1. A method for facilitating verification of an entity against a reference database, wherein the entity comprises a plurality of attributes and the reference database comprises a plurality of entities, the method comprising: obtaining a set of attributes from the plurality of attributes based on a set of predefined parameters; selecting a set of algorithms corresponding to each attribute belonging to the set of attributes; categorizing at least one attribute belonging to the set of attributes in at least one attribute category and at least one algorithm belonging to the set of algorithms in at least one algorithm category, wherein the at least one attribute is categorized based on a first predefined criteria and the at least one algorithm is categorized based on a second predefined criteria; classifying the at least one attribute from an attribute category in at least one attribute group and the at least one algorithm from an algorithm category in at least one algorithm group, wherein the at least one attribute is classified based on a third predefined criteria and the at least one algorithm is classified based on a fourth predefined criteria; associating an attribute category weight to an attribute category, an attribute group weight to an attribute group and an attribute weight to an attribute belonging to the set of attributes based on the set of predefined parameters; assigning an algorithm category weight to an algorithm category, an algorithm group weight to an algorithm group and an algorithm weight to an algorithm based on the set of attributes; and executing at least one algorithm belonging to a set of algorithms corresponding to each attribute.