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Identity Proofing: What It Is and How It Works

Identity proofing provides an effective way to verify that your online customers are who they claim to be. Knowing how to conduct ID proofing can protect you and your clients from fraud, providing a better experience for your customers and building a better reputation for your brand.

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Identity Authentication vs. Verification: Three Key Differences

What Is Identity Authentication vs. Verification?

Authentication vs. verification: they sound similar, but they’re two distinct and equally essential components of the online security process. User identity verification confirms that new customers are who they say they are, while authentication checks whether the legitimate account holder is accessing a customer account. While these two procedures are essential parts of customer identity checking procedures, they have some key differences. They involve different user data, they are performed at varying times during the customer lifecycle, and they take different amounts of time. But they also share some important similarities. Both procedures are critical for fraud protection, cybersecurity, and regulatory compliance. Both can be combined with biometric technology for enhanced effectiveness.

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KYC Solutions - Part 7

KYC solutions use technology to automate the process of performing KYC procedures. They save both financial institutions and customers time doing KYC checks, while making it easier to meet regulatory requirements and reducing the risk of fraud. Let’s take a look at what KYC solutions are, why you need one, what parts of the KYC process they cover and what sets apart today’s best KYC solution.

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KYC Data Remediation - Part 5

The KYC process involves a significant amount of data collection from sources such as documents, photographs and fingerprints, among others. Often, this data needs to be cleaned up before it can be stored in a format which is suitable for practice use and which meets regulatory recordkeeping requirements. In the process, the large amount of data involved needs to be prioritized so as to focus on high-risk accounts. This process is known as data remediation. Let’s look at what data remediation is in a KYC context and what the process involves.

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KYC Checks - Part 4

KYC checks are procedures used to confirm customer identity. They are implemented during the customer identification program phase of your KYC process. They are used to confirm key customer identifying information such as name, date of birth, identification number and address. Here we’ll look at what some specific KYC checks are and how you can provide them for your business.

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Difference Between KYC and AML - Part 3

Know Your Customer (KYC) and anti-money laundering (AML) are terms often used in the same context or interchangeably. However, while they are closely related and have some overlap, they are distinct concepts. AML is a more general strategy for fighting financial crime which includes KYC as a specific application. Understanding the differences between these terms is important for appreciating how they work together. Here we’ll clarify what AML and KYC are, contrast their differences and consider how they work together within a comprehensive strategy for fighting financial crime.

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KYC Compliance - Part 2

KYC compliance is conformity to regulatory guidelines governing Know Your Customer policies and procedures. Different countries have their own KYC regulations. Here we’ll focus on KYC regulations which apply in the United States. If you’re doing business in another country, you’ll need to follow that country’s KYC guidelines as well.

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