KYC verification is the most efficient method in modern-day cyberspace to collect personal information regarding a customer. It enables businesses and companies to comply with official guidelines to ensure transparency but also enables them to build a relation of trust with their clientele.
Smarter companies use information collected through KYC to perform a comprehensive analysis of customer behavior and sales patterns to establish marketing campaigns and product lines. But as the businesses are getting smarter so are the malicious elements who want to defraud them.
Fake KYC Verification
Several corporate entities using online KYC verification have started to become a victim of this technology as well. Unfortunately, several fraudulent companies have stormed KYC industry and turned this superhero of the online marketplace into a con artist like Loki. This method that was used by companies to safeguard their business interest has been converted into a nightmare by fake online KYC services. There are various ways in which an online identity verification system can harm a business. The most obvious harm is by bringing onboard customers that have fake credentials. 2ndly, KYC verification service can sell the customer data to marketing firms for niche based ads targeting.
Playbook to fight Fake KYC
If you are also stung by a Fake verification service, it is important that you find an authentic KYC provider such as Shufti Pro to ensure that you only engage with the best in the business. It is an AI-based identity verification service that offers multiple KYC verification and AML compliance solutions to its customers. How this ingenious product operates or how they conduct their business can easily be called out as a perfect playbook to tackle fake KYC providers.
Demo Mode for KYC verification
Please make sure that you use a trial run for an identity verification service, before formally integrating a KYC software with your online platform, web portal or mobile application. Even in the case, a KYC verification service does not offer a demo run to future businesses, you can opt to perform a trial run of your own with 50 or maybe 100 verifications. If a service, does not allow such small volume and neither does it offer a trial run, you must rethink your decision of bringing them onboard.
Certifications for Data protection
It is also important that you check with the sales staff of your preferred KYC software that what kind of certification they have for data protection. Push for viewing a soft copy of certification in case of remotely based KYC service or in physical form in case you are dealing face to face with them. Such a certification will make sure of the fact that data of your customers will be safe with this KYC verification service and you are not at risk of dealing with con artists.
Technology
Last but not the least, do ask your chosen KYC provider that what kind of technology they use to perform KYC verification. Make sure to get help from a technically experienced resource, in case you lack a sound technical background. Only after, you are fully satisfied with the performance and description of technology of KYC software, you should move ahead.