Innovative and seamless C-IAM ensures the security of both the business and the customers.
Ashley Nelson, November 18th, 2021
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Remote onboarding is vital as more businesses move to digital-forward models, and Veriff’s array of products create the most seamless Customer Identity and Access Management process. Veriff ensures a smooth UX for honest users and a fraud engine that detects, prevents, and adapts to fraudsters in real-time. It’s fast, accurate, and ensures customer satisfaction while keeping businesses safe, and complying with regulatory requirements.
Our best-in-class C-IAM system integrates into businesses enrollment and authentication protocols. Veriff utilizes identity verification for user onboarding and identification to comply with KYC and AML regulations. Veriff’s Face Match is also used for user authentication which allows for passwordless access and improves security of high-value transactions.
Veriff provides the best tools to support user management for both businesses and their customers, while keeping all parties safe. Veriff does this by employing:
“Remote onboarding has gone from highly valued to a necessity over the last few years,” said Ibrahim Al-Taie, Product Marketing Manager at Veriff. “With COVID-19 and all of the need for safe, secure, and scalable remote onboarding, businesses need a partner that can ensure trust and comply with regulations. Veriff ensures safe transactions and happy customers with seamless UX and best-in-class identity verification.”
To learn more about Veriff’s new offering, please visit us here.
EDD in banking involves gathering information in order to verify the identity of customers and calculate the exact level of money laundering risk each customer poses. During the EDD process, the customer is asked for a much greater amount of information than they are during the CDD process, as this information can be used to mitigate the risks involved.
When carrying out due diligence, a financial institution must determine whether they should perform customer due diligence (CDD) or enhanced due diligence (EDD). This is because FATF guidance suggests that companies should adopt a risk-based approach to due diligence that reflects the specific level of risk that each individual customer presents.
Synthetic fraud is incredibly dangerous and is a major problem facing the financial sector. Unlike third-party fraud, where an entire identity is stolen and used to defraud enterprises and victims, synthetic fraud frequently has no specific consumer victim.