We live in an increasingly digital world and you could argue that we spend more time online than ever before. Almost every activity can now be completed online (to a certain extent) but the internet can also be a highly volatile and dangerous place if not used correctly. With cybercrime at an all-time high there is a greater need than ever before to be able to verify someone’s identity so how exactly can technology help us achieve this?

Understanding Anti-Fraud Compliance

Cybercrime is no laughing matter and every day valuable data and millions of pounds are stolen by hackers from various innocent parties across the globe. Now more than ever it is essential that you are able to comply with anti-fraud legislation and this can include complying with AML and KYC regulations. Another factor may be the need for your business to verify the age of your customers or website viewers if you’re selling age-restricted content or goods.

Luckily, there are technologies available that can help you keep up to date with the all of the relevant laws with companies such as Cognito being able to offer technology to help you remain compliant and verify the identity of your customers. Being able to use cutting-edge tech to verify those would are visiting your business is an essential way to save money on various resources. These technologies can be used for the sign-up process of a website.

Identity Verification to Combat Money Laundering

More and more businesses are now being required to not only identify their customers but also verify them as well and this could be attributed to a number of factors. If your business involves finances or larger sums of money then there is the topic of money laundering. Banks, online gambling companies and financial service companies need to ensure that they are doing everything to combat money laundering and verifying who is using the service or product is essential.

Anti-money laundering protocols are now part of the law and every business needs to do their part to adhere to this legislation. Using sophisticated online tools will allow a company or business to not only identify their customer but also verify them effectively. This means that you can adhere to anti-money laundering regulations and also complete the KYC process (Know Your Customer). This will also allow you to protect your assets as well.

The Tech Does all the Hard Work!

We live in a miraculous age where a simple app or piece of software can easily do all the hard work for your business. This saves time and money – something that every business strives to achieve! As you can see, we’ve managed to highlight some of the points on why identity and verification technology is so important for a business or organization. There can be heavy fines for those that fail to deliver so do not risk it and be sure to identify and verify your customers. It’s the law!

Total
0
Shares


Feel free to ask questions, send feedback and even point out mistakes. Great conversations start with just a single word. How to write better comments?
Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

You May Also Like

Is Dell Latitude 7400 2-in-1 the laptop of your business?

3.1Highly secure yet flawed in both features and pricingIn an event last week in Delhi, Dell India launched Latitude 7400, World’s Smallest 14-inch 2-In-1 business laptop with speed, security and sleek design in focus. Latitude is Dell’s best in class enterprise notebook series that has been in market for 25 years. Dell Latitude 7400 2-in-1 was launched at CES 2019…

Things you need to know before buying a laptop

Buying a new laptop is a life changing decision. It can turn your life around as it has done for many people. But the first timers overlook the basic requirements and they fail to understand what is necessary to have and what not to. They fall prey to false visuals & unnecessary opinions. They are pulled by the hidden complicity…

Genius PDF is no more!

Initially I thought it was a server-side issue, but now it’s all clear that my favorite (until I read about their copyright issues) e-book reader Genius PDF  is out of existence. Further look-up reveals that everything about this app and its creators is deliberately wiped out from the internet. About Genius PDF Genius PDF, originally based on Sumatra PDF (better call…

8 ways to manually and automatically backup MySQL database

MySQL is a popular open source database management system that I used in the development of interactive websites. For every information to store in MySQL database, you want to ensure it is safely backed up for future retrieval, not forgetting, maintaining data security. Several methods are available that different businesses adapt to backup their data. However, for the backup process,…

Unexpected Key Signs Your Computer May Have a Virus

The use of computers has become vital to our everyday lives—from cellular phones to laptops, and to servers that host our Internet—our modern world lives off the power of computers. However, what happens when these vital devices become infected with viruses, disabling the function of these computers? The history of computer virus traces back to 1949 when self-replicating programs were…