Top Five Common Types of Automated Identity Verification Tools

If you scan the market for an automated verification zero integration tool, we assure you that you will come across a handful of them. Also, not all of these Automated Identity Verification Solutions are designed and built equally. Hence, choosing the best seems like a challenging task.

To help you make a sound choice, we bring you a list of the most popular solutions you will want to investigate before proceeding any further.

1- ID selfie video verification

Document video verification has become a common thing nowadays. The automated software scans the identity documents while taking a video or photo of the user. It then compares the captured data with one found on official government databases, thereby providing positive or negative feedback.

However, tech-savvy fraudsters are capable of fooling such systems. Selfies can be fooled through deepfakes. Also, paper documents are easy to Photoshop.

2- Digital footprint analysis

Digital footprint analysis is quite similar to online profiling. It involves getting information about the person on the basis of the digital lives they live, starting from their phone number and email ID.

Using such automated verification for portable identity can be like playing detective. This is because you start with basic details and then cross-link the available information to obtain more clues.

3- Biometrics verification

This type of automated verification for portable identity is designed to be foolproof. An easy and prompt face ID check or fingerprint scan is enough. But there is a catch here. Biometrics are excellent for authentication but not so much for identification.

This means even if you ask your customers to submit biometric data, you’ll require checking it against all the official databases.

Despite the bold claims the industry makes, the type of biometric verification launched can have some level of friction at both the practice and principle levels. For instance, not everyone is comfortable having their fingerprint shared or face shown to deal with a private company.

4- Behavior analysis

Behavioral analysis is a process of using customer behavior data to filter out fraudulent users, such as automated software or bots.

By inspecting how a user interacts with your website or application, you get to determine whether they are genuine buyers are frauds.

For fraud prevention, behavior analysis is conducted through velocity checks that look at the user for specific amounts of time.

5- Blockchain KYC

The blockchain KYC idea is quite simple but technically intricate. The user is first required to undergo an identity verification process. Once that is successful, he or she receives a KYC certificate that is tokenized and only useable on certain blockchains.

Since KYC are unique to the users and not the company, they get to choose whether they want to share it with an organization or not.

To sign off,

All of the automated verification zero integration tools listed in this article have their set of benefits and drawbacks. Whichever tool you choose for your firm, ensure that it meets your firm’s needs and requirements without damaging your budget.

Mark Johnston is the author of this article. For more details about Anti-money laundering application please visit our website: incode.com