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Electronic ID verification, or EIDV, is a method of confirming the identity of an individual, usually using a combination of public information and private databases online. With EIDV, the customer will provide standard details like date of birth, address or National Insurance number, and this information will be cross-referenced with the customer’s electronic footprint.
In an EIDV search, the SmartSearch tool will filter through your customer’s digital trail, and if the details on file correspond with those found, you’ll have a match. However, if we’re unable to find enough evidence to confirm the individual’s ID, there could be a partial-match, or a no match at all.
Handling electronic ID checks requires an element of trust – both from businesses and from their customers. It’s crucial for consumers to trust the security of the tool or recipient they’re submitting their information to, while businesses must be able to trust the integrity of their own EIDV software.
This is a particularly significant issue within the banking industry. According to recent figures from Which?, more than 3,700 branches have closed since 2015, which lead to an inevitable uptake in customers moving their banking online. Operating without an in-person presence makes trust an even more important consideration for banks, and ensuring the secure management of electronic ID checks is a key example of how this trust can be built.
In response to this turn of events, we developed a Trust Barometer, designed to help our customers monitor the condition of the industry.
This convenient tool pools any up-to-date social media mentions of every major high street and challenger bank. The sentiment of this content is then analysed, to provide an indication of which banks are the most and least trusted by their customers.
So, is there a trust issue among businesses when it comes to electronic ID checks? EIDV is widely considered to be one of the most secure, efficient ways of confirming a person’s identity. And yet, SmartSearch research* has revealed that while almost 80% of businesses now perform electronic ID verification, 47% of senior decision-makers admit there is a level of distrust in automated identity checks, while 21% don’t trust automation at all.
Since the pandemic began in early 2020, thousands of firms in the UK (and the wider world) have been forced to automate their processes, yet more than one in five businesses admits to relying on analogue processes for their AML checks.
Now we’ve outlined the basics of electronic ID verification, we hope you’ll be feeling better equipped to make an informed decision for your business. If you’re interested in reading more about electronic ID checks, take a look at this free downloadable guide, where you can find a more detailed breakdown of EIDV, along with expert advice on implementing electronic ID verification processes.
Due to its fast turnaround and accurate results, EIDV has become increasingly popular with financial institutions adhering to AML regulations. Companies that might rely on EIDV include banks, investment firms, financial advisers, insurance companies and even estate agents.
EIDV is ideal for carrying out the KYC element of AML checks, as well as further customer due diligence, like sanctions and PEP screenings. This is because an electronic ID search will not only verify their identity, but sift through the financial history of an individual, and identify anything which could make them a high-risk customer, like previous convictions of fraud or financial crime.
While manual ID checks require physical documents from the customer, EIDV relies wholly on information found online, on both public websites and private databases. Faking an electronic identity is far more difficult than providing fraudulent documents in person – so EIDV ensures that no one slips through the net. In fact, there hasn’t been a single case of fraud recorded, where EIDV has been performed correctly.
With customer contact being severely limited by COVID-19 restrictions world-over, an increasing number of firms in the finance sector are turning to EIDV over manual checks. In fact, industry reports indicate that that EIDV’s compound annual growth rate could be as much as 13.1% from 2020-2025.
SmartSearch is proud to offer an extremely thorough form of EIDV: TripleCheck. The Triple Check process intelligently combines data verification, the validation of customer documents and facial recognition for an incredibly comprehensive identity check.
Comprised of three distinct levels, the TripleCheck leaves no stone unturned. The first tier involves an AML check, screening for PEPs and historic sanctions. The second level uses a combination of photo ID, live selfie video and biometric facial comparison to carry out facial recognition. An extensive digital fraud check is then completed, as the third and final phase.
This market-leading solution will revolutionise your KYC process, and prevent you from wasting precious resources on manual checks.
Speak to an AML and compliance expert today to discover more.
*Source: https://www.which.co.uk/money/banking/switching-your-bank/bank-branch-closures-is-your-local-bank-closing-a28n44c8z0h5 - information correct at time of writing, December 2020.
**Research carried out with 1,500 consumers and 500 senior decision makers by TLF on behalf of SmartSearch
