Innovative, built-in KYC requirements ensure trust between businesses and consumers online
Karita Sall, October 25th, 2021
ShareLove this blog? Why not share it with the world?
Veriff today announced our New Account Onboarding which establishes better trust online between a business and its consumers. This process starts with a built-in know your customer (KYC) feature, which is helping to meet stringent regulatory requirements online. Using artificial intelligence to gather data on the backend, this provides additional security measures for identity to be truly verified to enable more online trust between businesses and consumers.
Today’s modern consumer expects a fast, secure, and seamless online experience. For a business to retain customers digitally, they must provide this sought-after experience, otherwise customers will leave. Businesses are constantly challenged to get the customer to the next step in the buying process - and if they don't, it massively affects the business’ bottom-line, making better onboarding more critical than ever.
Veriff is able to provide this best-in-class KYC verification by leveraging its video-first technology and elements on the backend by:
“The rapid move towards digitization over the past year has changed the ways businesses interact with their customers online,” said Ibrahim Al-Taie, Product Marketing Manager at Veriff. “In order to meet the growing demand of a seamless user experience online, businesses need a fast and scalable identity provider that can ensure trust among their customers and keep their operations in motion. Veriff is here to solve these challenges and ensure our customers can provide their users with a frictionless and trustworthy online experience.”
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.