Often when companies onboard new customers they verify their identity documents no matter the collaboration is in a B2B or B2C setting. Most of the times it is to fulfill the minimum regulatory requirements under KYC/AML (know Your Customer/Anti Money Laundering) screening regulations. Domestic and international authorities are always in a bid to fill any loopholes in fraud prevention regulations. One of the major reasons to verify identity documents of customers is fraud prevention also. The increase in frauds and crimes such as fake identity theft, money laundering, terrorist financing, corruption leads to million-dollar losses for the businesses.
Commonly it is believed that KYC regulations are implemented only on the financial sector but the regulatory landscape is changing and businesses other than financial institutions are also obliged to perform this verification on their customers. Because as mentioned earlier, it’s regulatory obligation along with the fraud prevention needs of the businesses.
Travel and hospitality industry
Document verification proves to be a game-changing thing for the travel and hospitality industry. It is cost-effective and improves the security status of an organization. It is used in online pre-bookings, customer check-in, and online payments. Documents verification at certain touch-points during the whole journey of the customer improves customer experience and becomes a competitive edge of the company.
Airports, train stations, and cruise ships are required to identity verification documents of their passengers before onboarding them. All these boards hundreds of passengers at one time. So manual verification prooves to be very hefty for crew and passengers both. That’s why most of these businesses are adopting online document verification solutions to verify the identity documents of the customers.
Cryptocurrencies
Cryptocurrencies made remarkable growth in the previous years but this growth is not devoid of fraud and crime risk. Fake investor crime, money laundering/terrorist financing, and fake ICOs are major crimes risk for the industry. All this has tarnished the reputation of cryptocurrencies, it is misjudged for a tool of money laundering...
0 Comments