Business and financial transactions often require you to confirm your identification in some way. Some institutions, like banks or financial exchanges, require extra steps like facial recognition. No matter what level of KYC your industry requires, it’s essential that you take measures to ensure your verification methods are secure, reliable, and sufficiently compliant. In this blog, we’ll talk about some methods of verification and how you can make sure your facial recognition measures are accurate.
Methods of ID Verification
There are various methods of ID verification and they vary in their efficacy. Here are some of the most common:
Multi-factor authentication - One of the most basic methods of identity verification is multi-factor authentication. This methodology relies on your customers having a device or at least an email address to verify that they’re real. An email address is the lowest-level of security, since they just have to click a link sent to their email. However, this is sometimes sufficient if your industry doesn’t require significant KYC measures. Phone verification is a much more secure method, as it sends a text message to them that they can use to confirm their identity.
Document verification - Another popular method of authentication is document verification. This requires a user to send in a passport, driver’s license, or other acceptable form of identification. In addition to their document, they also need to send in a selfie of themselves. Preferably they send in a video instead, as selfies can be less secure. With another technology, liveness verification, you can use a software that requires the user to turn their face in different directions so the software can read their features and ensure accurate verification.
Liveness verification - Liveness verification is a technology that is a useful extension to document verification and is perfect for companies that need the highest standards of KYC. With liveness verification, you can avoid the security pitfalls that come with regular selfie verification. This software actually sees the face at all angles.
Choosing your Verification Method
Depending on your industry, you’ll need higher levels of verification than others. No matter what though, you also want to keep the user experience in mind. Make sure to choose a verification method that offers you the highest levels of security while also making things easier for your customers. That way you remain compliant and they aren’t annoyed by the sign-up process.
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