Identity refers to who a person is or the characteristics that distinguish a person from others. In other words, identity is a collection of assertions that may be used to characterize an individual. These may contain enduring characteristics such as date of birth, ethnic origin, and fingerprints; moreover, semi-permanent characteristics such as height, weight, eye color, and name. In addition, verification, or the act of verifying, establishes or confirms that something exists, is true or is right. Thus, identity verification is a procedure that checks an individual’s distinguishing characteristics and compares them to those of a genuine, physical human.
Businesses across all industries are migrating to digital models. From banking to shopping to travel, businesses use digital infrastructure to connect consumers to the products and services they want and need. However, many businesses continue to depend on physical identification verification. For instance, face-to-face identification verification is often needed when opening a bank account, applying for a mortgage or a loan, and so on. This restricts access and does not scale in today’s internet environment. Traditional ways of establishing an individual’s identity are no longer applicable. Verifying one’s digital identity is a logical step. After all, it expedites the process and eliminates impediments such as physical borders. However, it is not without dangers and difficulties.
While online identity verification for signing parties is important, proving identification may be difficult, particularly when agreements are high-value or susceptible to fraud and are entered into afar. For the majority of typical transactions, a link to a verified email address suffices to prove the signer’s identity. However, many companies need additional signer authentication beyond the email technique for their most valuable contracts. Naturally, when an agreement is not completed in person, the signer is not there to give identification. Proof of identification in the form of a government-issued ID or an electronic ID is the most secure choice in some highly regulated sectors and other use cases. In these instances, digital identity verification enables the signer to upload their driving license, passport, or electronic ID to establish their identity from any location and on any device – saving time and enhancing process efficiency.
To learn more about biometric technology, the following infographic from LOGIN ID provides a brief history:
