eIDV

eIDV, or Electronic Identity Verification, is an online process designed to confirm a customer’s identity by using various methods, such as biometric verification and database verification. Often, companies use personal detail records and verify the user by comparing their information with official government databases. In general, eIDV uses personal data, including the name, date of birth, address and other information, showing a match, no match, or partial match to the user’s identity. 

The eIDV process is one of the key elements in Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance, which is required for regulated entities based on the three main components: Customer Identification Program (CIP), Customer Due Diligence (CDD), and ongoing monitoring. eIDV, or identity verification, is part of the CIP process, which aims to confirm the identity of a client before starting a business relationship with them to ensure that they don’t pose any risks to your organization.

Frequently asked questions

1

What is External Verification?

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External verification allows the approval of eIDV results by reviewing multiple data sources, for example,  by verifying user information against an external source, which can be a government database, such as a utility bill service provider’s portal. 

However, the sources used for external verification in eIDV differ based on the company that’s conducting the process, their internal risk assessment, and the operating industry which all dictate the level of strictness in ID verification in general. For enhanced verification, data is typically cross-referenced with two or more data sources.

2

Who Uses eIDV?

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3

What Methods are the Most Common in eIDV?

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What is the 2+2 Verification Process?

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How Can I Make Electronic Identity Verification Effective?

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