KYC – Know Your Customer
Establishing the identity of people applying for loans and credit can be an expensive, time-consuming process. Interrogating databases takes time and incurs costs that eat away at your competitiveness. At the same time, there is always the risk of a successful fraudulent application, which can expose you to real losses and increase your insurance premiums.
If your company becomes a victim of fraud, this can affect consumer confidence in your processes and lead and encourage further attempts at fraud.