The problem of identity theft which is taking place globally is indeed alarming. Identity theft impacts more than 17 million consumers every year, and consumers over 50 which can turn vulnerable, according to a Forbes survey.
With 9.9 million incidents in the US, every year, national identity theft is no more trivial anymore. It is increasingly becoming rampant. In 2012, 17% of the youngsters were identity theft victims. Credit card, bank accounts etc. comprised 85 % of the theft alone. Many people face new accounts being opened in their name, suffer from serious financial losses. In the UK, the number of people falling victim to identity theft has risen by almost a third, new figures suggest as quoted by BBC News.
Identity theft has become a global hiring concern. Considering the prevailing conditions, globally, employers are increasingly upgrading to technologies to check identity instantly and thoroughly.
To counter rising identity theft, new methodologies have emerged. Identity verification being one way to check authenticity of the stated candidate’s personal details like name, address, date of birth etc. It is an all-encompassing process, considering the way authentication is worked out to verify personal data. Personal data like name, address, date of birth etc. are readily available through various sources and can be easily misused by impersonators and hackers.
Biometrics have begun to be used taking into account its reliability and scalability attributes. Unique identifiers used as parameters include fingerprints, hand geometry, earlobe geometry, and retina and iris patterns, voice waves, DNA, and signatures. . The oldest way of biometric verification is fingerprinting. Every individual has unique biometric parameters which is difficult to be replicated.
Identity verification is starting to transform the background screening space with its speed and transparency where a person can be automatically verified from a database which has his/her personal data stored. Individuals can also verify information using APIs. With the emergence of digitized records of analog data, instantaneous identity verification is quite feasible.
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