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5 Things to Consider Before Choosing a KYC System

October 25, 2017 No Comments

Featured article by Emily Roberts, Independent Technology Author

Know Your Customer systems are available in their hundreds these days because of the huge competition in trying to provide a product that helps prevent identity fraud and money laundering practices. If your business is on the lookout for a system to help them grow, it’s important you choose the right solution. Otherwise, your business could end up being a victim. Consider the below points before you go ahead and partner with a KYC business.

1. Where is the Data Sourced?

Many KYC businesses source their data using different means. Some use credit reference agencies many others use local and federal governments. If you’re serious about protecting your business and your customers, you’ll want to ensure multiple data sources are in place so little to no fraudulent registrants can skip past. Businesses like cognitohq.com, for example, take advantage of governments and financial institutions to provide a better level of reliability when it comes to customer identity and information.

2. What Sanctions Are Screened?

When it comes to the KYC process, multiple sanctions are screened to ensure the customer is reliable and their information is accurate. Some systems will provide real-time screening so your customers needn’t wait to know whether they’ve been granted access or not. One other benefit of multiple sanction screening is that you’ll be able to understand compliance risks to improve the security of your business.

3. Does the Business Verify Death Records?

One of the most common identity frauds is the use of identities from people registered on the death master file. Not all KYC services check this. Therefore, ensure the one you choose does. It’s very easy for criminals to use death records to get the information they need to go about their criminal activity as normal. Of course, it’s also one of the safest ways for criminals to conduct business because no one bats an eyelid.

4. Will You Have Access to a Real-Time Dashboard?

Many KYC businesses now provide real-time dashboards so you can better see what’s going on behind the scenes. You’ll get up-to-date information on what verification processes certain customers are going through, keeping you in control of everything. Dashboards provide records and plenty of other important information regarding your customers, so you’ll always be able to stay ahead and know what risks come with certain customers.

5. Are Free Solutions Available to Try?

You don’t want to part with your cash without making sure the KYC solution fits the needs of your business. Many solutions now come with free sandboxes so you can get a feel for the dashboard and all the other features that come with it. Ensure you get a good trial beforehand so you know it’s the perfect match for your business.

There’s plenty to consider when it comes to choosing a KYC package and the above only scratches the surface. Always ensure that you side with a business that’s reliable and has plenty of experience when it comes to updating their software. That way, you’re always one step ahead of your competition.

DATA and ANALYTICS 

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