Most people today take the ability to bank online, even when completing large or complex transactions, to be a standard type of activity. However, it is only through compliance with KYC (Know Your Customer) and AML (Anti Money Laundering) technology that this type of transaction is possible and can be effectively secured.
Unfortunately, thieves, online money launders, and people involved in fraudulent activities can take advantage of access to online banking. It is surprisingly easy to find images and information about people online, allowing criminals to create fake identification that can often trick technology.
The Evolution of KYC Requirements.
KYC in banking is used with new account opening, as well as to continually verify the individual accessing the account is the authentic account holder. In the past, this was done by going in person into a branch and producing documentation, signing an account card, and providing information.
With the start of online banking, it was possible for the individual to scan and email copies of ID to open an account. Scammers were able to take advantage of that by submitted altered digital images of ID and then using the accounts of money laundering or other illegal practices.
Today, KYC in banking is more sophisticated. Exclusive technology offered by companies providing AML and KYC products and services can detect altered documents and images, as well as verify the individual in the picture displayed is a live person.
The use of video in KYC in banking further enhances security, providing protection from fraud, identity theft, and misuse of customer accounts while still providing options for secure online transactions.
For more details on products and services specifically for KYC in banking, visit Accura Scan. Information on our banking industry products can be found at website
