The eIDV service is a powerful tool that helps businesses and consumers navigate this digital landscape that ensures security and trust in online transactions. As the world increasingly moves to online platforms for convenience, vigorous electronic identity verification (eIDV) must be emphasized. 

In the United States, almost  1,108,609 identity forgery complaints were reported to the Federal Trade Commission (FTC) in 2022. By implementing the eIDV services, businesses gain more than a fraud mitigation tool. It also acquires a means to connect businesses with their customers and users where they are online. This dual benefit allows organizations to meet their expectations and potentially enchants them. The eIDV service’s convenience and control put the users in the driver’s seat, enhancing business operations. 

This article will delve into the benefits and applications of eIDV services in various industries. We aim to comprehensively understand how this tool can enhance business operations and mitigate fraud. 

What is EID Verify, and how does it Work? 

EID Verify is the computerized process of identifying individuals electronically or digitally. Electronic identity verification is a key aspect of KYC and AML procedures that is based on many of the same strategies as the manual way. The verification involves the gathering of data and the analysis on the documents for instance IDs issued by the government, social security cards, resident cards, and other documents.

Electronic identity verification allows organizations to acquire a wide range of additional details that signal the mitigation of the risk of fraud that was difficult to conduct with manual identity verification. Manual verification cannot collect data like IP address, browsing patterns, fingerprints, or the digital appearance on the individual’s social site. eIDV lets businesses adapt to automation that streamlines their verification and onboarding processes without raising unnecessary risk. 

Type of Electronic ID Verify Online

There are several types of electronic ID verify online for authentication purposes with distinctive characteristics to identify costumers identity online. The following are kinds of eIDV services:

• Biometric Verification

• Document Verification

• Database Lookups

• SSN Checks 

• Proof of Address (PoA)

• Watchlists 

Electronic Identity Verification Process

With the help of artificial intelligence the verification process for eIDV is digitalized. The computerized identification of individuals requires less than a minute of time, as the verification process is solely based on deep learning AI technology. The Electronic Identity Verification Process is exclusively  a function of the various factors of authentication, which include: 

• Data Collection: Customers’ data is collected and inserted into the system, or the system is required to collect data from online sources. 

• Data Analyses: This data is then analyzed using a database of different authorities to legitimize the authenticity of the customer’s identity.

• Data Verification: The analyzed data is then verified further to find a match in the database and extract the customer’s existing information from different sources. 

• Optimal Results: The system then provides optimal and accurate results by following the procedure. It authenticates the customers’ identities and finds their involvement in financial fraud or money laundering. 

Electronic ID Verification Services in Different Industries

The eIDV Service uses publicly available data from social sites and government agencies, as well as private databases and criminal records. The electronic ID verification services immediately verifies customers’ identities by using their professional information, such as name, date of birth, social security number, and address, along with other data areas. eIDV services are used in different industries to prevent identity forgery and allow financial institutions to know their customers before involving in any transaction. 

All industries that require electronic ID verification services can benefit from eIDV services, such as: 

• Crypto 

• Insurance 

• Healthcare

• Telecommunication

• Fintech

• Forex

• Gaming

• Education

• Travel Industry

• Banking

• E-Commerce

E-Identification Requirements 

The check electronic identity is a comprehensive digital method of verifying identities quickly and accurately. It requires various additional sources, and eIDV can be carried out using different technologies and techniques. Depending on the nature of the business, E identification may choose to employ the following checks:

Government ID Verification

Users will be forced to capture the picture of the state ID or other documentation issued by the government (passport/driver’s licence), and then upload it to the system.
Document Verification

The user is required to upload birth certificates, bank statements, social security cards, utility bills and tax returns to verify various details about their identity. 

Database Verification

It involves scanning the DMV, IRS, and authoritative, trusted third-party databases.

Selfie Verification

Users are required to upload a selfie with a government ID that is compared against the previous images to the user and verify the liveness detection to protect against spoofing.

The Advantages of the E-Verify Identification to Improve Organizations

The implementation of the eID verification process can have considerable advantages for the organization in preventing identity forgery and avoiding economic loss. 

• The eIDV services provide access to more signals and additional data that indicate the high risk of identity theft and financial forgery. 
• As it is an electronic verification process, it effectively reduces human errors.
• It is also time-saving as the automation determines the identities faster.
• The eIDV is scalable as it is automated and saves labor costs.
• E Verify identification detects frauds and suspicious money laundering activities in advance to protect from any financial loss. 
• It also improves privacy by shielding the organization’s interests and securing the customers’ personal information.
• It can be adapted to any industry for versatility and compliance with different uses. 

To Conclude

eIDV services are versatile and can be used in multiple industries, from banking and fintech to healthcare and insurance. E Identification boosts business efficiency by providing a robust solution for electronically identifying customers and clients. To prevent identity forgery, eIDV is considered the solution for verifying individuals. It also prevents financial fraud and money laundering by detecting any suspicious element within the document and identity.