What is advanced electronic signatures and why firms should care

As companies move more operations online, the need for digital signatures will only increase. Many people have signed contracts or legal documents digitally. While they seem like simple tools, these solutions need to ensure the signatory is really who they claim to be.

As a result, advanced electronic signatures/advanced digital signatures are becoming vital in the digital world.

Electronic Identification, a developer of KYC and digital identity solutions, has released a report exploring advanced electronic signatures.

While a regular electronic signature is simply a digital version of a person’s signature, an advanced electronic signature leverages identity verification and encrypted data to keep full integrity of documents.

The report claims that an advanced electronic signature consists of the identity verification of the signatory subject and the subsequent simple, qualified or advanced eSignature registration and contractual acceptance by the same one.

Within the initial part of the process, identity is verified through facial biometrics, one-time-passwords, or other identification methods, to verify the signatory subject, it said. As for the second part of the process, various cryptographic techniques are used to ensure the reliability and inviolability of the time stamp and the document and joins the signature to the identity of the signer.

To be classed as an advanced electronic signature it must meet several requirements as stated by eIDAS. For example, it must be linked to the signer’s ID in a unique and non-transferable manner.

Other requirements are that it must allow its identification, must be created using data that the signer can use with trust and has exclusive control, and must be linked to the data in the signed document preventing any subsequent modification thereof.

Electronic Identification claims these features give a complete and high-level of security when signing a document. As they have those extra layers of security, advanced electronic signatures can be used for bank account and high-level contracting, such as mortgages and pensions. Outside of finance, it can also be used in the mobility and tourism sectors, among others.

Electronic Identification’s SignatureID is a triple solution. This means it offers advanced electronic signatures, simple electronic signatures and qualified electronic signatures.  For its solution, customer identification can be completed through a handwritten signature, one-time-password, facial biometrics, contactless technology with NFC identity document and personal pin.

Want to know more? Read the full report here.

The company recently released a report on how companies can prevent facial spoofing and reduce the success rate of the method of identity fraud.

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