In today’s world, it is difficult to know who the other person exactly is. For example, if you are running a business, you have to be sure that the candidates you are interviewing are who they claim to be.
Unfortunately, the incidences of identity theft and fraud techniques are increasing. Further, it has been observed that identity verification is not automatically happening as part of identity background checks.
Why Is Identity Background Check Important?
Identity verification is checking someone’s true identity. When a person shows their identification verification documents, it is necessary to corroborate the documents’ authenticity; this process helps hiring companies verify the proclaimed identity of the candidate.
In a world where identity proof has become crucial for access to goods and services, fraudsters can easily access your personal information. Using your details, hackers can assume your identity and ruin your life and career. Hence, all employment background checks must include identity verification.
An identity background check becomes mandatory when you have to be sure of user identity across a large database. For instance, identity verification is required to register candidates for employment purposes, allow students to log in for exams, and manage online transactions.
The simple fact that identity thefts have increased in recent times, even after technological advancements, is a testament to its need. The latest numbers show that 1 in every 16 people faced some form of ID theft in 2018. The cost of such thefts runs into billions of dollars every year. It is a big business to steal personal data.
The personal data stored in IDs has increased from just having names and addresses to having fingerprints and iris scans (as in the case of Aadhaar). Unfortunately, the technology to save this information has not improved to an acceptable extent. The information is stored in vulnerable databases and can lose information, as we have seen in the past.
The Aadhaar information breach, the Facebook data breach, and the recent Russian secret intelligence agency hack show that every system is vulnerable and shows that anyone’s identity is up for grabs. To be fair, these are secure databases, but no system is immune to breaches.
The need for verifying an identity becomes paramount when you start working with people. Identity thefts have become a global hiring concern. With data security becoming of prime importance for businesses around the world, verifying every employee is an undeniable need.
How to Verify Someone’s Identity?
There are two ways of conducting identity verification and ID checks: public or private domains. Background verification checks of candidates can be done by validating the data available in the public sphere. For instance, personal details like name, address, and age are available on record. Several identity verification services can authenticate the candidate in the private domain based on the information they provide.
There are multiple ways in which companies can conduct identity verification of their employees or candidates. Read further to know more about the various identification verification services.
Knowledge-based authentication is a process where an individual’s identity is verified by answering some security questions framed in such a way that it is easy for the concerned user to answer and difficult for others.
An additional safeguard in this method is that the candidate has to answer these questions within a specific time frame. The advantage of this authentication is that it is an easy method for users to understand. While its disadvantage is that fraudsters can hack the answers online.
Out of Band Authentication
This identity verification system is a two-factor authentication process that requires a third party to authenticate the user through a password. This method is also less vulnerable to any kind of attacks, thus increasing security.
The global biometrics market is growing rapidly. Biometric authentication is an IT process that confirms the user’s identity with their unique biological characteristics as password. By comparing a user’s biometric signature against the one in the database, this system can establish if the individual trying to log in is the real person.
This ever-evolving technology ensures that only the right person in your organization has access to sensitive information. Few biometric technologies include fingerprint, face, retina, and voice recognition.
Online Identity Verification
Several online identity verification solutions have been developed to make a man’s job easier and more accurate. These solutions are different from each other; however, not all methods are safe or reliable. One of the simplest and basic online identity verification methods is the use of clicking images or copying CAPTCHA.
From banking to shopping and travel, everyone is using digital infrastructure to connect with people worldwide with what they want and need right now. Hence, the digital identity verification system is the natural progression. It quickens the verification process and functions through borders.
The Future of Identity Verifications
Moving forward, we are looking at a future where people work with multiple people from various regions of the World. The need for identity verification is only slated to become more complicated, and thus the need for complex verifying protocols will rise.
Better technologies will emerge, which will bring instant biometric scans like iris scans to verify an individual. The biggest database for iris scans is already available (Aadhaar). It is just a matter of time before we could have these databases being referred to verify a person.
The future of work will need better verification methods and better storage of this sensitive information. Personal identities would be stored on decentralized databases (Blockchain) and would be secure from external entities.
There are numerous methods to check identity background based on your assurance level. In addition, modern approaches to identity verification are becoming available to protect the rights of customers, businesses, and the government.
The identity industry is making progress like never before. Therefore, instead of relying on any single technique, a multi-layered approach to verify the identity of individuals will double the security and boost confidence. As per their requirements and risk levels, businesses should vary their solutions for identity verification. New identity verification technologies are at the core of creating trust in the digital economy expansion.
During this pandemic, identity verification has become an important aspect of the background check. Hence, it is time that you look for the best identity verification solutions with SpringVerify to protect your business from fraud.
SpringVerify is the modern take on the age-old problem of employee verification being costly, tedious, and out of reach of small businesses. We are trying to build a platform where the employee verification process happens seamlessly and with minimal effort required from both the company and the employee.