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Why choose an EIDV tool? 

An Electronic Identity Verification (EIDV) tool is defined as an ‘electronic means to help legal practices verify an individual’s identity’ (SRA, 2019). 

An EIDV tool will help a regulated business quickly and easily establish the authenticity of identity documents such as passports, driving licences, and identity cards, by using electronic means to verify personal information against thousands of databases.

Why is it better than traditional methods of verification?

Fast becoming the industry standard, using an EIDV tool is a significant improvement on more traditional due diligence processes and older electronic verification sources that rely solely on publicly recorded, unchecked, and potentially outdated information.

Historically, firms have used paper documents to onboard clients such as copies of passports for proof of identity and copies of utility bills for proof of address. More recently, digital copies of these items have also been utilised. However, these documents can be easily forged or tampered with, and verification of authenticity sits with individuals in regulated firms. Even when properly trained, it is practically impossible for a person to detect even less-sophisticated fraudulent efforts. This leaves firms vulnerable to external risk from the fraudsters and an internal lack of resources or knowledge. 

Digital verification is fundamentally more secure, leaves a much clearer audit trail, and takes firms far less time. It only requires the client to engage with the solution, rather than being led by the firm as the client is required to upload the appropriate documents into the application and not the firm.

Mirror provides

‍Reusable certified facts

Once an ID document is verified or a document is certified, we have a permanent record of when, by who, and how and this ‘fact’ becomes an ‘identity card’, usable without deteriorating.

Fundamentally better IDV

The source of biometric passport data is confirmed by scanning the chip and validated with a liveness check, which is far more secure than than manually reviewing a scan over email. 

Streamlined audit

An immutable record of certified facts facts, stored electronically. This allows us to transform audit from self-reporting of past processes based on manual records, to an always-live reflection of compliance.

Find out more about how Mirror can help your firm

Our team understand the challenges compliance can bring. Our software allows you to onboard clients within 15 minutes, dramatically decreases your fraud risks, and is operated by one easy-to-use dashboard that centralises your data and reports.

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