Every Business owners want to know about your customer and save from gambling. It should completely know who it is dealing with you. Means identification and verification of customers. Every owner wants to know about clients and to see what type of customer to attract business.
KYC stands for “Know your Customer” which means that identity verifying of the customer. This is one method of identifying. The bank collects the information, documents verification, and ID card verification. He wants to save from fraud, gambling, identity theft, and preventing terrorists.
Know your customer is today a significant element in the fight against financial crime and Anti-money laundering. Customer verification is the first step behind a successful business and to get the result.
Most important Identity verification for knowing your customer:
- Face recognition.
- Document Verification.
- Address Verification.
- ID Card Verification.
Face recognition is the process of scanning the face of a customer and employee. Companies and banks use the face scanning process.
Document Verification is a process of verifying the educational documents and employing documents supplied by your employee. When a person applies to any Company that wants to know about employee and do the documents verification.
This process saves from fraudulent transactions and saves from gambling. This service is not available to all credit card providers and is not available in all countries.
ID Card Verification:
Banks, agencies, and companies use Identity verification services for the purpose to save businesses from gambling.
Electronic identity verification uses a different combination to collect data; personal data and public data to establish a person’s identity.
Verification of Documents:
Many electronic identity verification Processes compare the data on the basis of live photos of the customer and the photo of ID card verification through Database. All of these processes are completely remotely and with full accuracy.
Customer Data Verification:
Electronic Identity verification collects the Data in a few minutes through the database.
How does ID Verification Working Process:
ID verification can do through
These processes work on different bases and collect information.
Traditional Identity Verification:
The second name of Traditional information is the manual ID verification process. Where companies request the customer for physical presence and original documents. The first step is to compare real-time photos in the ID to the person in front of them. Complete match the information and compare the documents with the original ID card. Some companies use the verification process through the database and results show in few a minutes.
Electronic ID Verification:
In which process the company collects the customer’s photo ID card along with real-time pic and documents pics. Compare the face and data like name, date of birth, address.
Benefits of Verifications:
- Save your business and you can know your customers who attract your business.
- Prevent from gambling and a fraudulent person.
- Grow your business high and build trust in your clients.
- You can save your previous records.
- Save from wrong transactions.