In this new era of large-scale data breaches, identity theft and account take over are very common. So, businesses need to ensure that users or customers provide information that is associated with the identity of the real person.
Identity verification component is developed to help companies comply with Anti-Money Laundering (AML) and Know Your Customer (KYC) rules, identity verification is now a vital component to the transaction ecosystems of eCommerce companies, financial institutions, online gaming, and even social media. By adopting digital fraud prevention methods, businesses can achieve AML and KYC compliance while addressing the risks associated with fraud.
In financial industries, verifying identity is often required by regulation known as Know Your Customer or Customer Identification Program.
This component provides flexibility to upload or capture a selfie of a user, valid photo id like driving licence, passport or a nationally issued identity document. Both are validated with machine learning algorithms and provide verification summary with a matching percentage. A matching percentage of > 50 % is treated as valid