Those identity verification services are actually used by the different businesses out there to ensure that the users or the customers are really giving the information which is true to their identity. Such type of services can also verify the truthfulness or the authenticity of such physical ID documents such as the drivers license, the passport and this is known as documentary verification or may check such identity data against those authoritative references such as the data of the government or the credit bureau that is called the non-documentary verification.
The identity verification service is also being used online and also in person to verify the identity. Such services are being used by a few social networking sites, the dating sites and the internet forums and also the wikis in order to stop underage signups, illegal activities like money laundering, scams and also spamming. Be aware that these services are also necessary for the bank accounts and other types of financial accounts in several jurisdictions.
Such was actually developed in order to help the companies comply with such Anti-Money Laundering and also the KYC rules or process. Be aware that the identity verification has become very important in the transaction ecosystems, the online gaming, financial institutions, the social media and also eCommerce businesses. In any place where risk should be determined and mitigated, then you must know that identity verification is surely at play.
In such financial industries, that identity verification is often required by such regulation which is called Know Your Customer and the CIP. There is also such non-documentary identity verification which requires the customer or the user to give personal identity data that is being sent to the identity verification service. Such service would check the public as well as the private databases to ensure that the information provided match. This kind of knowledge-based authentication questions would also be given to such person providing the information to be sure that one is definitely owner of such identity. There is going to be such identity score that is actually computed and such user identity or such customer is then given a verified status or not depending on the score.
Those customers or so many types of businesses, such as the financial institutions, the government entities or such retail merchants are usually asked to show identification so that they can complete a transaction. The merchant has to have customer identification for the many purchases or when certain kinds of payments are actually presented for paying the transactions. Also, the financial institutions often ask such customers in order to present that identification in order to complete a withdrawal or that deposit transaction, check or cash or to open such new account. Such government entities may require the identification in order to access those secure areas or any other purpose.