5 Tips in Choosing the Right Identity Verification Solution
For more than a century, Keesing has been deeply involved in identity and banknote verification. With our extensive knowledge of identity verification, we are eager to offer valuable insights to help safeguard your business. Whether you’re a financial institution, an e-commerce platform, a government institution, or any other type of organization, selecting the right solution for your organization can be a daunting task. In this blog, we will talk about five tips to navigate the complex realm of identity verification. From understanding your unique requirements to evaluating the latest technologies and compliance standards, we will help you to make an informed decision.
What is identity verification?
Identity verification is the procedure of confirming the authenticity and legality of a person’s identification document, determining whether it corresponds to the person’s claimed identity. Keesing Technologies specializes in providing solutions and technologies designed to aid businesses and organizations in ensuring the accuracy and security of identity verification processes. This typically involves the validation of various types of identification documents, including passports, driver’s licenses, and ID cards. To verify the authenticity of these documents, they are scanned and/or assessed based on the unique features of each document. Each identification document contains multiple reference points, which all will be checked.
The importance of identity verification
Identity verification helps ensure that individuals are who they claim to be, preventing unauthorized access to sensitive information, accounts, or facilities. This is vital for safeguarding against fraud, identity theft, and other malicious activities. Furthermore, Identity verification plays a crucial role in enhancing the efficiency of Customer Due Diligence (CDD) and Know Your Customer (KYC) procedures. These processes are of utmost significance for financial institutions and organizations dealing with a substantial volume of daily transactions. Fraudsters can use false identity documents and can hardly be traced.
Moreover, to oversee credit approvals and account opening procedures, governments have established a range of laws and regulations. These rules, collectively known as Anti Money Laundering (AML), belong to the responsibilities of banks and financial institutions. Other industries could include government, gaming, rental, construction, telecommunication, law enforcement, education, and many others. As a result, it is recommended to utilize an identity verification service, enabling institutions to confirm the legitimacy of an individual’s identification. Overall, identity verification is a fundamental tool for enhancing security, compliance, trust, and safety in both physical and digital spaces, contributing to a more secure and reliable environment for individuals and businesses alike.
Factors you should consider when selecting an identity verification solution
- Assess Your Needs
Different use cases require different levels of verification. Before you choose a solution for your business, make sure you evaluate different aspects. Think about your industry and your goal. As an example, organizations that deal with critical data in the financial industry or crypto firms are more likely to need a comprehensive package for onboarding to combat fraud and money laundering. You also think about whether to do automated scans or rely on a manual check through a database. Furthermore, what type of documents do you check? Are they passports, driver’s licenses, or permits? A question like “Which countries do I have to cover and what different data points are available?” is also good to ask.
- Trust the Experts
When choosing a partner for your identity verification service, reputation and experience matter. Consider the legacy that they have and their deep knowledge of the industry and always on top of recent developments. Look for providers backed by relevant certifications. Partnering with a provider like Keesing, with a century-long track record in fraud prevention, offers valuable industry insights. Keesing’s doc-3 certified experts and ISO 9001 and 27001 certifications underscore our commitment to quality and security. To learn about our journey and rich history, you can click here.
- Trusted & Reliable Data
Trustworthy identity verification relies on an accurate dataset. Companies like Keesing, who have a close relationship with the government and issuing organizations- acquire reliable documents from them. Another aspect is the variety of documents by their types and the high number of document collections. Additionally, if your organization operates internationally or serves customers from different countries, choose a provider that has global coverage. Keesing’s DocumentChecker is a complete ID reference database with ID documents and banknotes from over 200 countries and states. An extensive library of 6,000+ documents and over 70,000 security features help organizations to verify confidently.
- Compliance and Regulations
Is your selected IDV provider comply with the relevant industry regulations and data protection laws? KYC, CDD & AML in the financial sector are non-negotiable. To add, consider how the provider manages or stores customer’s data. They should adhere to security protocols for data security to protect sensitive information. Ones that are compliant with GDPR could give you that assurance.
- User & Customer Experience
Think about what features your organization will need. Is it MRZ checking? Face verification? PEP & sanction list screening? A good provider will be able to customize the solution based on specific use cases. A swift, seamless, and user-friendly solution is essential for customer satisfaction and operational efficiency. In addition, integration into your systems should be smooth and straightforward. Lastly, a responsive and knowledgeable helpdesk is invaluable.
Identity verification solutions Keesing offers
Keesing Technologies specializes in verifying the authenticity of identification documents. Whether passports, drivers’ licenses, or ID cards, our technology scans and assesses these documents based on their unique features. If the software grants approval, you can trust that the document is authentic. One of the solutions we offer is DocumentChecker, which supports you with performing sufficient manual document verification. This database contains the world’s most comprehensive and accurate reference information for ID documents and banknotes manual checks.
Another solution is AuthentiScan, an automated identity verification tool. This solution seamlessly combines Keesing’s world-renowned ID document verification with cutting-edge face biometrics technology. The verification process can take place remotely, or face to face with AuthentiScan – Face Verification. This scanner-based solution allows for quick and error-free on-the-spot verification of ID documents.
However, for entities building an application for identity verification purposes, consider Keesing Data as a Service to use as either reference data or to train AI/ML.
Let us help you find the best solution for identity verification
Explore Keesing’s use cases here to see how we helped different organizations and industries combat fraud. If you would like to discover which type of solution can suit your organization, contact us and we will be happy to assist you.