Everyday vast amounts of data are generated and meticulously managed, creating a specific need for efficient and secure identity verification. This is where unique identifiers enter, as they play a pivotal role in ensuring the accuracy, integrity, and security of people data.
Enformion, a leader in intelligent identity verification solutions, has been leveraging unique identifiers for several years to enhance its services. In this blog we will explore the significance of unique identifiers, their applications in identity verification and data management, and the qualities that make them effective.
What are Unique Identifiers?
Unique identifiers are distinctive codes or attributes assigned to individuals, serving as a means to differentiate one person from another in a database. In the realm of identity verification and people data management, these identifiers act as digital fingerprints, facilitating the accurate association of data with specific individuals.
Common resources used for establishing unique identifiers includes social security numbers, biometric data, and personal identification numbers issued by government agencies. However, in many cases, this information is not sufficient. In cases where the last four digits of a social security number are used, companies need to be clever when the amount of numbers on file exceeds 4 digits. It’s important to use multiple reliable data sources for creating unique identifiers, to ensure overlaps in data like this do not occur. For these kinds of situations, unique identifiers provide a much needed alternative for user identification.
How Are Unique Identifiers Used?
For companies handling large volumes of people data, unique identifiers are indispensable tools. They serve as the foundation for accurate record-keeping, enabling organizations to maintain databases that are not only comprehensive but also reliable. In sectors such as finance, healthcare, and law enforcement, where precision and security are non-negotiable, unique identifiers play a crucial role in ensuring compliance with regulations and safeguarding sensitive information.
Additionally, unique identifiers streamline processes like onboarding, customer relationship management, and fraud detection. They enable organizations to establish and maintain a clear understanding of the individuals within their databases, fostering better decision-making and operational efficiency.
Qualities of Effective Unique Identifiers
The effectiveness of unique identifiers hinges on certain key qualities. Firstly, they must be unique – ensuring that no two individuals share the same identifier is paramount to avoid data mix-ups and inaccuracies. Secondly, identifiers should be persistent, remaining consistent over time to allow for long-term data tracking and analysis.
The strength of a company’s data directly influences the effectiveness of their own unique identifiers, as each organization who creates them must use a unique blend of information to imprint an irreplaceable identity for each user. It’s also worth noting that not all data sources can contribute to a unique identity with the same effectiveness. As mentioned earlier, using the last 4 digits of a social security number can only go so far before needing backup information to differentiate users. Other data sources such as biometric face and document detection can also be spotty at times, introducing new security risks and potential weak spots in a company’s identity verification process. This is why a company’s depth of data is so important, as it creates layer after layer of uniquely identifiable information that could only represent one user, and with each datapoint involved it strengthens the reliability and security of that unique individual.
Above all else, however, the most important feature of establishing an effective unique identifier system is security, as this data would become practically useless if ever compromised. This is why secure management is essential in preventing unauthorized access and protecting individuals’ privacy. By establishing robust encryption and authentication protocols, companies can safeguard unique identifier information from potential threats. The integration of unique identifiers with various reliable data sources is vital for any organization looking to establish a strong and trustworthy data management infrastructure.
Utilizing Enformion’s Dataset
In an industry where many are just starting to grasp the importance of unique identifiers, Enformion has long been at the forefront with its intelligent identity verification solutions. Central to Enformion’s innovation is its comprehensive identity graph, which integrates data from over 6,000 diverse sources, including alternative data that provides exceptional reach into thin-file and underbanked consumers.
This extensive identity data fuels a robust suite of intelligent solutions designed to support every stage of the customer lifecycle. By leveraging Enformion’s advanced phone-based identity verification, businesses can confidently expand while mitigating risks.
A testament to this is a leading BNPL (Buy Now, Pay Later) provider achieving a remarkable 96%+ identity match rate, encompassing 68% of thin-file consumers, thanks to Enformion’s cutting-edge technology.
Final Thoughts
Establishing a safe and secure identity data management system is more important now than it ever has been, as more business is conducted online, more sensitive information is made available to the organizations worldwide. Using unique identifiers serves as a safety net that enables individuals to access their data, ensuring accuracy, security, and compliance. As online business advances, so does the need for sophisticated solutions in this space. With a commitment to precision and security, Enformion integrates seamlessly into the ecosystem of unique identifier providers, offering a robust platform for organizations to enhance their data management capabilities.
