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verification, or EIDV, is a method of confirming the identity of an individual,
usually using a combination of public information and private databases online.
With EIDV, the customer will provide standard details like date of birth,
address or National Insurance number, and this information will be
cross-referenced with the customer’s electronic footprint.
In an EIDV search,
the SmartSearch tool will filter through your customer’s digital trail, and if
the details on file correspond with those found, you’ll have a match. However,
if we’re unable to find enough evidence to confirm the individual’s ID, there
could be a partial-match, or a no match at all.
Handling electronic ID checks requires an element
of trust – both from businesses and from their customers. It’s crucial for
consumers to trust the security of the tool or recipient they’re submitting
their information to, while businesses must be able to trust the integrity of
their own EIDV software.
This is a particularly significant issue within the
banking industry. According to recent figures
from Which?, more than 3,700 branches have closed since 2015,
which lead to an inevitable uptake in customers moving their banking online. Operating
without an in-person presence makes trust an even more important consideration for
banks, and ensuring the secure management of electronic ID checks is a key
example of how this trust can be built.
In response to this turn of events, we developed a
Trust Barometer, designed to help our customers monitor the condition of the
This convenient tool pools any up-to-date social
media mentions of every major high street and challenger bank. The sentiment of
this content is then analysed, to provide an indication of which banks are the
most and least trusted by their customers.
So, is there a trust issue among businesses when it
comes to electronic ID checks? EIDV is widely considered to be one of the most
secure, efficient ways of confirming a person’s identity. And yet, SmartSearch research*
has revealed that while almost 80% of businesses now perform electronic ID verification,
47% of senior decision-makers admit there is a level of distrust in automated
identity checks, while 21% don’t trust automation at all.
Since the pandemic began in early 2020, thousands
of firms in the UK (and the wider world) have been forced to automate their
processes, yet more than one in five businesses admits to relying on analogue
processes for their AML checks.
Now we’ve outlined the basics of electronic ID
verification, we hope you’ll be feeling better equipped to make an informed
decision for your business. If you’re interested in reading more about
electronic ID checks, take a look at this free
downloadable guide, where you can find a more detailed breakdown of
EIDV, along with expert advice on implementing electronic ID verification
Due to its fast turnaround
and accurate results, EIDV has become increasingly popular with financial
institutions adhering to AML regulations. Companies that might rely on EIDV
include banks, investment firms, financial advisers, insurance companies and
even estate agents.
EIDV is ideal for carrying
out the KYC element of AML checks, as well as further customer due diligence,
like sanctions and PEP screenings. This is because an electronic ID search will
not only verify their identity, but sift through the financial history of an
individual, and identify anything which could make them a high-risk customer,
like previous convictions of fraud or financial crime.
While manual ID checks
require physical documents from the customer, EIDV relies wholly on information
found online, on both public websites and private databases. Faking an
electronic identity is far more difficult than providing fraudulent documents
in person – so EIDV ensures that no one slips through the net. In fact, there
hasn’t been a single case of fraud recorded, where EIDV has been performed
With customer contact being
severely limited by COVID-19 restrictions world-over, an increasing number of
firms in the finance sector are turning to EIDV over manual checks. In fact,
industry reports indicate that that EIDV’s compound annual growth rate could be
as much as 13.1% from 2020-2025.
SmartSearch is proud
to offer an extremely thorough form of EIDV: TripleCheck. The Triple Check
process intelligently combines data verification, the validation of customer
documents and facial recognition for an incredibly comprehensive identity
Comprised of three distinct
levels, the TripleCheck leaves no stone unturned. The first tier involves an
AML check, screening for PEPs and historic sanctions. The second level uses a
combination of photo ID, live selfie video and biometric facial comparison to
carry out facial recognition. An extensive digital fraud check is then
completed, as the third and final phase.
solution will revolutionise your KYC process, and prevent you from wasting
precious resources on manual checks.
*Source: https://www.which.co.uk/money/banking/switching-your-bank/bank-branch-closures-is-your-local-bank-closing-a28n44c8z0h5 - information correct at time of writing, December 2020.
**Research carried out with 1,500 consumers and 500 senior decision makers by TLF on behalf of SmartSearch