Digital transformation is an inevitable change for businesses, but with an increase in online transactions and the use of advanced/better technology, there comes a few risks too. In recent, more businesses have been victims of issues like frauds, identity-related crimes, hacking, and other cybercrimes. This has not merely resulted in revenue losses but also impacted business reputation and market standing. To add to that, compliance is a serious factor, and businesses in many sectors like real estate, finance, lending have to keep up with Know Your Customer (KYC) and Anti-Money Laundering (AML) requires.
For compliance and beyond, Identity Verification is an absolute must. The process of Identity Verification involves checking the documents submitted by an individual to available records, to verify identity. Note that this is not authentication, but verification. In this post, we are discussing more on how to verify customer identity and using ID Verification & Authentication tools from MicroBilt.
How are customer identities verified?
There are varied methods to complete the KYC requirements. This could be about knowledge-based authentication, where the person is asked for information that only he is expected to know. The downside of such verification lies in getting the details, which is easy in the world of the internet. There are database methods, data from credit bureaus, two-factor authentication, and online verification.
Why use MicroBilt’s products?
MicroBilt has launched a bunch of tools for ID Verification and Authentication, and these have been designed with business needs, risks, and compliance requirements in mind. One of their signature tools is called ID Verify, which relies on a wide range of trusted sources to verify a person’s identity and also assigns a fraud score to the individual so that businesses can make an informed decision based on available data. ID Verify is handy for varied sectors, including lending, leasing, real estate, employment agencies, and beyond.
MicroBilt also has a tool known as the Watchlist Search, which searches for a person, based on the Federal OFAC watchlist, which is a requirement by the Federal Patriot Act. Their third tool is called ID Authenticate, which can be integrated into call centers and websites, which confirms identity through questions that only a person is expected to know.
“Does our company really need such tools?”
Well, there is no denying that frauds are on the rise, and fraudsters and criminals are finding new means and ways to attack businesses. From creating shell companies for money laundering to fake identities, there are many standard ways to scam a company. Unfortunately, businesses are often just happy with compliance or getting the KYC documents. MicroBilt’s tools are designed to keep your business safe, and you can expect to get genuine help with staying compliant, as well.
Most of the tools from MicroBilt have got rave reviews within the business world, and this is high time that you take the leap ahead. Check online now to find more on MicroBilt’s products, or else, just go to their website. They also help clients with custom solutions, as required, for specific needs.