IDV stands for Identity Verification, which is a process of verifying the identity of an individual, usually in a digital environment. This process is achieved by collecting and evaluating personal information, such as name, date of birth, address, government-issued ID, or other personal documents.
The main purpose of IDV is to prevent fraudulent activities, identify thefts, and comply with regulatory requirements. It's a crucial component of online security measures, where sensitive personal or financial data is involved.
There are several methods of IDV, including knowledge-based authentication, biometric verification, document verification, and others. Knowledge-based authentication involves verifying an individual's identity based on personal information, such as date of birth, social security number, or mother's maiden name. Biometric verification takes advantage of an individual's unique physical characteristics, such as facial recognition, fingerprint scanning, or iris scanning. Document verification involves checking the authenticity of documents provided to prove the individual's identity.
In the digital era, IDV has become increasingly important, as more and more businesses are handling personal data and dealing with online transactions. IDV is essential for online services such as online banking, e-commerce, online gaming, and many others. Moreover, governments and regulatory authorities are mandating IDV to prevent money laundering, terrorist financing, and other financial crimes.
In conclusion, IDV is a process of verifying an individual's identity in the digital environment, which is crucial for online security and regulatory compliance. The main goal of IDV is to prevent malicious activities and protect sensitive personal or financial data.