Identity verification is a critical part of the identity lifecycle management process. It’s so important that it could be argued that the entire point of your security strategy is to make sure you’ve done everything in your power to ensure the person presenting an ID can be verified as themselves and nothing more.
An identity verification software platform is integral for ensuring the security and authenticity of your identity management process. These systems integrate with existing applications and databases to provide tools for vetting new users or employees who need access to sensitive data or facilities within your organization.
A report by Databridge Market Research projects the Identity Verification Market to grow to USD 26.34 Billion by 2029, with a CAGR of 15.34% during 2022-29. This CAGR is pretty bullish, indicating the vast choices available to you while choosing an identity verification service.
Here are five things we believe every great identity verification solution should offer.
1. Ability to Scrutinize ID Easily
The software should offer a scan and check interface to help implementation by front-end staff. If you’re going to invest in ID verification software, your employees must be trained on how to scrutinize the ID. All entry hall staff members, including receptionists and security guards from all departments, are to be able to do this.
The process is relatively simple. You take a picture of the document or scan it and run it through our software so it can detect any discrepancies that may indicate fraud. If there are none, then you know everything is fine and can proceed with signing them up for an account or granting access.
2. Authenticate With Biometrics
Biometrics are unique to each individual, making them more secure than passwords. The use of biometrics can reduce fraud and the risk of identity theft by reducing the potential for stolen credentials to be used in fraudulent transactions.
Here is an identification system that you can implement to ensure your identity verification process integrates biometrics properly and is secure and fraud-resistant. Always check reviews and testimonials of clients of your identity verification software provider before confirming a deal.
Biometrics include Facial Recognition technology as well. Some airports are trying to use Face Recognition to unlock the verification process and thereby streamline the boarding process to a great extent.
The IATA, or International Air Transport Association, is advocating One ID, which has the potential to create a contactless process at airports by using biometric verification at airport touchpoints. This shows the limitless possibilities of cost optimization and fraud minimization through the effective implementation of biometric authentication.
3. Verify Background Details
In the identity verification process, a background check is performed on an applicant. This can include everything from criminal records to employment history to credit history.
A background check is used to verify the identity of a person. It may be done by a third party or by the company itself. If you are going to use your software for this purpose, it must have all the functionality needed for your business to vet applicants properly.
US Customs and Border Protection has recently implemented facial biometrics in over 16 seaports to prevent imposters from misusing travel documents for illegally entering the United States.
Over 1600 imposters were prevented from entering, while more than 240 million travelers have participated in facial recognition through biometrics at air, land, and seaports of entry. Widespread adoption by government bodies of this technique shows the urgent need to implement such solutions by businesses too.
4. Share Data In Real-Time
One of the most important features of an IDV solution is the ability to share data in real-time. You should be able to share information with both a central database and other departments so that everyone has access to an updated version of the truth at all times.
Data sharing can help you ensure that your company keeps track of important events and documentation related to each employee, customer, or vendor. It gives everyone on staff access to updated information about people who are connected with your business, including new hires. This makes it easier for them to make informed decisions about what they need from each person involved in their workday.
5. Unified Interface for All Identity Verification Needs
When you’re looking for an identity verification software solution, it’s important to look at the big picture. An all-in-one platform can help you unite all of your needs into one comprehensive package.
Imagine a society where different systems are used by different organizations. You might need to use your driver’s license when buying alcohol but show a social security card when entering a bar.
Everything would get quite confusing and time-consuming if each place didn’t accept every form of ID. Similarly, the software we implement to verify identity should integrate all acceptable forms of identification and process the same accordingly.
An identity verification solution should be tailored to the needs of your business. When you’re looking for an identity verification solution, it is important to think about the needs of your business and your customers.
A good identity verification solution should help you protect your business from fraud. It should be easy to use, provide a flexible and scalable platform, and integrate with other software you already use for other purposes like HR management and payroll.