Online Identity Verification Methods: Everything You Need to Know

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Online Identity Verification Methods
Everything You Need to Know
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Introduction
Identity verification safeguards online
transactions by preventing unauthorized access
and fraud and securing online shopping and
banking activities. Strict compliance with data
and privacy regulations is crucial for businesses
to avoid legal consequences. Implementing
robust identity verification protects your
business and enhances its reputation, fostering
customer trust in handling sensitive information.
Best 5 Online Identity Verification Methods
Document-based verification
Biometric Verification
Knowledge-based authentication (KBA)
Blockchain-based identity verification
Artificial Intelligence (AI) in Identity
Verification
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Document-based Verification
This straightforward online identity verification
method involves authenticating documents like
passports, driver's licenses, and national IDs to
confirm an individual's identity. Examination
of various document aspects ensures it hasn't
been forged or tampered with, including critical
information like name, address, and date of
birth, as well as features like holograms and
watermarks.
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Biometric Verification
Biometric verification utilizes an individual's
distinctive biological traits to validate their
identity, offering enhanced security and
convenience. This method is rapidly replacing
reliance on passwords for user authentication.
Various techniques are used in the process of
biometric verification
Fingerprint recognition
Facial recognition
Voice recognition
Behavioral biometrics
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Knowledge-based Authentication (KBA)
Knowledge-Based Authentication (KBA) employs
individuals' personal information for identity
verification. Usually, they must answer a unique
question known only to them, eliminating the
necessity for passwords or PINs to access a
specific platform. Common instances include
accessing online medical records, logging into a
banking account, or recovering a forgotten
password.
Here are some common questions individuals might
be asked

• What is the city you were born in?

• What is the name of your first pet?

• What is your childhood best friends name?

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Blockchain-based Identity Verification
Blockchain revolutionizes secure information
storage and identity verification. Unlike
centralized databases, it's decentralized across
nodes, making hacking nearly impossible.
Changes must replicate across all nodes
simultaneously, enhancing security. Robust
encryption ensures block data confidentiality,
minimizing risks of data breaches. Blockchain
reduces reliance on centralized control,
diminishing the potential for breaches and single
points of failure in identity data management.
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Artificial Intelligence (AI) in Identity
Verification
Artificial intelligence has revolutionized online
customer identity verification by leveraging
machine learning and automation, eliminating the
need for human intervention. Its advanced
algorithms enable real-time identity analysis,
ensuring a streamlined process and enhanced user
experience. AI also adds an extra layer of
security by detecting forgeries and
inconsistencies and predicting fraudulent
activities, making it a groundbreaking
transformation in online security measures.
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Ready to Demo Our Digital Identity Verification
Solution?
Get In Touch
1 [phone]
www.ftxidentity.com
info_at_ftxidentity.com
146 Rock Hill Drive, Rock Hill, NY 12775