For businesses operating within the modern digital economy, the security and integrity of personal data are of paramount importance. Customer transactions and interactions are increasingly happening remotely and online, so the need for reliable, trustworthy identity verification (IDV) solutions has never been greater—and will only continue to grow.
So how, then, should organizations go about evaluating IDV providers? One essential criterion is validation from independent technology auditors. To ensure the highest level of data protection and authentication accuracy, organizations should partner with identity verification vendors who have verified compliance to National Institute of Standards and Technology (NIST) and applicable ISO standards, and who also come recommended by respected institutions like the FedNow Technology Showcase.
In this blog post, we’ll explore the reasons why these conformance to best practices and endorsements matter—and why they must be key factors in your choice of an IDV vendor.
The gold standard in security
The NIST is a US government agency known for its contributions to technology standards and guidelines. In the context of IDV solutions, an NIST certificate of conformance validates that the vendor’s technology adheres to a rigorous set of security protocols and practices.
Here’s why NIST’s “seal of approval” is important:
- Robust security measures: NIST compliant solutions follow industry-leading security protocols, ensuring that customer data is protected against unauthorized access and breaches.
- Data privacy compliance: Vendors who are NIST-compliant prioritize data privacy, following best practices in data handling, storage, and transmission to meet various regulatory requirements.
- Resilience against attacks: Solutions that obtain verified NIST conformance are designed to withstand sophisticated cyberattacks, providing an additional layer of defense against identity theft and fraud.
- Trust and reputation: By partnering with an verified NIST compliant IDV vendor, you signal your commitment to data security, building trust among your customers and stakeholders.
Excellence in accuracy & reliability
iBeta, an independent testing laboratory, specializes in evaluating biometric and identity verification systems that includes conformance to the ISO biometric Presentation Attack Detection (PAD) standards. Their testing process assesses the accuracy and reliability of IDV solutions, ensuring they conform to the stringent ISO performance benchmarks.
There are several reasons why verified conformance to the biometric ISO standards should be non-negotiable to your organization:
- Accuracy assurance: Solutions undergo comprehensive testing to ensure high accuracy rates in verifying identities, reducing the risk of false positives and negatives.
- Reliability validation: Conformance to the ISO standards confirms that the IDV solution consistently performs as advertised, and that it maintains its reliability under varying conditions.
- Objective evaluation: Independent testing by iBeta provides an unbiased assessment of the vendor’s claims, offering a credible endorsement of their solution’s capabilities.
Industry recognition & validation
The FedNow Technology Showcase is a prestigious platform endorsed by the US Federal Reserve, featuring innovative payment and financial technologies. An IDV vendor recommended by this showcase gains significant credibility in a number of ways:
- Endorsement by respected authority: Being recommended by the FedNow Technology Showcase signifies recognition by a trusted authority in the financial and technology sectors.
- Innovation and excellence: Vendors featured in the showcase are leaders in their fields, often pushing the boundaries of technology to provide cutting-edge solutions.
- Market differentiation: An endorsement from the FedNow Technology Showcase sets a vendor apart from competitors, showcasing their unique value proposition.
Outside validation is imperative
Selecting the right IDV vendor is not just something businesses do to check an item off of a list; it’s a responsibility to their customers and stakeholders. Verified conformance to NIST and ISO standards, along with recommendations from esteemed platforms like the FedNow Technology Showcase, provide a rock-solid foundation for making an informed choice.
These certificates of compliance and endorsements guarantee that the vendor’s solution is secure, accurate, reliable, and innovative—essential qualities in the realm of identity verification. By prioritizing these factors, organizations ensure the safety of their customers’ data and build invaluable trust in their digital interactions.
About the post:
Images are generative AI-created. Prompt: Maximalist athlete standing in front of a shelf of trophies and awards with many medals hanging on her neck. Tool: Midjourney.
About the author:
Bryan Smythe serves as President of the Americas region for IDVerse. With nearly two decades of sales development experience for global SaaS companies, Smythe is responsible for building and optimizing pipeline in the US and beyond.