Identity verification is a very important aspect for many businesses and it is difficult to imagine any activities without it. In a world increasingly filled with risk, due diligence in carrying out KYC processes and compliance with various regulations is essential in crime prevention. Which products are suitable for selected industries? Is there a flexible solution that is characterized by both a high standard and adequate security in the provision of services?
The KYC procedure is a carefully conducted policy aimed at preventing fraud, identity theft, and money laundering by obtaining customer identity data, storing data, verifying identity, and also monitoring changes and customer history. Different types of institutions cannot function properly without this kind of action. Compliance with these regulations, the implementation of comprehensive verification of the client’s identity, and document verification not only increases the sense of security and level of trust for both sides but also gives greater awareness of the quality of services.
The main task of identity verification is to determine the accuracy of information about the customer. This issue is taken up often in public discourse. It becomes a standard procedure for many businesses and is a good indicator of credibility for them. Knowledge about customers can help institutions and companies with avoiding corruption, bribery, money laundering, all kinds of fraud and identity theft, as well as terrorist financing. Based on the details provided by the identity verification, institutions can predict what actions they can expect from the client.
An appropriate tool for conducting identity verification is not only good protection for institutions and companies but also a clear signal for the client that the security of the verification will give him a sense of comfort. This process is an expression of professionalism and caution. We need to remember that a properly conducted identity verification process is not a complication. It facilitates functioning and is an appropriate response to the market needs. Financial institutions are under great pressure to prevent fraud and crime related to identity theft. In light of today’s technology, opportunities, ideas, and hacker attacks, KYC seems to be a solution more needed than ever.
Identity verification should be selected for each industry in a way that guarantees its full security. It should properly match the services provided by the institution or company. Fully-Verified has tools that can be flexibly adapted to the type of services offered by a given industry.
First is Self-Verify, a process of identity verification that the user carries out on his own by taking photos of documents and his face. The entire process is recorded on video, analyzed by internal algorithms, and finally checked by a specialist. A specialist can assess whether the users’ behavior is suspicious or is he trying to commit fraud. All of this makes Self-Verify an extremely safe tool.
The second product, Live-Verify, is an identity verification process carried out by a specialist during a live video chat. The specialist guides the user through the verification process and is supported in this by facial recognition technology and automatic document recognition technology. Live-Verify represents the next level of security and meets even the strictest requirements. Both Self-Verify and Live-Verify are recorded on video. Also, there is the presence of a human specialist who can verify the documents and the behavior of the verified person. How to choose these tools according to the type of industry and be sure that they meet all preferences and comply with security needs?
Fully-Verified tools are flexible enough to be selected separately, but you can also combine them and give your customers the option of using both. Depending on the risk level analysis carried out by a given institution, state, or EU regulations, you can select tools that meet all these strict or less demanding criteria.
Self-Verify can be used by industries such as employment agencies, crowdfunding, e-commerce, e-learning, gambling and games, bitcoin exchanges, private hospitals, or telecommunications services. The combination of Self-Verify and Live-Verify can be used in industries such as banks, forex, or loans for small amounts. Depending on the level of risk and regulations, institutions may choose which of the two models they prefer. Live-Verify, on the other hand, suits most of the higher-risk industries so we can use it in industries such as brokerage houses, various financial services including brick and mortar banks and digital banks, investment funds, exchanges, large-amount loans, loans, leasing, telemedicine, insurance, Security Token Offering, and all kinds of government services. Risk analysis will help you choose the right tool for your company. The KYC policy is adapted to it, in line with the requirements of regulatory institutions.
Being completely anonymous nowadays is unprofitable and dangerous. It is impractical for many industries, and most of them simply not possible. Currently, there is much controversy about the lack of proper identity verification and KYC procedures in industries that operate bitcoin. Increasing their credibility by appropriately adjusting the KYC or AML policy is a priority for these industries to be able to function without harm to themselves and their clients. It is similar during the current pandemic, in which most companies and institutions have opted for remote services. The need to increase security and crime prevention procedures has become a priority for the majority. Identity verification is needed, and companies and institutions that do not yet carry it out should think about implementing it as soon as possible to avoid all kinds of unpleasantness and complications related to theft and fraud.
What really defines which product should be a choice for your service is related to the risk analysis and adjustment to regulations. Some are more restrictive, others less, but you have to conform to all of them. A great advantage is that Fully-Verified tools offer a flexible choice. With both products, we get a guarantee of comprehensive protection as well as meeting even the most restrictive requirements.
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Fully-Verified was created as answer to its founders collectively losing over $150 000 to various types of fraud in their eCommerce businesses.