The sales of Digital Identity Verification was significant from 2015 to 2020. Digital identity verification will soon be a standard form of identity verification. It can include permanent personal details like a date of birth, fingerprints, or semi-permanent data like a given name and encrypted passwords. Digital identity verification is becoming more popular in various sectors, including banking and finance. The process of digital identification verification is used in the banking and finance sector to manage mobile banking facilities, or to apply online to borrow money.
The digital identity verification process validates an individual’s identity, and determines if the person in question is correct. This ID process can be used to log-in and transact, among other purposes. It is essential for government sector purposes, such as renewing electronic certificates, validating documents, and verifying them.
There’s three methods of digital identity verification:
- Document Verification : Users can have their credentials verified by digitally copying government-issued ID documents such as passports and national ID cards.
- biometric verification : biometric verification is an automated process for verifying your identity.
- Liveness detection : Identity verifiers offer different solutions for liveness detection. This certifies that an individual’s identity has been verified.
- Identity fraud can be eliminated if you are able to spot someone using another person’s identity.
- It is useful in registering legitimate customers.
- You receive the most current and genuine data about a user.
- Your account is now secure.
- Respect the Know Your Customer regulations
- Privacy of user data could pose problems.
- It can be more difficult to use outdated software for identity verification than normal.
- This can delay the user’s onboarding process.
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Demand For Digital Identity Verification
Digitalization is increasing across different government agencies or facets. This includes the use of electronic identification cards (eID) and smart border control facilities that use facial recognition to verify identity. These are all factors that go hand in hand with increasing initiatives to create smart cities and smart airports. Online security systems will increase the need for ID verification (security identity verification) as a key component. The sector of digital identity verification will be impacted by the increasing adoption of digital identification verification in various industries such as banking and finance, healthcare, and other government sectors.
GB Group Plc, a global technology specialist for fraud & compliance management and identity verification, established a partnership in November 2019 with CredoLab. CredoLab uses GBG’s digital/AI driven risk management framework to assess any Indonesian’s creditworthiness.