Identity authentication, the process of checking that the person and the presented information is real, should let you quickly and safely on-board new customers and provide seamless access through the lifetime of the relationship.
As the value of your services and the number of ways you interact with your customer increases, the risk of fraud increases too. To limit your risks, you should use identity verification to check the customer’s presented information against an authoritative source, then authenticate identity, determining whether an individual owns that identity.
Best practices in identity management state that two-factor authentication is the minimum standard for authenticating an identity. For high-risk transactions, further multi-factor authentication protocols may be in order. Two-factor authentication includes at least two of the following identity factors: