“May I see your Identity?” is such a regular request in our daily lives that it scarcely registers. Showing proof of identity in the form of a driver’s license or passport is expecting while doing business, whether at the check-out register or when completing a credit application.
Knowing who your signers are is more crucial than ever as sensitive, high-value agreements go online and are perform digitally. You must be able to trust the individual with whom you are conducting business to be who they say they are. In some circumstances, just the signer’s email or phone number is enough to trust them. Other times, you’ll require signers to provide proof of identity in addition to email.
Ineffective manual identification verification is unfortunately frequent in both B2C and B2B enterprises. This usually leads to poor customer service, the possibility of fraud, and a failure to meet regulatory requirements. At the same time, businesses must retain a positive client experience. According to a Forrester study on digital identity verification documents commissioned by DocuSign, 78 percent of decision-makers believe identity verification technologies are necessary to balance user experience and security. The capacity to properly and swiftly verify identity is critical for many businesses to operate in a safe and compliant manner.
Furthermore, according to a 2018 Experian survey, 84 percent of firms feel that knowing their customers’ identities will lower their risk, which can be costly. Financial institutions, for example, paid out $10 billion in penalties for non-compliance with anti-money laundering (AML), know your customer (KYC), and sanctions legislation in 2020 alone — laws that frequently include comprehensive identity verification procedures at their heart.
There is a great need for a more complete and seamless identity verification process as firms across a wide range of industries attempt to balance providing a pleasant and convenient customer experience with meeting severe compliance standards.
What is the definition of online ID verification?
Identity verification for signing parties is an important aspect of contracts, but confirming identity can difficult. Especially when contracts are high-value or sensitive to fraud and are executed online.
For many routine transactions, a link to a verified email address suffices to verify the signer’s identity. For their most high-value agreements, however, many organizations desire more than just an email signature. DocuSign offers a variety of upgraded options, such as identity proofing and authentication methods, to identify new signers and validate returning users.
Proof of identity in the form of a government-issued ID or electronic ID is the most secure solution. In certain highly regulated industries and other use cases. Of course, when a contract is not sign in person, the signer is not present to offer identification. In these circumstances, DocuSign ID Verification allows the signer to submit their driver license, passport, or electronic ID to establish their identity from anywhere, using their preferred device, saving time and improving process efficiency.
When you combine robust identity verification with electronic signatures, you have a powerful combination.
Employees can easily combine electronic signatures with enhance identity verification. With DocuSign ID Verification, which is built on eSignature admin and sending interfaces. Users who provide papers for signature with DocuSign can require ID verification by pressing the “ID verification” button on their agreement and then following the standard processes for sending the document. To eliminate confusion, it’s best to give an end-to-end solution when providing identity verification. You deliver a seamless, professional experience for your consumers by integrating signer identity verification with electronic signature.
Document verification’s advantages:
You might be familiar with the document and ID verification process. Banks and other businesses have been doing this for decades. However, you may only use to validating IDs in a physical setting. Customers will experience friction as a result of this, which will slow down the process and prevent your business from scaling.
You may remotely confirm your clients’ IDs with a digital document verification system. It’s a quick way to determine if an ID is genuine as part of a remote onboarding procedure. As a result, your ID checks will scale and become more efficient. It safeguards your business from phony IDs while also making life easier for your customers.
The issue is that many organizations lack the resources, expertise, or technology needed to perform advanced document verification. There are numerous varieties of document fraud, each of which necessitates a unique method of detection. It takes time and money to recognize and catch different types of fraud.
A comprehensive document verification system can aid in this situation.
Identifying the many types of document fraud
So, what are the advantages of using a document verification service?
Let’s start with an overview of the many sorts of document fraud.
Documents that are fraudulent can divide into three categories:
Documents that have alter: These are documents that have been altered by a fraudster from an original, authentic document.
Documents that are illegitimate: these are wholly fake productions.
Falsely presented documents: these documents may be genuine or original, but they may not belong to the person who is presenting them.
Answer questions that require expertise.
Signers can also choose to answer knowledge-based questions based on their personal experiences. To confirm that the responses are correct, DocuSign compares them to a third-party database. This method was previously available individually, but we’ve integrated it into ID Verification to provide a more complete solution. Signers in the United States can use this method.
Using a combination of document verification and biometric verification:
Comparing a digital image or video of the individual to the image on the ID card is the best way to detect fraud such as improperly portrayed documents. A document check combined with a facial check verifies the document’s authenticity and ties it to the person who presented it. We believe that this should become the industry standard for identity verification because it is one of the most effective methods for preventing most sorts of fraud.