Identity Verification (IDV) ensures the authenticity of an individual’s identity by validating personal details to secure digital asset recovery and prevent fraud.

Identity Verification (IDV) Meaning

Identity Verification (IDV) is the process of confirming the validity and authenticity of an individual’s identity. It involves validating personal details from reliable sources to prevent fraud.

Understanding Identity Verification

IDV is crucial for users who lose access to their digital assets. It ensures the recovery of private keys for assets securely. IDV protects accounts against leaks or unauthorized access. It involves confirming personal information against government-issued identification.

Partners like Tessi, Coincover, and Onfido aid in the verification process. They conduct manual verifications, biometric tests, and check live videos against provided ID documents. These steps are to ensure authenticity and prevent fraudulent recovery requests.

IDV maintains individual autonomy and self-custody during account recovery. Users own and control their digital assets, personal information, and the recovery process.

The Identity Verification Process

  1. Verification of user details with multiple information sources and official documents.
  2. Submission of a short video by the user for live checks.
  3. Use of biometric data to match the user’s real-time face with documents.
  4. Ensuring the biometric data is not simulated or falsified.

These steps verify the user’s identity with a high level of certainty.

IDV vs. Full KYC

IDV focuses on essential details for identity confirmation, limiting exposure of personal information. It stores ID data in encrypted form. KYC, however, requires additional details like financial information and runs identity checks against PEPs and sanctioned individuals’ databases. IDV is a more focused process, not including such extensive checks.