eIDV : electronic identity verification

Picture this: You are out with your friends, dressed in your flashiest fits, and just before you can enter a club, you are stopped by a bouncer requesting for your ID to see if you meet the age limit.

You are above the age limit, you smile and successfully enter the club.

Similarly, when you open a neo-bank or link an investment app to your bank, you’d have to go through a verification process to verify your identity. Some want you to take selfies with your ID; others ask you to submit documents.

It is used by banks and fintechs to verify identities to prevent fraud by individuals seeking to steal data or even your money.

With recent developments in technology, the latest verification systems can successfully verify your identity within minutes, using machine learning and facial recognition.

But with all these technologies in place, fintechs need strong encryption, firewalls, and cybersecurity measures to keep customer information safe from bad actors.

Therefore, for eIDVs to be effective, they require up-to-date databases and are reliant on information found online, both on public and private websites, making it very difficult to create a fake digital identity.

The most popular eIDVs vary country by country; but for most users would be OneID, OnFido, Persona and many other ones.