What is Identity Verification?

What is Identity Verification?

Regardless of your industry, knowing that someone is who they say they are is extremely important to running a safe business. Whether you’re in finance, insurance, the public sector, or other industry, you transmit private or sensitive information on a daily basis so it’s vital that you keep identity verification as a top priority. However, the large amounts of information available online have made it easier than ever for people to fake their identities.

Not taking the time to verify that someone is who they claim to be can result in wasted time and money or, even worse, lead to fraud or other criminal activity. To prevent these negative outcomes, you should partner with a company that provides extensive identity verification solutions from a powerful database with billions of public and private records.

What is identity verification?

Identity verification (also called ID verification) is an important process of ensuring, or verifying, that a person or business entity is who they claim to be. This service takes information that has been provided to you, such as a name or phone number, and matches it against other records, such as an addressproperty records, or utility records, in order to aid in your authentication efforts.

One important aspect when performing ID verification is to ensure you’re using a service that pulls from multiple data points in order to thoroughly vet individuals. Since people share a lot of information online, it is easy for something like a name to get mixed up. By using a high-quality service, you make sure you have the most accurate and up-to-date records.

Who needs an identity verification service?

Identity verification is important to many different industries. If you’re in an industry in which you need to maintain legal compliance or minimize fraud risks, such as in financial services or corporations, you can benefit from a powerful identity verification service. ID verification can also help industries like insurance and healthcare since they often transmit sensitive information and need to ensure this information doesn’t fall into the wrong hands.

Identity verification services can also help investigatorslaw enforcement, and those in collections verify the identities of individuals as part of an investigation or in an effort to ensure right-party contact rates. In addition, legal professionals can use identity verification solutions to ensure that their clients and involved parties are who they claim to be for more timely and accurate legal research.

What does ID verification accomplish?

Identity verifications are especially useful while performing an investigation. Whether part of a corporatefraud, or criminal investigation, you need to be sure you verify the identities of involved parties so that you can gather the correct records in order to build an accurate and complete profile on those people.

With a comprehensive and powerful identity verification solution, industries of all kinds can maintain legal compliance, minimize risk and perform better due diligence. When handling sensitive or private information, having the right data and records helps ensure the right information gets transmitted to the right people. Or if you work in a corporation or finance, having this information verified helps prevent fraud or other criminal activity.

Another important aspect of identity verification is that it helps companies uphold a strong reputation by ensuring that everyone involved in your company, including customers, vendors, and third parties, is who they say they are. This shows that your business has strong policies and programs in places, such as risk assessments, customer identification programs, or KYC policies. Strong programs like this help keep everyone involved, internally and externally, safe and secure which can lead to better customer service and satisfaction.

What do I need to get started?

To get started performing identity verifications, you’ll need access to an identity verifier service that provides public and private records. A database with public and private records provides you with multiple identifiable data points about individuals so you can cross-check the information provided to you with a variety of sources to perform better identity verification.

If you’re interested in seeing how data can help you perform quick and easy identity verification, sign up for a free trial with Enformion today!