How Accura KYC can aid fraud prevention in the U.K.

How Accura KYC can aid fraud prevention in the U.K.

It is not easy to manage the data of your residents and citizens especially being a seventh-largest economy in the world and more importantly, financial services provider across the globe.

The threat in the Past

In the UK, the danger of extortion in the money related administrations division has most likely never been higher, and the dangers to both financial foundations and their clients are numerous and different. Simultaneously, there is a solid open observation that the money related organizations themselves have been liable for a criminal offence. There are dangers over a wide front: a significant, and always developing and advancing, reason for crime in the money related segment is ‘mistaken identity’; even in 2016, the strains and issues brought about by the 2007/8 monetary emergency still endure; and simultaneously, more old-fashioned types of deceitfulness are ordinary. After all, who can forget the prime mortgage crisis of 2008 which involved massive scores of mistaken identity thefts?

 

Fraud challenges in UK

There were almost 90,000 cases of identify fraud recorded in the first six months of 2019 – 5 per cent higher than the first half of the last year 2018, according to data released today.

For smaller and medium-sized businesses, they must focus on educating staff on good cybersecurity behaviours and raise awareness of the social-engineering techniques employed by fraudsters. Relying solely on new fraud prevention technology is not enough and the core processes such as Client Onboarding has to be done effectively and sophisticatedly which is why we have all UK license cards covered under its capabilities.

New UK Age verification Law

With the passing of the Digital Economy Act 2017, the United Kingdom became the first country to pass a law containing a legal provision on age verification. Under the act, websites that publish adult scenes on a commercial basis would be required to implement a “robust” age verification system failing which they can face heavy penalty or even a ban.

Thinking on those lines, more sophisticated age verification systems require users to provide credit card information. However, this depends on the assumption that the vast majority of credit card holders are adults because global credit card companies did not originally issue cards to minors. Having said this, a minor may still attempt to obtain their parent’s credit card information or defraud users into divulging their credit card number to an individual to use for their own purposes, defeating the stated purpose of the system. Here is where Accura Scan can come into the picture.

Many such content providers will have to use third-party providers to authenticate the user’s age and a single sign-on model that allows the verified identity to be shared across any participating website. Here, by integrating Accura Scan API with the feature of age verification could easily resolve the problem with its face recognition feature by matching the face to the actual user by comparing the facial features.

 

How Accura Scan can help Onboarding?

The onboarding experience lays the preparation for what will ideally be a long and prosperous connection between advanced organizations and a huge number of people making new online records each day. Organizations need to find some kind of harmony between meeting consistence commitments and making a moment, client-driven onboarding process.

  • The current onboarding landscapes.
  • Legal frameworks surrounding identity verification and compliance.
  • Innovative tools and technologies to build better onboarding processes.
  • Streamlining account creation and customer acquisition processes.
  • Critical use cases for deploying effective digital onboarding in a way that is frictionless, flexible, secure and, above all, compliant.

Accura Scan, a pioneer in scanning technology is a perfect solution for the onboarding and KYC of the new customers. At Accura Technolabs, it is our mission to replace the manual KYC onboarding. You can check out more information about us here- https://accurascan.com/download