Online identity verification entails a combination of technologies that range from document validation, identity data verification, and risk analysis. Then you need a business flow that allows you to correctly customize the user experience so low-risk clients move quickly, while high-risk clients are either stopped or identified. And then you have to enable your compliance and risk teams to review the results so you meet all the Consumer Due Diligence (CDD) and Enhanced Due Diligence (EDD) requirements, where applicable.
There are 4 fundamental questions to answer when designing and implementing your customer onboarding process flow:
- Is the identity real? Prevents synthetic identity fraud, and bots from creating fake accounts.
- Is the applicant the owner of the digital identity? Prevents identity theft, account takeover (ATO), and vulnerable victim fraud.
- Can you do business with that identity? Comply with regulatory frameworks: Sanctions/PEPs, Age, Location, etc.
- What is the risk associated with digital identity? Decide whether a customer represents too much risk to your business.
This guide will show you how to answer these questions using online identity verification services, with tools that will allow you to quantify the risk score of each Digital Identity and a matrix of identity checks to keep in mind during the customer onboarding process.
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Following the fundamental concepts in this framework, and supported by our identity verification platform, you can then build a proper process for your KYC process, including activities you need to perform during EDD throughout the lifetime of your client.
We offer everything you need to perform identity validation, KYC, and EDD, to comply with your regulatory process.
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