What is electronic ID and verification?

What is digital IDV and is it safe

This blog is general information only. It isn’t advice and isn’t an insight into the views of TSB or any of our Partners.

When you open a bank account online, you may be surprised to learn that you could be asked to go to a branch to prove your identity. While this is designed to protect customers from fraud and identity theft, it can be time consuming and a hassle for customers to go into a branch when they’ve just applied for something online.

The good news is that ‘electronic ID and verification’ – or simply ‘electronic ID and V’ for short – has become more common in recent years, allowing people to submit their proof of identity via a smartphone. But what is it exactly, where can you use it and is it safe? We take a look.

What is digital IDV and is it safe

How does electronic ID and verification work?

To help prevent fraud and financial crime, banks follow a few guidelines to make sure they know who their customers are.

Typically, you need to provide one document as proof of identity and one (separate) document as proof of address. This is then usually verified in a bank branch but, unsurprisingly, many people are unable to do so because they are either too busy or it’s not convenient.

Electronic ID and verification is essentially the same process, except it can confirm your identity in real time online – it’s quick, safe and secure. Here’s a typical example of how it works with Jumio, a large identity verification company used by many companies including TSB.

  1. ID proofing check. A customer uses their phone to scan their ID to prove it is authentic and valid.

  2. Validity check. The customer then takes a selfie photo to prove they are the same person shown on the ID. 

  3. Liveness check. Then the system checks that the person holding the ID is physically present during the electronic ID and verification process.

Is electronic identity and verification safe and secure?

When you send digital copies of important documents, such as your driving licence or passport, it’s only reasonable to want to know that your data is safe and secure. With electronic ID and verification, your information is just as safe as if you went into a branch; this is because systems like Jumio are encrypted to ensure security.  

Mobile technology has come on leaps and bounds over the past decade, so it’s only natural that it’s also used to make the ID and verification process easier for people – particularly if they are time-limited or they can’t make it to a local bank branch. It’s safe and secure, quick and can be done by anyone with a mobile device, saving them valuable time.

Everything we publish on Straightforward Money is provided as general information only. It isn’t advice and isn’t an insight into the views of TSB or any of our Partners.
Please think about getting independent financial advice if you want help with your personal situation.
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