Know Your Transaction (KYT) – What is KYT and Why KYC isn’t Enough Today?
The write-up highlights Know Your Transaction (KYT), what is KYT, why ...
Age Protection for You and Your Customers
Properly verifying the age of your customers is now a prerequisite in managing risk and maintaining compliance with regulatory guidelines. Whether you are a financial institution, online gaming company or sell age-restricted merchandise, you must verify the age of your potential customers. This is extremely important to prevent yourself from dealing with legal and financial liabilities.
The Importance of Proper KYC
To conduct business in most places, you must know your customer (KYC). This allows companies the ability to uphold the laws put in place by regulating agencies. KYC guidelines become very important to uphold when your company’s target audience is adults. This scenario can also be that the company need to verify predators on a child focused site. Companies that perform efficient KYC are less likely to face financial punishment for negligence and ultimately KYC checks may help maintain brand reputations as well.
Fraud prevention
Whether it is children using fake personal details to gain access to restricted content or criminals attempting identity fraud, there are a variety of reasons to verify the ages of your customers. Identity theft is on the rise, with over 16.7 million United States citizens dealing with identity fraud in 2017. Children are at risk too, with over 1 million child identity theft cases being reported in 2017. Companies have a social responsibility to prevent fraudulent accounts from being created in their systems. This means it is more important than ever to verify the ages of your potential customers.
Industries that Benefit from Age Verification
Some industries that could benefit from age verification processes include:
- Age-restricted commerce
- Alcohol distributors
- Tobacco companies
- Vaping industry
- Adult-only industries
- Financial institutions
- Online gaming companies
- Lottery industry
- Restricted access websites
Age-Restricted Commerce :
For vendors that sell age-restricted products and services, it is of key importance to know the age of their customers. Today, To customer-not-present transactions are commonplace, making identity verification a requirement for age-restricted commerce vendors. Some examples of age-restricted industries include tobacco, vaping, online gaming, wine and spirits. These industries must actively work to keep out minors or risk huge fines may be at stake.
Protect Our Youth
Just as some companies want to keep out minors from their systems, sometimes companies want to keep out adults from their systems. Some companies work exclusively with minors and might need to verify the age of their customers to protect minors. For example, some online gaming companies create games exclusively for minors. They might actively look to prevent adults from their gaming platform because it could be a potential risk to children.
Verify Individuals Instantly
Identity verification can occur during onboarding of new clients or during the customer checkout process. Validating customer identities is a way to showcase social responsibility to consumers, parents and regulators. These services can detect real and fraudulent users in real time and detect age. This will give your company peace of mind that it is meeting regulatory requirements.
IDMERIT Age Verification Solutions
IDMERIT’s suite of identity verification solutions provide global age verification. They connect to official data sources around the globe to help verify the consumer ages, so your company can minimize its financial, legal and reputational risk.
IDMERIT’s information sources meet the most stringent verification models. Using a vast range of datasets, its secure system confirms client details by referencing numerous sources of information, including passport information, national address file, and the full electoral roll to provide prompt authentication.
Explore IDMkyc
IDMkyc is a verification product that quickly and easily verifies personal identities. It is an API that can access official data sources around the world to provide KYC compliance. It is a system that can verify the age of your potential customers in an instant. IDMkyc is an API that is designed to instantly compare a visitor’s data entry against billions of records all over the world. It checks key identity information including name, date of birth and address.
Benefits of IDMkyc
IDMkyc assists with:
- Fraud and risk management
- Customer age verification
- KYC and AML compliance
- Approve customer accounts at a faster pace
- Prevent identity theft
- Maintain company reputation
- Trust with regulating entities