Identity verification is a very important process of ensuring that a person is who they say they are when applying for a loan, opening a bank account, or other financial processes. Even though ID verification is an important security measure in combatting new account fraud, it also plays a role in Know Your Customer (KYC) and anti-money laundering (AML) efforts at financial institutions which assess and monitor customer risk. For more information on how identity verification works, visit our website at https://loginid.io/

1. How Identity Verification Works

2. How Identity Verification Works
 Identity verification is a very important process of ensuring that a person is who they say they are when
applying for a loan, opening a bank account, or other financial processes. Even though ID verification is an
important security measure in combatting new account fraud, it also plays a role in Know Your Customer
(KYC) and anti-money laundering (AML) efforts at financial institutions which assess and monitor customer
risk.
 Digital identity verification brings the identity verification concept to today’s remote world. With account
takeover attacks, data breaches, and identity theft on the rise as well as an increased demand for remote
processes due to the COVID-19 pandemic, businesses are supposed to detect identity fraud and determine if
someone is who they say they are online.
 Digital ID verification methods like face recognition, biometric verification and digital ID document
verification can help companies, governments as well as financial institutions verify the identity of a person
online. This technique can be used when the person and their identity document are not physically present. It
can also be used to speed up ID verification, such as the use of e-gates to scan passports at airports.

3. How Identity Verification Works
 Without doubt, digital identity verification is very crucial step during the account opening and
customer onboarding process. By verifying the identity of the person making the application,
financial institutions can run checks to make sure that indeed the applicant is not a fraudster, bad
actor, criminal, or attempting a scam.
 There are many different types of digital identity verification and identity verification solutions. The
different methods work by comparing something the person has (e.g. face biometric or identity
document) with a verified data set (e.g. data held by governments like passport data, or a biometric
stored on a user’s registered mobile phone). Digital ID verification compares the presented data with
the verified data set to verify whether a person is who they claim to be.
 For more information on how identity verification works, visit our website at https://loginid.io/

4. How Identity Verification Works