Finmo uses Persona’s ID Verification service to help brokers verify borrower identities quickly and efficiently. Once the borrower completes the verification process, you can view the ID verification report directly in Finmo. This article provides a guide on how to read and interpret the key elements of the Persona ID Verification Report.
Accessing the ID Verification Report
Go to the borrower’s profile in Finmo.
Click on the “Documents” or “Fraud & Risk Assessment” section to view the report generated by Persona.
For more on Persona’s verification process, visit Persona’s ID Verification Guide.
Understanding the ID verification report
The Persona ID Verification Report includes essential details for confirming identity compliance and assessing risk. Here’s a breakdown of each section:
1. Verification Summary
Status: The report will indicate whether the ID verification was "Approved," "Failed," or remains "In Progress." An “Approved” result means the verification checks passed without any flags.
Date of Verification: Provides the timestamp of when the verification was completed.
2. Attributes
Full Name and Date of Birth: Confirms the borrower’s name and birthdate as per the ID.
Address: Shows the address provided in the ID.
Government ID Number: Displays the identification number, which could be a driver’s license number or passport number, depending on the ID used.
Issue and Expiry Dates: Lists when the ID was issued and its expiration date.
Issuing Authority: Shows the government or agency that issued the ID.
3. Verification Checks
Persona performs a series of checks to ensure the authenticity of the ID and the borrower’s identity. Common checks include:
Government ID Check: Confirms the ID’s validity using a database of trusted ID templates.
Failed Checks: If any issues occur, such as a “Compromised submission” or “Tampering” flag, these will be noted here.
Selfie Check: Persona will request a selfie for comparison against the ID photo.
Passed/Failed: Selfie verifications may pass or fail based on criteria like “Pose Position,” “Face Covering,” and “Liveness.” Failed checks may indicate issues with photo clarity or inconsistencies with the ID.
For more detailed descriptions of each check type, consult Persona’s ID Verification Check Types.
4. Required and Additional Checks
Required Checks: These include basic ID checks, such as colour integrity, portrait clarity, and electronic replica validation. A passed check means the ID met basic standards.
Additional Checks: These may include other aspects such as glare reduction, double-sided ID check, and PO box verification. These additional checks help increase the accuracy of the ID verification.
5. Sessions
Each session shows details about where and how the borrower accessed the verification portal.
IP Address and Threat Rating: This section lists the IP addresses used, network country, and any risk ratings (e.g., “Medium” or “High”) based on proxy use, location, or other risk factors.
Device Information: Displays the device type, operating system, and browser used during the verification.
How to Interpret Failed Checks
A failed verification check doesn’t necessarily mean fraud, but it signals areas that may need further review.
Here’s how to approach common failed checks:
Government ID Failure: If the ID verification fails, double-check the ID details with the borrower and confirm they used a valid, up-to-date document.
Selfie Verification Failure: If the selfie verification fails, it could be due to poor lighting, face coverings, or other issues. Ask the borrower to redo the selfie in a well-lit environment, ensuring their face is fully visible.
Next Steps if Verification Fails
If a report shows a "Failed" status:
Request Re-verification: In Finmo, re-request IDV to the borrower to complete a new verification.
Conduct Manual Review: If verification issues persist, conduct a manual review by collecting alternate documents or performing additional due diligence as per FINTRAC guidelines. This can be completed in the Finmo Fraud & Risk assessment section under ‘Risk Assessment Checks’.
Additional Resources
To understand how to remain compliant while handling verification results, review the following FINTRAC resources:
FINTRAC Guidance on Identity Verification: KYC and ID Verification Guide
FINTRAC’s AML Compliance Program Requirements: AML Compliance Program
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