Current Trends and Future Opportunities for Customer Identity Verification Industry

Current Trends and Future Opportunities for Customer Identity Verification Industry

An identity verification service is used by businesses to ensure that users or customers provide information that is tied to a real person's identity. The service can verify the authenticity of physical identification documents such as a driver's license, passport or nationally issued ID through document verification. This includes verifying identity information (fields) against independent and authoritative sources such as a credit bureau or company-owned government data.

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Some of the key players of Customer Identity Verification Industry:

Acuant, Inc, Equifax Inc, Experian Information Solutions, Inc., GB Group plc, IDology, LexisNexis Risk Solutions., Mitek Systems, Inc., Onfido, Thales Group, Trulioo

Identity verification services are designed to help businesses comply with Anti Money Laundering Rules (AML) and Be Aware of Your Customers (KYC). Identity verification is now an integral part of the transactional ecosystems of e-commerce companies, financial institutions, online gaming and even social media. By adopting digital methods of fraud prevention, companies can achieve AML and KYC compliance while addressing the risks associated with fraud. In the financial industry, identity verification is often required by regulations known as Know Your Customer or Customer Identification Program. In the USA, the Financial Crimes Enforcement Network (FinCEN) is one of the many bodies that regulate these procedures.

Non-documentary identity verification requires the user or customer to provide personal identity information that is sent to the identity verification service. The service checks public and proprietary private databases for consistency with the information provided. Optionally, knowledge-based authentication questions can be asked of the person providing the information to ensure that they own the identity. An identity "score" is calculated and the identity of the user or customer is either "verified" or not based on the score.

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