Identity verification is an important process for any organization. It helps to determine that the person they are speaking with, in this case, is really the person they say they are. For example, a bank may want to verify your identity before giving you access to sensitive information like your account balance. This blog post will cover 6 methods of id verification which all have their own pros and cons; so let's get started!
1. Knowledge-Based Authentication
Knowledge-based Authentication is a system that utilizes something the person knows, like their PIN number or password. The downside to this id verification method is the risk of identity theft if someone learns your information and can impersonate you.
2.Two-Factor Authentication
Two-Factor Authentication requires two steps before access will be granted; one step being knowledge (e.g. you need to know your password) and the second step being something only they possess (e.g. a swipe card). The downside is that it requires more time when logging in or signing up for an account which may turn people away from using this identity verification method.
3. Credit Bureau Based Authentication
Credit Bureau Based Authentication means access is granted if there has not been an unusual application for credit or you have had your id stolen. The downside is that the person's credit may be affected if there is a mistake with their id verification, like being incorrectly identified as someone else in one of these databases.
4. Database Methods
Database Methods means access to information is granted when it matches what was submitted by the individual and stored in the database. This id verification method is very easy to use and because it has such a high success rate, it's used in many organizations including banks. The downside of this id verification methods is that if an individual knows what information was submitted by them for storage then they can impersonate themselves without any problems.
5. Online Verification
Online Verification means access is granted as long as they are able to get through a security question and answer or the id verification is done on an external site. This id verification is very convenient because it doesn't require any software installation but also has some downsides, like there's no way for companies to ensure that someone isn't pretending to be you in order gain access with the id verification.
6.Biometric Verification
Biometric Verification is a system that uses "something you are" as the id verification, like your fingerprint or retina scan to ensure someone isn't pretending to be someone else and trying to gain access. The downside of this id verification method is that it can take time for organizations in order to collect these physical pieces of id information.In conclusion, identity verification is an important part of any organization's security. There are many different ways to ensure that the person they are speaking with really is who they say they are. By reading this blog post you have learned about six id verification methods which all offer their own pros and cons. Some may be better for organizations than others so it's important to understand what id verification method is best for your organization.
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