Untitled design 14

How businesses can use technology to combat fraud: Biometric KYC

More companies are implementing extraordinary technological measures to keep their consumers safe and protect their organisations from fraud. Let’s take a close look at biometric KYC.

Identity theft and similar cyber-attacks have been on the rise for the past few years. The blame is placed on the increased use of technology. However, with growing trends of more advanced techniques of stealing identities, the advances to help thwart and recover from identity theft are simultaneously intensifying. Organisations and governments around the world are therefore increasingly employing the newest technologies designed to assist with and prevent identity theft in an effort to keep themselves and their consumers safe.

Why are consumers and organisations experiencing increased fraud?

A big factor in why fraud such as impersonation fraud is happening more frequently is because of the growing contactless economy. Additionally, the large numbers of people engaging remotely/digitally with brands and the brands not necessarily being adequately equipped to verify customers correctly. This can leave both consumers and organisations vulnerable. Identity theft is a crime that has the potential to violate a consumer repetitively if not solved correctly.

Using technology to combat fraud: Biometric KYC

Biometric KYC, or “Know Your Customer”, is a technology approach used by businesses. It identifies customers using biometrics so as to prevent fraud and online crimes. This is done during the on-boarding process into the company system by digitally using enrolling biometrics (face, voice and fingerprint recognition). Biometrics are personally unique identifiers that are almost impossible to replicate. This helps to validate that the customer really is who they claim to be. It is far more reliable than something like an OTP (one-time pin). While KYC technology is common practice for financial institutions like banks and merchant service providers, it’s a helpful tool for any business. 

Biometric KYC in three easy steps

Below is a simplified breakdown of what the Biometric KYC process involves:

  1. Personal information is collected from a customer during the online registration process. This is the foundation of the entire KYC process. This includes specific PII (personal identifiable information), such as first name, last name, date of birth etc. This is then safely stored.
  2. The user then needs to provide supporting documentation. For example, a copy of their ID or whatever is specifically requested by the company.
  3. The documents are then used to verify the customer. Their information is compared to the personal information provided during the initial step. Once both match up, the user is considered to be verified.
  4. Biometric KYC follows the same process, with the addition of capturing and verifying biometrics. The process can be done during a face to face, or digital enrolment process.

Secure Citizen as your preferred Biometric KYC solution provider

Secure Citizen is an advanced, highly efficient identity management platform. It offers a white-label solution to reinforce your internal Know Your Customer (KYC) processes. This includes multiple biometric verification opportunities, thereby avoiding the need to pursue time-consuming FICA and RICA processes. Registering as a Secure Citizen enterprise will give you a competitive advantage. It will also strengthen your position as a trustworthy organisation, committed to identity protection.

Click here to find out more about how Secure Citizen can work for your business and help you protect your consumers.

What makes Secure Citizen different as a Biometric KYC solution provider?

A differentiator for Secure Citizen as a Biometric KYC solution provider is their partnership with SAFPS (Southern African Fraud Prevention Services). They are a credible and respected non-profit trusted as the custodians of fraud prevention in Southern Africa.

“Our Partnership with SAFPS is of key importance to us”, says Dalene Deale, Executive Head of Secure Citizen. “Our strategic objectives align, not only in our drive to allow individuals to ‘Own Your Identity’, but also in the firm belief that fraud prevention must be affordable to any organisation regardless of its size, and it must be at no cost to the consumer. Your Identity is Your Birth Right.”

Enjoyed the read? Sharing is caring

Let's make it hard for fraudsters and easy for citizens.

Picture of Dalene Deale

Dalene Deale

Dalene Deale brings extensive experience in the financial sector, having held a variety of roles in business analysis, process engineering, corporate acquisition and fintech management. Using her passion, knowledge and expertise, Dalene previously oversaw TransUnion’s FinTech strategy, assisting them throughout their various stages of growth. Now, as the Executive head at Secure Citizen, her passion and driving force is to “empower every African with a secure, digital identity.”

Don't take a chance. Take control.

Claim your identity and identity fraud protection. For free. 

Want more?

Our latest blogs

Want more? Check out our blog

Let's get together

Book a demo

[ninja_form id=21]