Identity Verification Service Definition and Examples

Understanding Identity Verification Service for e-Signing

In the digital age, ensuring the authenticity of signers in an electronic transaction has never been more critical. That’s where Identity Verification Services (IVS) come into play. These services are designed to authenticate the identity of an individual electronically, preventing fraud and providing a secure environment for e-signatures.

What is an Identity Verification Service?

An Identity Verification Service is a process used to confirm that an individual is who they claim to be. This is often done through various methods, such as:

• Document Verification: Checking government-issued IDs like passports, driver’s licenses, or national IDs.
• Biometric Verification: Utilizing facial recognition or fingerprint scans.
• Database Verification: Cross-referencing the individual’s information with trusted databases.
• Two-Factor Authentication (2FA): Combining something the user knows (like a password) with something they have (like a phone).

Examples of Identity Verification Methods

1. Document Verification: The user uploads a photo of their ID, which is then analyzed to ensure it is authentic. Machine learning algorithms and expert reviewers cross-check for tampering signs.

2. Biometric Verification: The user may be asked to take a selfie or record a short video to verify that they match the photo in the provided ID. This technology ensures that the individual present is not impersonating someone else.

3. Database Verification: Information provided by the user is compared against vast databases of known and trusted sources, such as social security numbers, credit reports, or telecommunications records.

4. Two-Factor Authentication: After entering a password, the user receives a code on their smartphone, which they must enter to complete the verification process.

The Importance of Identity Verification in e-Signing

Using an Identity Verification Service with e-signatures is crucial for several reasons:

• Security: It ensures that the person signing the document is indeed who they claim to be, drastically reducing the risk of fraud.
• Trust: Both parties can trust that the transaction is valid and binding.
• Compliance: Many industries and regulations require a robust verification process for legal and compliance reasons, such as in financial services or healthcare.
• Convenience: Offers a seamless user experience by reducing the need for in-person verification while maintaining high-security standards.

Why Choose GoodSign for Your Identity Verification Needs?

GoodSign provides a comprehensive Identity Verification Service as part of its e-signature solution. With GoodSign:

• No Additional Costs for Team Members: Unlike other providers, GoodSign doesn’t charge extra for team members.
• Pay Per Use: Only pay $1.50 per envelope sent. No expensive subscriptions.
• Full Integration: All necessary features and integrations are included, ensuring you can start immediately without the hassle of tiered plans.

By choosing GoodSign, you leverage a cost-effective, secure, and user-friendly identity verification solution that meets all your e-signing needs. Sign securely, confidently, and affordably with GoodSign.