The importance and distinction between Verification and Authentication.

[Cryptomultiplier]

I don't know if a similar topic has been treated before, but am only looking to lay further emphasis on the terms verification vs. authentication and it is my concern to reiterate its importance and to distinguish each for the roles they effect in the confirmation of a users identity.
 
For exchanges and platforms/companies/businesses using them to confirm trust, very good reasons exist why these verification and authentication are used either online or offline.
As verification seeks to confirm who the customers are after presenting documents of proof like government issued ID cards, passport photos or selfies, addresses and bank details, authentication stands to ensure such customers only and non else, have access to the service being rendered or data/information on their registered platform. Authentication is in the form of login passwords to your account, 2fa authentication, recovery questions incase of failed login attempts.

Having seen the progress made with KYC, it is clear it has ensured less hack and scammers and has reduced money laundering activities.
The upgrade on this KYC in the future, may have to become more specific according to reports and might include details that bother on the users location, typical behaviors distinct to the user inorder to more effectively confirm ID, and may even have more advanced algorithms to deliver real-time verification results.

For those who are seeking new ways to bypass the KYC verification on any platform, you are at the mercy of hackers, scammers and even the platforms, because they can fold up with your currency gone, and you wouldn't even know where to begin from. The government through its agencies might even use those platforms to track you down and if it is countries where it is illegal to own BTC or use some of those platforms, you would be in a big mess.

Visit source link for better comprehension:

https://withpersona.com/blog/identity-verification-vs-identity-authentication#

[dzungmobile]

Authentication is on device, IP address, geo-location, activities, traces on Internet ...
Verification is in person with your identity documents, your real-time videos, ...

You can write more about those procedures but basically I think above are their main differences.

[DooMAD]

Having seen the progress made with KYC, it is clear it has ensured less hack and scammers and has reduced money laundering activities.

There's a small chance it reduces money laundering, but the rest is just plain wrong.  KYC is the root cause of a significant amount of identity theft.  

If every single company you deal with is required to store a record of all your personal and financial information, that means there are a lot of companies who can be hacked, phished, socially engineered or otherwise compromised by nefarious who people who can then obtain your personal and financial information.  It's just the creation of multiple sources of valuable information for cybercriminals to steal.

KYC does not "protect" anyone other than box-ticking bureaucrats.  It's moronic.

[Doan9269]

After every procedures to taking security measures had been put in place, we must verify before authentication takes place, verification is to get the centainty about something as being genuine, it can also be a means to scrutinize something for more adequate and safety measures while authentication means the confirmation made on what has been verified, it another means to endorse or sign in for something as not being a counterfeit, we can do this same things and make them applicable to our bitcoin and security procedures for maximum protection before using any means to hold or store our coins in them

[Cryptomultiplier]

Having seen the progress made with KYC, it is clear it has ensured less hack and scammers and has reduced money laundering activities.

There's a small chance it reduces money laundering, but the rest is just plain wrong.  KYC is the root cause of a significant amount of identity theft.  

If every single company you deal with is required to store a record of all your personal and financial information, that means there are a lot of companies who can be hacked, phished, socially engineered or otherwise compromised by nefarious who people who can then obtain your personal and financial information.  It's just the creation of multiple sources of valuable information for cybercriminals to steal.

KYC does not "protect" anyone other than box-ticking bureaucrats.  It's moronic.

There is so much wisdom from your perspective.

I too understand the pain of having to do a KYC verification and wondered about the rather personal details they requested.
 I have certainly wondered how scammers and hackers get to lay their hands on real individual profiles for identity theft cases and it is obvious how they can get into the company websites and steal the data they need. These scammers may even be within the company as staff.

The assurance I have most times is that with government involvement in the form of KYC,  justice can be meted at these criminals, if caught. Also with its oncoming innovations, let's hope it does some good. Or would it just add up to be dumb?

[Bananington]

For those who are seeking new ways to bypass the KYC verification on any platform, you are at the mercy of hackers, scammers and even the platforms, because they can fold up with your currency gone, and you wouldn't even know where to begin from.

Sometimes KYC is feared too much that the fear leads other people into making more terrible mistakes by signing up for websites that do not require any KYC, just saying.

KYC according to the meaning is more for the company to know you than for you to know them, so there is really no protection for you, but on the side of the company, it is to make sure that they know who is joining and using their website.

[Velemir Sava]

For those who are seeking new ways to bypass the KYC verification on any platform, you are at the mercy of hackers, scammers and even the platforms, because they can fold up with your currency gone, and you wouldn't even know where to begin from.

Sometimes KYC is feared too much that the fear leads other people into making more terrible mistakes by signing up for websites that do not require any KYC, just saying.

KYC according to the meaning is more for the company to know you than for you to know them, so there is really no protection for you, but on the side of the company, it is to make sure that they know who is joining and using their website.

Therefore I am looking for a trading platform that already has permission and legality from the local government. So, that it is easy and safe to make crypto transactions. I save all related data in pdf format in case of need at any time. If the user does not perform KYC, the consequence is that they cannot perform the WD process.

[serjent05]

This is one good tabulated comparison and difference between verification and authentication



So we can say authentication is used when there is a need to verify the claimed identity fo a user in a platform while w verification is for the accuracy of data.  More information and examples can be seen in this article: Verification and authentication: What’s the difference and what’s the latest?