What is identity verification, and how it works? It is a question which often comes to our minds in nowadays world.
What is identity?
An identity can be a series of specific claims that describe an individual. They may be comprised of fingerprints, date of birth, ethnicity, and other permanent traits. Traits that are semi-permanent might also be involved, such as eye color, name, weight, and height.
What is digital identity verification?
Verification checks or proves the existence of something or if something is correct or legit. Therefore, identity verification can be described as a process that validates an individual’s specific traits before comparing them to a physical person.
“Digital” refers to computerized technology, particularly the internet. When discussing verification of digital identities, then, are we relating to verification of the digital identity of an individual, or are we using digital solutions to verify someone’s identity.
To determine this, we must take into consideration how things operate in our existing environment. This is, after all, the internet era. Most of our world is connected digitally, which has produced an expectation shift.
If “banking” eventually became “online banking,” doesn’t that suggest that “identity” will eventually become “digital identity”? Verification of identities based on someone’s digital identity may also work the other way. This interesting question will be of importance when we evaluate identity verification’s future.
For now, though, let’s go back to the concept of identity verification in digital environments. To fully comprehend our point about the verification of digital identities, we must first understand the way it came about.
Why verification for digital identity became necessary
Nowadays, just about every industry is transitioning to a digital model. Whether they are in the retail, gambling, travel, payments, or banking industries, businesses use digital infrastructure to connect consumers with whatever they need immediately.
Still, most organizations depend on checking physical identities. For instance, in-person identity verification remains necessary when you apply for loans, or new bank accounts, among other things. In the modern digital world, access is limited by this, which doesn’t scale. Conventional approaches to verifying identities aren’t appropriate anymore.
The verification of digital identities is a progression that is naturally happening. They can expedite the process while taking away obstacles like geographical boundaries. Having said that, it does come with its fair share of challenges and risks.
If you are not verifying personal identity, how can you determine if an individual is a person they are claiming to be?
More services being offered online results in more data about consumers. The more amount of data that is created, the more it is misused and mismanaged. We regularly hear about data breaches almost on a mass scale. It’s almost as if these instances have become normal rather than an exemption.
With all this data get leaked, it isn’t hard for a fraudster to pretend to be someone else by hijacking an account or using a credit card that isn’t theirs. Fraudsters capitalize on the transition to digital services to exploit specific vulnerabilities that come with identity verification. Companies struggle with the issue of how identities can be verified online.
Taking Advantage of Digital Identity Verification
Verification of an individual’s real identity is what risk management comes. Digital identity verification services are in need that are smart enough to validate the individual.
Digital identity verification can be defined as a process that confirms an individual’s identifying traits while verifying who they claim to be using modern technology.
All components need to be considered when verifying someone’s identity, iDenfy is supplying modern, automated identity verification technology with human supervision to confirm an individual’s identity.