Customer identity verification (CIV) is a critical component of risk management. The first step in the customer identity verification process is to understand what it is and how it works. KYC stands for “Know Your Customer,” and refers to the due diligence that an organization must perform on its clients and customers to verify their identities. This might include things like requesting official documents from a client, running credit checks, or checking public records databases.
What is customer identity verification?
Identity verification is the process of confirming the identity of a person or entity. It is used to establish someone’s identity and ensure that the person or entity is who they say they are. Customer identity verification is often performed through the use of an identity verification software.
Benefits of customer identity verification
There are numerous benefits to implementing a customer identity verification solution. First, it helps you identify …