If you go through the daily news, financial crime is not something unusual. To fight this and prevent bribery, corruption and money laundering cases, new innovations of software are coming up on a daily basis. Considering this whole fracas, the technology of electronic identity verification has emerged and served the digital world a lot. Most of the companies prefer to choose real-time identity verification tools which are one of the most effective and easiest ways of verifying the identity of clients. Practically, in financial world, this practice is known as “know your customer” or KYC. This concept is very essential to detect threats of money laundering quite easily. An organization without mobile access control may be prone to illegal financial acts and thus, needs to think twice to ensure safety both for the business and its clients.
Explicit details on eIDV or Electronic Identity Verification?
eIDV or Electronic Identity Verification is a process where public and private databases are used to confirm an individual is the very same person who he/she claims to be. This requires analyzing personal information like date of birth, name, social security number and address. If you want to keep your company away from the fake people and want to install some unique tools of identity verification, choose a company that has the complete knowledge on biometric authentication solutions. Electronic Identity Verification process is often used by brokerage firms, banks, accountants, and financial advisors etc. Complying with the laws of KYC, anti-money laundering, privacy laws and CFT (Combating the Financing of Terrorism) laws is crucial not only to establish protection and welfare in a company but also in the entire country.
Through the mobile access control, the verification process includes matching the data provided by an individual against different databases. This includes:
- Personal documents serving as a source of data, like passports, driving license, birth certificates and citizenship certificates.
- Public and personal databases like, police data, credit bureau data, vehicle history data and many.
Therefore, the verification process easily ascertains a change in postal data, address data, direct marketing data, utility data (including phone, electric and/or water service), electoral role data, government data, etc.
The advantages of utilizing Electronic Identity Verification process
In the initial stage there may be some cost associated considering the verification process and installing the required tools but, in the long run this can prove to be the most beneficial especially if you’re doing business with individuals who are pretending to be someone else. Through the social security number, Electronic Identity Verification process can easily detect a potential fraud. The technology is also useful to determine forthcoming customers on the international watchlist, politically exposed and even suspected or convicted individuals. The biometric systems and other tools of the verification system make it easier when you’re trying to keep a record of the new and existing customers. Based on the business you are dealing with, there are certain rules and procedures which should be maintained sternly in order to stay and function safely.
