Striving for the Optimal Identity Verification and Authentication Solution
What is Identity Verification and Why is it Important
Identity verification is the process of validating an individual’s identity, confirming that a person is indeed who they claim themselves to be. On the other hand, authentication is the regular process of regularly confirming one’s identity, often when logging on to an online platform. These processes are crucial to a range of essential services, from initiating money transfers to logging in to an account on an online shopping website.
Considering the limitations on in person activities due to the global COVID-19 pandemic, the identity verification industry has swiftly adapted. The situation drove innovation in the realm of digital identity verification and the market has grown significantly. According to a report by Research & Markets, amidst the pandemic, the identity verification market grew to a value of around 7.4 billion USD and is predicted to reach over 19.9 billion USD by 2027.
With clientele in the banking, retail, and commercial industries, companies specializing in identity-verification are constantly working to best accommodate customer needs to provide a frictionless and speedy verification process. Solutions, though seemingly straightforward, are incredibly multifaceted and must guarantee confidentiality and security, compliance with global regulations, while optimizing the customer experience.
Different Modes of Identity Verification and Authentication
Many different methods of identity verification and authentication have been developed to prevent identity fraud. Of the methods, five of the most common are Knowledge-Based Authentication (KBA) One-Time Password (OTP) verification, ID Card Verification, Multi Factor Authentication, and Biometric Authentication.
1. Knowledge-Based Authentication (KBA)
Knowledge-Based Authentication is the process of affirming one’s identity using knowledge that only the individual has answers to. There are two forms of KBA, static and dynamic KBA. Static KBA is what you may be more familiar with: when setting up your user profile, you may be asked about the name of your kindergarten teacher or city of birth, all answers with a pre-recorded answer. Dynamic KBA, on the other hand, involves questions that the user has not been asked beforehand and are based on information like their purchasing habits or transaction history.
2. One-Time-Password (OTP) Authentication
One-Time Password (OTP) Authentication is most commonly used during the payment process. To confirm a payment or log-in, a one-time-password is sent to the user usually through a phone text message or email. The user must then enter the OTP within a specified period of time to successfully verify their identity.
3. Identity Document (ID) Verification
Identity Document Verification is essential to most financial processes. ID documents such as passports, drivers licenses, or ID cards are examined to ensure that the document is not fraudulent. This process can be done either in person or using technology.
4, Biometric Verification
Biometric Verification has grown in prominence in the last decade and is proving to be one of the more user-friendly and ubiquitous options in the identity verification and authentication process. Biometric verification can include facial recognition, voice recognition, fingerprints, and iris and retina scanning and recognition. The user simply places their finger on a built-in scanner or turns on their front camera to complete the verification process.
5. Multi Factor Authentication
Lastly, there is Multi Factor Authentication. As implied by its name, Multi-Factor Authentication requires more than one form of authentication from the user for an increased level of security. This could be a combination of any of the above methods of authentication and its comprehensive nature makes it especially difficult for hackers to crack.
Toppan iDGate’s Identity Verification Solution
Toppan iDGate utilizes a multi factor authentication solution to protect against fraudsters and hackers. With iDenFace, an AI-powered facial recognition software, we are able to process images taken by the front lens of a mobile phone and speedily confirm the identity of the user. iDenFace can precisely confirm liveliness, or whether an individual is indeed alive and active, just by examining a selfie. Our program can even differentiate live images from video recordings, still photos, and silicone disguises.
Moreover, usingToppan iDGate’s device binding technology, iDenKey, one can register their mobile phone and easily verify their transaction by confirming a push authentication message. iDenCard, on the other hand, is another specialized technology that cross checks features from an ID card photo and a selfie image for identity verification. All of our solutions ensure a user-friendly and secure identity verification and authentication process for all customers.