Before we discuss further on ID Verify from Microbilt, let’s first understand the concept and relevance of identity verification. In today’s times, businesses are required to keep up with Know Your Customer (KYC) and Anti-Money Laundering (AML), which means they need to ensure that all formalities are completed as mandatory. Identity verification, or ID Verification, is basically the process of ensuring that an individual’s identity matches with the documents submitted. From two-step authentication, to knowledge-based verification, there are varied ways to do that.
Microbilt is a company that has been spearheading unique tools for identity verification, and in this post, we are reviewing ID Verify – One of their popular tools in the category.
What exactly is ID Verify?
ID Verify is a tool that relies on various and multiple data sources to confirm an individual’s identity. The tool relies on reliable sources for the process of verification, to ensure that Personally Identifiable Information (PII) as true as stated. Also, the tool delivers what is called a Fraud Score, so that the risk related to identity fraud can be accessed in real terms. ID Verify check and verify as many as 60 aspects of PII, right from SSN to driver’s license and other information.
How reliable is ID Verify?
ID Verify relies on sources that can be trusted. Microbilt identity verification tools, in general, have got great reviews. The records are used for verifying various details from tradelines, traditional credit bureaus, National Directory Assistance, USPS CASS certification software, and high-risk address files, and many others.
What is this designed for?
Businesses that want to stay ahead with their Know Your Customer (“KYC”) requirements can use ID Verify, and it also helps them find details that can help to avoid fraudulent activities later. ID Verify is ideal for lending verification needs, tenant screening, employment screening, and for retail leasing. Microbilt insists that their ID Verify product is designed for multiple uses and can be utilized in varied circumstances. For businesses, this could be a great tool to keep up with compliance requirements.
Why does ID verification matter?
Businesses have to think beyond compliance when it comes to ID verification. It is necessary to invest in a software or tool that eases the process of verification and comes in handy in preventing fraudulent activities. Sadly, many companies have suffered huge revenue losses because of fraudsters, and that happens because they didn’t enough attention to the ID verification process or didn’t take enough time to take a call on an individual. With Microbilt’s tools, things are going to much easier for most industries that have to keep up with this process and must remain compliant too.
Final word
We would highly recommend ID Verify for KYC requirements, and if you have any questions, don’t forget to contact the company for details. As far as features and sources for verification are concerned, ID Verify scores way above some of the standard tools in this category. For more information on identity verification, please refer to Microbilt’s website for details
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