Additionally, also involve the verification of identity information (fields) against independent and authoritative sources, such as a credit bureau or proprietary government data.
Customers of various businesses, such as retail merchants, government entities, or financial institutions, are often required to present an identification to complete a transaction.
Financial institutions usually require customers to present a form of identification to complete a withdrawal or deposit transaction, cash a check, or open a new account.
[citation needed] ID verification is performed through a webcam, and the results are available in real time and are more accurate than the untrained eye.
In December 2020 the U.S. government's Financial Crimes Enforcement Network (FinCEN) has proposed rules to require banks and money service businesses (“MSBs”) such as cryptocurrency wallets to submit reports, keep records, and verify the identity of users who perform transactions with convertible virtual currency.