What is eConsent?
eConsent is a secure method of electronically verifying a person’s identification online. It is done by answering a few questions that only the applicant would know the answer to. This system is exactly the same system Canada’s banks and Canada Post uses to positively identify a person online.
Most adults in Canada have experienced Electronic ID Verification, sometimes referred to as eIV or eConsent at one time or another. It was developed by Canada’s major credit bureaus, eConsent is used by most major financial institutions, and even by Canada Post when you change your address. eIV is recognized under the “Know your Customer” regulations as a suitable countermeasure against fraud and money laundering.
Drawing from the Trans Union credit bureau and other third-party databases, eIV produces four ‘out of wallet’ questions relating to the candidate’s credit history – only the candidate will be able to accurately answer these questions and thus pass the process. Information is cross-referenced with personal details provided by the candidate (such as their date-of-birth and address history) to produce a confirmation that the person is who they claim to be. If someone fails the process, they can be directed to our paper ID verification options.
It is important to understand that this is completely secure and the questions and answers are private to the person answering them only. A paperless, convenient and secure method of positively verifying identity.