5 Types of Identity Verification Solutions
<p>Here we discuss 5 types of identity verification solutions and the importance of implementing the correct solution to mitigate risk and fraud throughout the recruitment process.&nbsp;</p> <h2>1. Two-Factor Authentication (2FA)</h2> <p>Two-factor authentication requires someone attempting to access an account or information to provide exactly two factors of authentication to prove their authority to access an account or information. This identity verification method is often set up or encountered for logging in to social media accounts.&nbsp;</p> <p>2FA adds an extra layer of security to a regular username/password login to deter cybercriminals from unlawfully accessing accounts. This is usually through independent authentication in the form of a physical token or code via text message. Overall, it doesn’t really provide thorough <a href="https://www.trueprofile.io/partner/resources/difference-between-identity-verification-background-screening" target="_blank" rel="noreferrer noopener">identity verification</a> as it authenticates a known device rather than the individual. Someone in physical possession of a known device can jump past a 2FA hurdle. It also can be more laborious than other identity verification methods, particularly if a user misplaces the second factor resource for verification (e.g. a fob or phone)</p> <h2>2. Multi-Factor Authentication (MFA)</h2> <p>While every two-factor authentication (2FA) is multi-factor authentication (MFA), not every MFA is 2FA. MFA requires two or more factors of authentication to gain access to a resource. This may be an application or an online account. Beyond passwords, MFA might ask for a PIN, biometrics, facial recognition, or a one-time passwords (OTPs).&nbsp;</p> <p>MFA is an easy-to-use key component to a strong identity and access process. Extra factors of authentication reduce the risk of compromise over passwords alone by almost 100%. MFA mitigates the risk of attackers gaining access to multiple credentials to bypass this authentication method. Despite its strong points, as more factors are involved, it may take longer than other methods to pass the additional steps and access a resource.&nbsp;</p> <h2>3. Knowledge-Based Authentication (KBA)</h2> <p>Knowledge-based authentication requires a person to respond to security questions with customized and unique answers to verify a person’s identity. You may be familiar with answering questions like&#8221;Who was your favorite teacher?&#8221;, “What was your first pet called?” or “What is your mother’s maiden name?” when logging into online banking portals, email providers, or a variety of website services.&nbsp;</p> <p>The authentication relies on the user being the only person to know the answer to a pre-selected question or set of questions. Questions usually have to be answered within a defined time limit. However, as identity verification goes, KBA is heavily outdated. Users could easily share their answers on social media or in a public space by accident, making the KBA easy to answer. People often forget their answers or how they inputted their answers. KBA lacks a degree of authority as it does not rely on government-issued IDs.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p> <figure class="wp-block-image size-large"><img loading="lazy" width="1024" height="535" src="https://production-prod-trueprofile-blogassets-origin.s3.ap-southeast-1.amazonaws.com/uploads/2021/10/shutterstock_1886772592-1024x535.jpg" alt="Foolproof identity verification solutions" class="wp-image-12496" srcset="https://production-prod-trueprofile-blogassets-origin.s3.ap-southeast-1.amazonaws.com/uploads/2021/10/shutterstock_1886772592-1024x535.jpg 1024w, https://production-prod-trueprofile-blogassets-origin.s3.ap-southeast-1.amazonaws.com/uploads/2021/10/shutterstock_1886772592-300x157.jpg 300w, https://production-prod-trueprofile-blogassets-origin.s3.ap-southeast-1.amazonaws.com/uploads/2021/10/shutterstock_1886772592-768x401.jpg 768w, https://production-prod-trueprofile-blogassets-origin.s3.ap-southeast-1.amazonaws.com/uploads/2021/10/shutterstock_1886772592.jpg 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption>Implementing foolproof identity verification solutions is crucial to mitigate risk during the recruitment process</figcaption></figure> <h2>4. Database Verification</h2> <p>Database identity verification solutions use offline, online and social media data to detect the authenticity of an access request. Data is analyzed from multiple sources to determine a user’s identity and whether <a href="https://www.trueprofile.io/partner/resources/identity-fraud-verifying-candidates-when-hiring-remotely" target="_blank" rel="noreferrer noopener">identity fraud</a> is being committed based on a confidence score. Usually, this solution is used in addition to other ID authentication solutions.&nbsp;</p> <h2>5. Online and Biometric Identity Verification</h2> <p>As a newer form of an identity verification solution, online and biometric verification uses artificial intelligence (AI), machine learning, human review, or computer vision techniques to determine whether the user in possession of a government-issued ID is authorized to do so. This method of identity verification can be used to authenticate a user based on their physical characteristics. This includes facial and voice recognition, fingerprints and even retina scanning.&nbsp;</p> <p>ID verification services, like <a href="https://www.trueprofile.io/partner/resources/introducing-trueidentity-cutting-edge-id-verification-to-help-you-hire-the-right-people" target="_blank" rel="noreferrer noopener">TrueIdentity</a>, that use cutting-edge technology offer a fast, secure and reliable way to verify that someone is exactly who they say they are. Usually, this method requires users to take a picture of themselves physically holding an identity document (passport or ID card) to show that they are the person on the ID document. <a href="https://www.trueprofile.io/partner/resources/what-is-trueidentity-2" target="_blank" rel="noreferrer noopener">Identity verification</a> solutions and services that store these <a href="https://www.trueprofile.io/partner/resources/the-future-of-digital-verification-on-the-blockchain" target="_blank" rel="noreferrer noopener">verified documents on the blockchain</a> allow users to easily view, download and share their verified ID as needed.&nbsp;</p> <p>Post-setup, these methods are highly convenient for users as often there is no need for a password or other authentication barriers as long as the physical characteristics match up. High-security biometric verification services securely store the verifications on the blockchain rendering them tamperproof.&nbsp;This method is crucial for high risk industries like healthcare, finance, engineering and education.</p> <p>This instant result method offers high verification <a href="https://www.trueprofile.io/partner/resources/how-identity-verification-can-improve-candidate-experience" target="_blank" rel="noreferrer noopener">assurance</a> for all parties. It relies on valid IDs issued by the government and a photograph from an engaged user to give a definitive result.&nbsp;</p> <h2>The Importance of Identity Verification Solutions</h2> <p>Implementing foolproof identity verification solutions is crucial to mitigate risk when hiring. This is even more important when hiring internationally or remotely. Since 2020, unemployment has increased across the globe and industries. Unfortunately, this new landscape has given people more reason to commit identity fraud in an attempt to get hired under false pretenses.&nbsp;</p> <h4>If you want to know more about our identity verification solution and how it can assist your current hiring processes, please feel free to reach out to us via <a href="mailto:help@trueprofile.io" target="_blank" rel="noreferrer noopener">help@trueprofile.io</a>.</h4>