A Guide To Different Methods Of Identity Verification
In our modern world, most things we do are mainly online, from buying and selling to even saving money. However, what makes it appealing is the verification methods used to access one’s property or information. While different methods of identity verification are available, only a few people understand their features.
In industries like healthcare and finance, identity verification is very important. Some of the most popular options are biometrics and document verification, but these methods can’t work in all situations.
Thus, we must understand the benefits and drawbacks of these various methods. This article will discuss some methods to help you to make wise decisions afterward.
What is Identity Verification?
What is identity verification? It is a typical online query. Identity verification is an essential safety measure to shield people from fraud and validate their identity claims.
This approach includes contrasting what someone else says about you with distinctive traits associated with you. These encompass fingerprints, passwords, or private information. All of it boils right down to ensuring you are not a fraud.
Identification verification might also occur in person or online, depending on the situation. Applying for a passport or visa at an embassy, for example, calls for the presentation of many files and will involve fingerprinting and a biometric face scan. Online, various processes are hired to lessen the risk of unauthorized access through identity theft.
These strategies also assist organizations in following essential guidelines, like Know Your Consumer (KYC) and Anti-money Laundering (AML).
Different Methods of Identity Verification
1. Knowledge-Based Authentication
First, use a well-tried approach: Knowledge-Based Authentication (KBA). When posing queries like “What’s your mother’s maiden name?” or “What was the name of your first pet?” you might have encountered it. The foundation of KBA is the idea that only the true identity owner should know the answers to these queries.
KBA and a secret handshake are comparable. If you know the secret, you’re in. But it’s not without its problems. In the era of social media, a quick internet search can yield a lot of this information. Thus, KBA is no longer the safest choice by itself
2. Biometric Verification
BV involves using something distinctive about you, such as your voice, iris, face, or fingerprint, to verify your identity. It genuinely feels as though you are holding the key to your own identity.
Because it is very difficult to mimic your physical or behavioral traits, biometrics offers a high level of protection. Think about this: your voice is just as unique as your DNA, and your fingerprints are just as distinctive as snowflakes. It is challenging to fake an imitation like this.
Thus, recognize the necessity of biometric verification the next time your phone unlocks by facial recognition or your fingerprint. However, biometrics raises privacy concerns for some people. The technology isn’t flawless, as well-made masks have been shown to trick facial recognition software.
3. Two-Factor Authentication (2FA)
Among the different methods of identity verification is two-factor authentication. Two-factor authentication (2FA) adds another line of defense. It would be like having two locks on your front door instead of just one. To access your account or system, you must provide two pieces of information: something you own and know.
For example, you might enter your password, which you already know, and then your smartphone—which you already own—would provide a one-time code. This tactic makes it much harder for unauthorized users to gain access by fusing the security of your device with the capacity of your memory.
There’s a playful element to identity verification with 2FA because it functions similarly to solving a puzzle. To go inside the hidden room of your virtual world, you need to possess and know something. But you might get locked out if you misplace your “something you have” (phone, for example).
4. Database Methods
This method emphasizes identity verification by cross-referencing data with an extensive database. They can verify your information using credit reports, public records, and more.
Suppose you want a loan. The lender may cross-check your information with credit bureaus to verify your identity. It works like a reliable helper who verifies your identity before giving you money.
This strategy uses big data accuracy to great use. Instead of relying on your knowledge, it uses several facts. However, it’s important to remember that database systems’ effectiveness depends on data quality. Outdated or faulty database data can cause false positives and negatives.
5. Blockchain Verification
Last on our list of different methods of identity verification is blockchain verification. Blockchain, the underlying technology of cryptocurrencies, is inflicting a stir in identity verification. Blockchain-based identification verification gives you unequaled control over your identity.
It is all about keeping your personal information secure in a digital vault. Who receives the key to open it is up to you. You may choose to provide or refuse access to your vault when someone asks to see evidence of your identity.
But it is still a young technology, and widespread adoption will take much work.
Conclusion
Verification methods continually change in a world where identification is as treasured as gold. Recently, several methods have been available to you for safeguarding your identification, from traditional knowledge-based questions to the advancements of biometrics and blockchain. Remember that the best choice depends on your precise necessities, level of privacy, and security.
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