It is almost certain that you have been asked to verify your identity when signing up for or using services online (particularly financial products and services). The reason companies ask you to verify your identity by providing a copy of your passport, ID card or driver’s license is to meet Know Your Customer (KYC) and Anti Money Laundering (AML) laws put in place by countries all over the world. But why are governments introducing these laws, and why are some companies doing this, even when no such laws exist in their country?
The answer is simple, fraud! In the US alone, 14.4 million people were victims of identity theft in 2019. That is a staggering one person in every 15. In total, more than 33% of Americans have experienced identity theft at some point in their lives.
Identity theft and fraud don’t just affect individuals. It is also costly for businesses too, with around 5% of all business revenue globally believed to be lost to fraud each year. That is over $5 trillion dollars a year. To put that into perspective, this amount is higher than the GDP of every country in the world except the USA and China.
It is, therefore, no wonder that countries around the world have, are in the process of, or thinking about introducing KYC and AML laws. And why Dagcoin created Verify Once.
In this article, we will explain the costs of online fraud on both individuals and businesses and how using Verify Once can reduce that risk for all those using Dagcoin…
In 2020, the average number of fraud attempts on e-commerce merchants in the US was 344 per month. Of those, only around 34% were prevented. Meaning that almost two-thirds of all fraud attacks on online merchants were successful last year. And when you add that attacks were up almost 25% in 2019, online fraud is not just incredibly costly for businesses, it is also worryingly on the rise. It isn’t just eCommerce merchants who are at high risk in this way either, banks and other financial service providers, online gaming companies, and social media companies are too.
Businesses large and small are also at risk of criminals using them and/or their products or services as a way to launder money. In 2019, Danske Bank (one of the largest banks in Europe) closed all personal accounts for clients in Estonia as a result of a money-laundering investigation, which may have played a role in the suicide of the bank’s CEO in the country.
Therefore, whatever kind of company you have, Know Your Customer (KYC) and Anti Money Laundering (AML) laws provide an excellent base for businesses to work from to combat these attacks. And, it isn’t just about employing a specialist or consultant to set up these new processes for your business and to sporadically update them according to changes in the law. This very often means employing specialised AML and fraud staff to constantly monitor and verify customer accounts.
For companies who do this well, there are big rewards. For example, if you are able to verify new customer accounts quickly, you are more likely to gain and keep new clients. Likewise, good monitoring will reduce the fraudulent use of your business greatly, saving you potentially a lot of money. The harder your processes are to break, the more likely criminals will target other companies who are less prepared than yourself. Giving extra impetus to put secure KYC and AML procedures in place at your business.
Verify Once processes and verifies all of your Dagcoin customers, so you don’t have to. While at the same time, meeting all KYC and AML regulations. Saving you both time and money. It does this by using state-of-the-art technology, which is not only fast but also secure. Its integrated AI means that as the criminals adapt and improve, so will Verify Once.
To learn more about Verify Once or sign up, click here or email email@example.com.
We know that it can be pretty annoying to verify your identity with each new company online that you wish to use. Taking a picture of your ID card, driving license or passport, submitting this and then waiting for a number of hours or even days until you are able to properly use the account, make a deposit or withdrawal. This can be especially frustrating if you desperately need to use the service and do not have time to wait.
With Verify Once, you only need to verify your identity once, you can then use any company in the Dagcoin ecosystem that accepts Verify Once without having to go through the verification process again. Pretty great, right?
It gets even better, getting verified with Verify Once is much easier and quicker than any verification process you have probably ever used because it takes just a couple of minutes. All you have to do is enter your personal details, upload a copy of a valid identity document, such as an ID card, driving license or passport (we accept documents from 194 countries), and a proof of address - and you will receive an answer in just 60 seconds.
Once your documents have been verified, they will be linked to your password-protected account with Verify Once – making identity theft much harder. Within this account, you will not just be able to see your personal details and documents, but also all the companies/websites that you have verified accounts with, as well as the possibility to use others whose products or services you wish to buy.
Verify Once, and never have to do it again, click here.
Fraud isn’t just incredibly costly for individuals and businesses in terms of the money lost. It is also costly in terms of the time it takes to recover from being a victim of fraud and the mental stress that it causes. This is why countries around the world have or are working hard to introduce Anti Money Laundering and Know Your Customer regulations.
Despite the fact that businesses are asking their clients to verify their identity for all the right reasons (to protect you and them from being a victim of fraud, and to meet KYC and AML regulations). The verification process is costly in both time and money for businesses, and frustrating for clients having to go through the process again and again for each new company whose services they want to use.
Verify Once solves both of these issues. For companies, Verify Once handles the verification of clients and all of the KYC and AML regulations regarding this, saving both time and money. And for individuals, Verify Once provides exactly that, the opportunity to verify their identity just once in the Dagcoin ecosystem, and to do that in just a couple of minutes. Saving untold time in verifying their identity with each new company whose services they want to use.
To learn more about Verify Once or to sign up visit: https://verifyonce.com/