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For Security & Risk Professionals

Physical Identity Document Verification Trends And Best Practices

Increase Customer Acquisition By Verifying Physical Identity Documents Online

April 15, 2021

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Why Read This Report

Physical identity document verification (PIDV) lets firms seamlessly and reliably vet and verify users' identities during the onboarding process in order to issue a digital (or another physical) credential that the user can use for authentication and additional authorization. PIDV enables financial institutions (such as banks and insurance companies) to achieve and maintain regulatory compliance (AML, KYC, Customer Due Diligence [CDD]) cost effectively. When evaluating vendors, security and risk pros should focus on: 1) document template availability; 2) depth of back-end information, such as public records, used for additional ID verification; 3) strength of liveness checking; and 4) tuning of accuracy. Implementation best practices include: 1) readiness to support various hardware devices and operating systems; 2) data protection and scalability and performance tuning; and 3) customer education and built-in guidance.

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