Validation: Are we building the right product?
Verification: Are we building the product right?
These are easy to confuse, as these definitions rely on your ability to recall the specific position of the word "right".
An easier way to remember the difference between the two:
The first "A" in Validation stands for "Audience". Are we building the right product for our audience or customer?
The first "E" in Verification stands for "Engineering". Are we correctly following the requirements and design specifications as we are engineering the product?