Veriff donates 1 million ID verifications to nonprofits and foundations across the globe.
Karita Sall, March 19th, 2020
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Veriff pledges to support nonprofits and foundations amidst the unique challenges the COVID-19 pandemic has brought upon us by donating 1 million free identity verifications. Face to face interaction is currently limited to an absolute minimum, yet identity verification is more important than ever before. The solution is reliable and secure remote identity verification at scale.
According to Kaarel Kotkas, Veriff founder and CEO, the demand for remote verifications has significantly increased over the last couple of weeks. “We decided to help nonprofits and foundations that could benefit from our technology as they are working hard despite the challenges presented by the pandemic and finding solutions to put a stop to it. We're focusing on solutions and making different services accessible from distance. We are a force of good and would like to make a difference.”
Potential beneficiaries of free verifications range from universities who need to verify people taking exams to marketplaces that have volunteers who help people in need and to registries that could tackle fake accounts and set up reliable databases about people in quarantine. But also, digital health care service providers, organisations fighting fake news and beyond.
The 1 million free verifications program for nonprofits and foundations runs until the end of June.
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.