Over the years, the way that we confirm the identity of customers online has changed a lot due to improvements in technology. In the past, identity verification would have taken much longer and might have even required physical proof of identity rather than just a few details passed on. Nowadays, you can collect everything you would need to know about your online customers using just their phone number. It’s also done in real time, so you won’t experience any delays and can catch out fraud the second it happens.
This is a key process that every business should be implementing, as it helps to prevent fraud and ensures that your customers are genuine. There are multiple compliance risks that you’re going to want to avoid, and identity verification software will help you do just that.
Now, we have impressive identity verification service providers who can collect all sorts of data from customers to make sure that they are who they say they are. Here, we are going to look at the kinds of data that these services can collect and verify.
Date Of Birth
One of the great things about using an identity verification service is that it can confirm the age and precise date of birth of your customers. As the provider Cognito explain here, this is perfect for those who are selling age-restricted products or services such as alcohol or gambling services. With the accurate date of birth data, you can rely on this technology.
One of the most common forms of identity fraud is those who are pretending to be someone who has passed away. With the latest technology in identity verification software, death records can be easily checked, and this kind of fraud can be prevented as soon as possible. This software will check the Death Master File and figure out whether the person is who they say they are.
Expansive Address History
Many customers find that entering details of their past addresses is time-consuming and unnecessary. If you do require this kind of information for your own business, then you will find that new technology in this area can do the hard work for you and your customers. These APIs can check the past 15 address of your customers and even tell you how long they lived there. This is perfect for simplifying your sign-up process and keeping your customers engaged.
Where Does It Come From?
You might be wondering where this technology gets all of this information from and how they can be sure that it is accurate. This data always comes from databases that are authoritative and official so you can be sure that everything is going to be as it seems. This data will come from federal governments, financial institutions and local governments. This means that you can rely on it for your business.
As you can see, this kind of technology that is used for identity verification is very intelligent and it can source a wide range of information. Technology has improved a lot over the years and the APIs used in this type of service are very accurate to help ensure you know exactly who your customers are. If you are running a business that needs to identify your customers accurately then you should consider using this kind of technology. As time goes on, this is expected to become even more streamlined and accurate making it the perfect technology to try out.