification is one of the most efficient modern security systems in use today. This digital verification process requires the public to own digital IDs which are run through EIDV systems to check for authenticity i.e., verification.
Electronic verification is increasingly becoming a standard security feature among most businesses. The methods are even more pushed thanks to the application of KYC and AML regulations that are compulsory for most digital institutions especially those dealing with financial processes. Online identity verification is one of the easiest and most efficient ways to achieve and scale KYC CIP (Customer identification programs).
Types of electronic verification systems
There are multiple EIDV systems that can be used for customer or client identification for know your customer compliance. Each one of these different types of processes has its own benefits and each one is also designed for a different purpose.
Document verification refers to using digital solutions or EIDV to verify certain identity documents such as passports, national or state ID cards, utility bills, tax statements, etc. Ideally, only documents with photos are considered for correct verification.
The document verification process is fast, simple, and easy. The three fundamental steps of EIDV for documents include submission of user information, evaluation of credentials, and lastly, verification and results. This type of verification is one of the most accurate methods of EIDV. The data provided is state or country issued, and the resulting standardization of features such as holograms, MRZ lines, etc. makes forgery much easier to identify.
Offers quick and hassle-free electronic id check process alerting for any forged, modified, illegal, or false information.
Facial recognition software is one of the most trusted ones available within the EIDV industry. Utilizing AI and Deep Learning models, facial recognition systems are another simple and efficient way to carry out ID verification processes for clients. While having applications during registration or sign-up processes as well, this type of electronic verification system is ideal for the EIDV processes that are required on a regular or need basis. For example, even if a person is a client of a bank, digital banking requires some sort of verification every time the user needs to access app data or wants to make a transaction. Facial EIDV is ideal for instances like these. For registered users, facial verification processes only require a selfie or a live webcam video and a few seconds to complete the verification process.
A watchlist is a list generated by an organization of adequate authority that lists down the names of people and organizations that are of potential harm to the state or its people. There are multiple watchlists that are used for customer or client screening purposes. These include, but aren’t limited to:
- Specially Designated Nationals and Blocked Persons List (SDN)
- Specially Designated Global Terrorist (SDGT) Lists
- UN Sanctions
- Watchlists maintained by Interpol, Europol, FBI
- Exit Control List
Watchlist screening is essential for financial institutions and is a key part of the implementation of AML or Anti-Money Laundering laws.
While essential, watchlist screening is also an extremely tedious and time-consuming process. Manual EIDV can take ages especially if you account for the fact that thousands of people may register with a business every day. EIDV services offer fast solutions for watchlist scanning. Companies can save time by automating watchlist screening processes and invest time where it is essential.
Every citizen owns a Social Security Card that is issued by the Social Security Administration. The number designated to each card i.e., the Social Security Number is one of the most common forms of EIDV in the United States. Electronic ID verification through this number is a basic minimum requirement of the Customer Identification Program within KYC in the United States.
SSN authentication through checks for the accuracy of the card, crumpled/folded edges, any likelihood of photoshop, forgery, or tampering, and rainbow print verification. Strong SSN authentication makes it difficult for potential criminals to steal someone’s identity for personal gain.
EIDV – The different types of solutions
Electronic verification technology utilizes the above systems to offer specific solutions to businesses.
- KYC – Know Your Customer
- KYB – Know Your Business
- KYI – Know Your Investor
- AML Screening
- Risk Assessment
A simple implementation of an EIDV system can help entities such as businesses, partners, clients, and customers helping build trust and effective security systems.
Electronic verification of identity or EIDV is crucial for business. It is not only essential for legal purposes but also offers security. With multiple types of electronic verification systems available in the market today, each business can find what works best for its specific needs. Offers multiple ways for KYC implementation. To learn more about our services click here.