The impending pandemic has stretched the needs of organizations to be digitally reliable, virtually performing verification activities too. Statistically, $1.5 trillion is lost every year due to global fraudulent actions.
To avoid such risks, various regulators have new guidance according to the present digital times. Among them all, KYC (Know Your Customer) and AML (Anti-money Laundering) laws are the best to tackle such problems.
Unmask new account frauds
Stolen identity frauds are quite common, aiming at data breaches. There has been an increase in the subsequent years due to the shift of verification processes from real-time to digital. Your organization needs a clear defense to stop this malpractice as it begins. Prevent identity theft at every level, beginning at remote onboarding.
By combining numerous static and dynamic data resources, organizations can obtain the required information to observe whether the customer is legitimate or not. Some tools for this are automated link analysis, verification of historical data, advanced machine technology, advanced software technology, identification of stolen or synthetic identities, and so on.
Checks during the customer onboarding process
Corporations, banks, and even small businesses need to be aware of how KYC and AML compliance is important. The following checks can be performed to detect risky activities if any:
- Verification: Customer identity verification through KYC can now also be done digitally to prevent them from facing money laundering. The potential customer provides legally documented proof in order to verify their name, address, and other important details. AML solutions are applied to reduce further risk of fraud.
- Overlooking noncompliance of AML policies: For banks and other financial institutions, comprehensive AML solutions are put into use since they are at a higher risk of being subjected to money laundering activities. You wouldn’t want your business to earn from other fraudulent means, which is why following all these steps is integral for you, your organization, and customer safety too.
- Customer onboarding software issues: A software can give up at times, which is why you need to rely on services that are globally identified for being trusted as true to their policy verifications. Moreover, it is inconvenient for the customer to wait, and the organization might just lose an important client. At Accurascan, you never need to worry about the smooth and safe customer onboarding experience.
One-stop to tackling identity theft
Although this is a minority, it is possible for customers to try and commit fraudulent activities. It begins right at the first step – verification. Real-time ID verification and superior artificial intelligence technology are perfect barriers to such risks from individuals.
Accura Scan is known and trusted by more than 200 million ID verifications worldwide, with features including face biometrics, video-based KYC, AML screening, document authentication, and easily obtainable specific results. Fraud prevention is now made easy while complying with overall data privacy standards. Choose an unbeatable security system right at the first step, reliable to use, and guided policies to make steps easy to follow. Verification done right goes a long way. For any queries, call us on +91 820-898-8751 or visit our website.