ID Verification: a growing trend
Within financial services and insurance, identity verification plays a key role in compliance and regulation. These service providers are regulated institutions who use identity verification platforms to verify customers and their documentation as part of their KYC and AML policies. Verifying your identity with these providers is crucial not only because it helps to build mutual trust between yourself and the service provider, but it is a way to protect yourself and your assets.
Identity verification is, thus, a safety measure that allows these services providers to prevent fraud in the case of future identity theft and money laundering.
However, verifying the identity of your customers is no longer just applicable within these specific industries and the need for identity verification is growing across a number of industries for the same reasons.
In today’s world, dirty money can travel extremely fast and this can lead to serious consequences for many businesses – heavy fines, bad reputation and lost of customer confidence. Businesses that want to be successful need to be proactive in protecting their customers by introducing capabilities that prevent their business falling victim to fraud attempts and money laundering. A key preventative measure is introducing a platform that works in conjunction with the business’ KYC policy – this measure should enable the business to identity their customers or clients before transactions are processed.
And it’s not just financial services and insurance – this measure is used amongst payment companies who process millions of transactions a day. These companies have to constantly deal with daily fraudulent activities such as phishing emails and fake online businesses and a way in which they can prevent their customers becoming victims is by introducing eIDV. This is a cross-border AML and KYC compliant process ensures that companies are able to rapidly verify a customer’s identity in real time before any payments are processes.
Identity verification is also used within the property industry as a means to combat corruption and money laundering and companies are expected to verify the identification of buyers. This has usually been a manual process but now more and more companies are turning to online verification as it is much simpler and faster for both themselves and their clients.
And so, with more and more businesses introducing identity verification solutions into their processes, the trend of identity verification is on a continuous rise. The benefits? Increased customer protection, confidence and loyalty.
Melissa’s eIDV solutions a play a strong role in this trend as it already serves a number of business across the world. We’re proud to help start ups to Fortune 100 companies combat identity theft with our KYC and AML compliant identity solution. For more information, you can reach the team at firstname.lastname@example.org.
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