5 Vendor Due Diligence Checklist Tips

Vendor due diligence– it’s a favorite topic of few people, but in today’s risky environment, it’s one of the most important ways to protect your organization. Vendor due diligence is the process by which an organization examines a current or potential vendor’s risk to its business operations read more

How KYB Can Protect Your Company

Owning a business can be highly rewarding, but it can also be challenging. There’s a lot to think about and relationships to be forged to further your business. However, at the same time, it’s mandatory to practice due diligence so that you can have better transparency in your business relationships. There should be equal emphasis on customers and entities through KYB as it can protect your company.

What is KYB?

KYB is the abbreviation for Know Your Business. It represents performing due diligence on businesses that are in a business-to-business or B2B relationship with a company. As a business owner, it’s your obligation to perform KYB as a way to improve the relationship between your company and other businesses and prevent fraud from occurring.

Automated KYB verification is an important tool you can use when screening a business and everyone associated with it. KYB verification can help with the following:

• It can verify the registration of various documents from an entity
• It can help with background screening
• It can utilize anti-money laundering screening of the ultimate beneficial owners of an entity
• It can verify anti-money laundering processes performed by a business

How Can Businesses Perform KYB?

There are two different ways that KYB can be performed by a business. It can be done manually or through screening. Generally speaking, the latter is usually the better solution. Automated KYB verification and screening of a business can take place in real-time and give better insight into options to mitigate any potential risks. It also works on a global scale and includes information that cannot be garnered through manual KYB verification. Remember, everything is done digitally as everything is online. This can help to better prevent fraud from occurring.

What is the Significance of KYB Screening?

When businesses implement KYB screening into their regular practices, it has a twofold beneficial effect: it helps to prevent fraud from happening and ensures compliance with rules and regulations. When a business practices regulatory compliance, it helps it to become trustworthy in the community and gives it credibility. When the authorities give a business a favorable rating as a result, it can only improve the business’ chances of gaining more customers, clients and associates.

KYB verification is a useful tool for all businesses. It can help improve the reputation of a business and ensure that the relationships it has with other entities have better transparency. As a result, the business can be better protected and be compliant with governmental rules and regulations.

Read a similar article about document verification here at this page.

How Virtual CIO Services Strengthen Compliance and IT Strategy

Since its inception in 1887, Auburn Savings Bank has become a foundation in its community by offering traditional lending services to its customers in Auburn, Maine. Martha Adams, executive vice president and chief operating officer of Auburn Savings Bank, credits the bank’s commitment to supporting their customers as the reason for their continued success read more

Facial Recognition in ID Verification

Business and financial transactions often require you to confirm your identification in some way. Some institutions, like banks or financial exchanges, require extra steps like facial recognition. No matter what level of KYC your industry requires, it’s essential that you take measures to ensure your verification methods are secure, reliable, and sufficiently compliant. In this blog, we’ll talk about some methods of verification and how you can make sure your facial recognition measures are accurate.

Methods of ID Verification

There are various methods of ID verification and they vary in their efficacy. Here are some of the most common:

Multi-factor authentication - One of the most basic methods of identity verification is multi-factor authentication. This methodology relies on your customers having a device or at least an email address to verify that they’re real. An email address is the lowest-level of security, since they just have to click a link sent to their email. However, this is sometimes sufficient if your industry doesn’t require significant KYC measures. Phone verification is a much more secure method, as it sends a text message to them that they can use to confirm their identity.

Document verification - Another popular method of authentication is document verification. This requires a user to send in a passport, driver’s license, or other acceptable form of identification. In addition to their document, they also need to send in a selfie of themselves. Preferably they send in a video instead, as selfies can be less secure. With another technology, liveness verification, you can use a software that requires the user to turn their face in different directions so the software can read their features and ensure accurate verification.

Liveness verification - Liveness verification is a technology that is a useful extension to document verification and is perfect for companies that need the highest standards of KYC. With liveness verification, you can avoid the security pitfalls that come with regular selfie verification. This software actually sees the face at all angles.

Choosing your Verification Method

Depending on your industry, you’ll need higher levels of verification than others. No matter what though, you also want to keep the user experience in mind. Make sure to choose a verification method that offers you the highest levels of security while also making things easier for your customers. That way you remain compliant and they aren’t annoyed by the sign-up process.

Read a similar article about verify users online here at this page.