DVD Release DateKYC Automation For Your Safe Business Deals

KYC Automation For Your Safe Business Deals

Photo by Sergey Zolkin on Unsplash

One of the newest terms that became so popular with the development and spread of digital technologies is “fake accounts”. Without some mild or strict KYC procedure, how will you know that you are making a deal with a real person and not a bot? How will you know that this real person is not going to cheat you somehow? The best answer to this question is to carry out KYC Automation as a part of the anti-fraud system.

KYC Automation As Fraud Prevention System

Fraud detection is a complex task that should be solved by different means. Its main goal is to protect honest people in all kinds of their activities from fraudsters. KYC Automation allows identifying and verifying the identity of each client. This verification must be conducted before a person will be able to perform some essential activities, such as register somewhere, get a card, make financial transactions, etc.

KYC Automation fulfills very important functions:

  • protects companies from the risk of dealing with fraudsters and terrorists
  • protects from money laundering
  • ensures the safety of customer assets

The more serious a deal you are going to make with a person, the more strict the KYC procedure should be. With KYC Automation you can determine different levels of verification corresponding to the scale of deals you are making with clients.

KYC Automation assumes gathering different kinds of information about a person in order to verify required data:

  • personal data: passport, identification number, date and place of birth, a utility bill to verify home address and phone number, email, etc.
  • cross-checking the unique facial features of the client with the image in the identity document
  • handwriting samples, etc.

Risk Management Software For KYC Automation by Covery

Covery is the best online anti-fraud platform that assists businesses in fraud detection and prevention activities. Companies of different sizes from Europe and the USA benefit from its highly effective risk management software. It is based on advanced IT technologies and machine learning.

KYC Automation is one of the most popular and highly demanded services provided by Covery. With KYC Automation you will be secured from payment fraud, identity theft, fake IDs, etc. Its benefits are obvious:

  • faster customer onboarding
  • seamless integration with CRMs and other tools
  • ongoing monitoring of transactions
  • global coverage
  • competitive pricing, etc.

With Covery’s KYC Automation service you can be sure of all your clients and all your deals. Thanks to Covery’s anti-fraud software you will free a lot of your time and energy for more ambitious activities!