Trending Videos
What is eIDV (Electronic Identity Verification)
eIDV (Electronic Identity Verification) makes use of publicly available data as well as private databases to quickly verify the identity of an individual. eIDV uses personal information such as name, date of birth, Social Security number, and address among other data fields. The result of an eIDV search on an individual’s identity could result in a match, non-match, or partial match.Key Takeaways
- eIDV stands for Electronic Identity Verification, which refers broadly to computerized systems for individual ID verification.
- eIDV makes use of both public and private data sources in order to match individuals based on several criteria including name, sex, address, date of birth, and so on.
- eIDV is increasingly used in the financial industry by law enforcement to detect and prevent financial crimes and to combat terrorism. It is also used by the private sector by insurers, realtors, and hiring agents, among others.
Breaking Down eIDV
eIDV is used by banks, brokerage firms, financial advisers, and accountants to minimize fraud and comply with know-your-customer laws, privacy laws, anti-money laundering laws and Combating the Financing of Terrorism (CFT) laws. eIDV is also used by insurance companies, governments, retailers, casinos, lawyers, employers, job recruiters, and real estate agents as part of their due diligence processes.
eIDV in Use
Electronic identity verification matches the data provided by an individual, such as name, date of birth, address, and SSN, against various databases to determine if there is a match.- Personal documents that can serve as sources of data for the verification service include driver’s licenses, passports, birth certificates, and citizenship certificates.
- Various types of databases, both public and proprietary, may be used in eIDV, including credit bureau data, police data, and vehicle history data.
- Data that can be used as sources of verification include change of address data, postal data, property ownership data, direct marketing data, credit bureau data, electoral roll data, utility data (e.g., phone, natural gas, electricity and/or water service), telecommunications records, and government data (such as driver’s license, passport, national ID and national insurance numbers).