For any business to succeed, it is vitally important that you keep track of the numbers. However, while many businesses are simply focused on having a positive cash flow, this is not actually the only thing that you have to worry about as you also need to make sure that any money coming into your business is clean too and that this money is legitimate and accountable. Having any ‘dirty’ money coming into your business can quickly lead to large fines and severe damage to your reputation and so it is vital that this money is not associated with terrorism, fraud or money laundering. One of the easiest ways in which you can prevent this from happening is by knowing exactly who your customers are and this is how an ID verification service can protect almost any businesses in any industry.
Carry on reading to find out more about how it can protect your business.
To prevent theft and fraud in a bank, you will almost always be asked for some form of verification and in the future, it looks like banks will use biometrics to confirm your identity. This is sure to be a collection of technologies such as fingerprint scanning, iris scanning and face scanning just to name a few, which will ultimately make the business extremely secure and efficient. This will help to protect financial institutions as it will validate their identity, ensure they are not on any terrorist list and will stop money laundering.
There are millions of payments occurring online every single year and many criminals are using them for their own gain for money laundering and fraud. Other fraudulent activity includes emails and banks phishing for credit card information from people by pretending to be a legitimate website. Hackers are now also able to steal your bank details through scams and wire transfers, while many criminals will create fake online businesses that appear legitimate but are solely used to steal your personal information.
Identity verification from a company such as Cognito can help to prevent all of these instances occurring as it will ensure that all transactions are made by the real person who listed the purchase.The abovementioned service Cognito can verify their name, date of birth, address and SSN of your customers for KYC compliance and anti-fraud just with their phone number.
Medical identity theft is when personal and medical information is stolen in order for criminals to receive treatment for free. This could be for many different reasons with the most common being to receive treatment for free or to secure addictive drugs. Hospitals can now use ID verification technology to ensure the right person is receiving treatment.
The real estate industry also as to comply with the same regulations as banks as many criminals will create shell companies in order to launder money. This is a huge problem across the real estate market and since 2004, it has been found that a massive £180 million of UK property has come under criminal investigation for corruption. Realtors are now expected to verify the identification of their buyers and ID verification technology can help to do this.