What is eIDV (Virtual Identification Verification)
eIDV (Virtual Identification Verification) makes use of publicly available data along with non-public databases to briefly test the identification of an individual. eIDV makes use of personal information similar to determine, date of supply, Social Protection amount, and maintain among other data fields. The result of an eIDV search on an individual’s identification would possibly simply result in a match, non-match, or partial match.
Key Takeaways
- eIDV stands for Virtual Identification Verification, which refers extensively to computerized systems for specific particular person ID verification.
- eIDV makes use of each and every public and private data belongings so that you can match other folks in step with quite a few requirements along side determine, sex, maintain, date of supply, and so on.
- eIDV is increasingly used inside the financial industry thru law enforcement to find and prevent financial crimes and to battle terrorism. It is usually used by the private sector thru insurers, realtors, and hiring agents, among others.
Breaking Down eIDV
eIDV is used by banks, brokerage corporations, financial advisers, and accountants to scale back fraud and agree to know-your-customer rules, privacy rules, anti-money laundering rules and Preventing the Financing of Terrorism (CFT) rules. eIDV is also used by insurance policy firms, governments, retailers, casinos, felony execs, employers, activity recruiters, and precise belongings agents as part of their due diligence processes.
eIDV in Use
Virtual identification verification suits the information equipped thru an individual, similar to spot, date of supply, maintain, and SSN, against fairly a large number of databases to unravel if there is a match.
- Private forms that can serve as belongings of data for the verification service include driver’s licenses, passports, supply certificates, and citizenship certificates.
- Quite a lot of types of databases, each and every public and proprietary, may be used in eIDV, along side credit score ranking bureau data, police data, and automotive history data.
- Data that can be used as belongings of verification include change of maintain data, postal data, belongings ownership data, direct promoting data, credit score ranking bureau data, electoral roll data, instrument data (e.g., phone, natural gasoline, electric power and/or water service), telecommunications information, and government data (similar to forcing power’s license, passport, national ID and national insurance policy numbers).
eIDV Advantages
While there is a value associated with verifying an individual’s identification, it can be less expensive in spite of everything to avoid doing corporations with people who find themselves pretending to be any person they aren’t. For example, eIDV can find potential fraud if a Social Protection amount equipped thru a possible customer comes once more as belonging to a deceased specific particular person. eIDV can be used to identify doable shoppers who are on international watchlists as people who find themselves politically exposed, on government sanctions lists, or suspected or convicted of financial crimes.
eIDV can be used not best to make sure new shoppers however moreover to stay up to date on provide shoppers. Corporations may need to observe different customer verification procedures depending on their line of industrial and their country of operation. Corporations pay money for eIDV services and products in step with the volume and types of databases searched to make sure an individual’s identification.
Other Problems
For an eIDV service to be environment friendly, it will have to rely at the latest and top quality database imaginable. Some databases may be additional right kind than others depending on whether or not or no longer they are up to the moment day-to-day, weekly, monthly or quarterly. Further, the nice fortune of a search will depend partly on how entire a database is. Even in a best-case situation, a database may best cover about 80% of a country’s population.
