Electronic identity verification (e-IDV) enables solicitors and licensed conveyancers to verify the identity of their clients and onboard them remotely.
By removing the need to collect physical documents, e-IDV speeds up and streamlines client identity checks, frees up time and builds a more robust system for spotting fraudsters and preventing money laundering.
1. Address checks and PEPs and sanctions screening
The first step to verifying a client’s identity is to obtain a proof of address. Using basic information entered by the client, Thirdfort verifies their address with at least two sources using Experian. PEPs, sanctions and adverse media checks are also performed using LexisNexis and ComplyAdvantage.
2. Document verification
It is a regulatory requirement to see satisfactory photo evidence of the identity of every client and verify that it is not forged. This can be done by using a Digital Identity Check provider like Thirdfort – this will check that the security features of the evidence are genuine.
There is now an added level of security available. Some eIDV providers offer systems which read the chip within biometric documents such as passports using Near Field Communication (the tech that reads your passport at an airport gate).
By scanning an NFC chip, the provider will be able to match a digital signature to the organisation that issued the ID (e.g the Government) and extract biometric information from the evidence supplied by the client. When scanned, the NFC chip will also check that a ‘signing key’ belongs to the organisation that issued the ID, and hasn’t been tampered with.
The technology required to scan these chips is available in most modern smartphones, so your clients can complete this step themselves at home.
3. Biometric verification
Thirdfort guides the user to take a selfie and short video. This includes face matching (to assure that the person matches the evidence provided), liveness (to be assured that they are a real person, and not presented imagery such as a mask, photo, or video), and assurance that the person is present in real-time (and not a digital replay attack or ‘deepfake’).
If you'd like to find out how e-IDV can help you onboard clients remotely, you can get in touch with us here.