Selfie ID Verification API: How can Your Business Stay Compliant and Safe?

How does Selfie ID Verification Work? 

With the rise in cybercrimes, companies are shifting to more sophisticated identity verification methods. Valued at $10.45 billion in 2023, the global identity verification market is expected to grow by a CAGR of 16.2% and reach about $40 billion by 2032.

One of the methods of identity verification is selfie verification. This method has been gaining popularity as an identity verification process due to its scalability and freedom from geographical limitations.

Let’s understand how it works.

What is Selfie ID Verification?

Selfie ID verification is a type of identity verification in which an individual has to take and upload a selfie in real-time as part of completing the KYC process. The selfie is then matched with the photograph on their driver’s license, passport, or another government-issued ID. 

This process can be easily carried out using a smartphone, providing ease for the individual, and is essential for important services, like opening a bank account, applying for a loan, or retrieving sensitive information.

This process used to be done manually, which used to take time and have limited scalability. These are not problems anymore, thanks to the automated systems that have brought a welcome change. These changes help businesses to overcome the constraints mentioned earlier and successfully reduce the risk of identity fraud. Selfie verification uses face recognition technology that compares a live selfie with a picture of a Government-issued ID. The software takes note of specific facial traits—like the distance between the eyes, nose, and ears—in order to create a digital model of the customer’s face from the selfie.

Selfie Verification Process

Due to its real-time execution, Selfie ID verification has a certain benefit. Selfie verification can double as a liveness check and it shows that the customer is adhering to the instructions as they are issued. 

The process of selfie verification includes the following steps:

Step 1: The customer uploads pictures of one or more ID documents, such as a passport, driving license, etc., for identity verification during onboarding.

Step 2: Once the ID documents are uploaded, the customer needs to complete the enrollment process and log in to their account.

Step 3: During subsequent logins, the customer may be prompted to take and upload a selfie with their smartphone or webcam so that the system can compare it with the documents uploaded previously.

Step 4: The company will compare the photos using their facial recognition software and liveness detection. If their system gives clearance that both photos match with each other, the customer will be able to access their account. 

Step 5: Over time, customers may be asked to upload revised identification documents so that their photo depicts their more recent look. You may put in place a continuous verification process to keep the customer’s profile and login credentials safe.

Why is Selfie ID Verification Gaining Traction?

In today’s digital world, a lot of transactions and communications happen virtually. Selfie ID verification takes advantage of this digitization. This is why it is gaining popularity as one of the safest methods of identity verification that doesn’t require a physical presence. 

Selfie verification is ideal for online services, remote jobs, and digital communications. With the developments in face and biometrics recognition technology, selfie verification can now provide more accurate and reliable results. Earlier businesses found it difficult to track and identify every instance of identity theft (like stolen sensitive information of the individual). In 2023, FTC (Federal Trade Commission), a US agency that has been set up to protect consumers, received more than one million reports of identity theft through its website. In these situations, selfie verification comes to a rescue.

This is because it would not be possible for a hacker to get beyond a well-designed selfie verification process with liveness verification even if they had access to sensitive information or identification documents.

The Importance of Selfie Verification for AML Compliance

Apart from mitigating identity theft and related damages, selfie ID verification can assist organizations in maintaining the quality of customer due diligence in their anti-money laundering (AML) obligations.

One of the most important aspects of these obligations is the requirement to verify a customer’s identity. By adhering to these obligations, companies can avoid paying heavy fines and penalties.

Signzy’s identity verification API uses a multifaceted strategy that helps in:

• Matching personally identifiable information (PII), for example, name, social security number, contact details, or date of birth, against documents stored in official databases. 
• Verifying whether the provided ID document is real (to confirm it is not a printout or has not been tampered with).
• Making sure that the user is the same person as the submitted ID document through automated selfie verification technology and liveness detection.

How Signzy Streamlines Selfie Identity Verification

Selfie identity verification can improve the state of customer identity verification for businesses. However, sluggish, unresponsive platforms can lead to customer drop-offs. This is no reason to worry about with Signzy’s Face Match API, Liveness Check API, and other identity verification tools available in our API Marketplace. Signzy’s APIs are user-friendly and ensure that customers are not stuck uploading their selfies on slow interfaces that crash.

So book a demo with Signzy, and take your identity verification game to the next level.

Conclusion

Selfie ID verification is changing the way the customer onboarding process used to be for businesses. This is important for anyone looking to shift their business online while ensuring that every relationship is secure and lucrative. Therefore, if you want to stay compliant with AML/KYC requirements and provide a seamless customer experience, you need to integrate selfie verification into your system.

Got any questions? Refer to our frequently asked questions below.