Fraud is a huge problem today. In the US alone, around 16 million people are thought to be a victim of identity theft each and every year. In turn, approximately 5% of all business revenues around the world are believed to be lost to fraud, a staggering total of $3.18 trillion in 2014. It is why many governments around the world have introduced various Know Your Customer (KYC) and Anti Money Laundering (AML) laws to counteract this.

It is extremely likely that you have had to verify your identity – by providing a copy of your driving licence, passport or identity card – when applying for services or buying goods online (especially financial products and services). I know I am not alone in having gone through this process on many occasions.

This process causes problems for both individuals and businesses. For individuals, it can take many hours or even days to become verified, by which time you may not need the product or service anymore or have found another quicker alternative. Likewise, for businesses to check the identity of all customers in such detail is very time consuming, costly and harms conversion rates.  

VerifyOnce has been built to solve these issues. And, why it is the talking point of this week’s blog…

For Individuals

We wrote last week that because we are not just the developers of Dagcoin, but DAG-chain technology itself, that this gives us the opportunity to develop new and custom features for our community of users, and VerifyOnce is one such feature.

We know it can be frustrating to keep verifying your identity with each new company you wish to buy products from or who’s services you wish to use. Especially when this process can take many hours or even days, leaving you without the product or service you need – perhaps desperately!

The reason why we created VerifyOnce was to reduce the time and need to go through the verification process with multiple companies online and keep providing the same documentation again and again. This is why VerifyOnce does exactly as its name indicates. All you have to do is verify once, and you will never have to verify again in the Dagcoin ecosystem. But what do you need to do to verify yourself once and for all, and how long does it take?

Getting verified with VerifyOnce is a quick and easy process that takes just a couple of minutes. All you have to do is enter your personal details, upload a copy of a valid identity document and proof of your address. Hit submit and you will receive an answer in just 60 seconds. Once your documents have been verified, they will be connected to the email address you registered on the VerifyOnce platform.

To ensure that you and you alone have access, your account will be password protected. Meaning that only you have access to your verification data, all approved accounts with different companies/websites, and the possibility to apply for verified accounts with new businesses whose products you wish to buy or whose services you wish to use.

Verify once – and never go through verification again in the Dagcoin ecosystem with any merchant that accepts VerifyOnce!

Verify today at https://verifyonce.com/

For Businesses

It is fair to say that your business has in the past or is constantly in the process of combatting fraud and money laundering. This is especially true for companies in the financial industry.

Just last year, Latvia’s third-largest lender, ABLV Bank collapsed as a result of US accusations that the bank had been involved in an array of illicit conduct that linked it to North Korea’s weapons program as well as corruption in both Russia and Ukraine. Even larger banks have been victims too, Danske Bank (one of Europe’s largest banks) closed all personal accounts in Estonia as a result of money laundering. The ongoing investigation is also believed by many to be the reason for the suicide of the Danske CEO in the country.

But it isn’t just the banks and other financial service providers that are at risk. Ecommerce, online gaming, and even social media companies are at high risk. Anyone with an e-commerce shop will be all too aware of chargebacks and fraudulently used card details.

The new wave of Know Your Customer (KYC) and Anti Money Laundering (AML) laws are therefore widely welcomed. However, understanding and meeting these legislations can be difficult. Some larger companies and even smaller one have taken specialist legal, AML or fraud staff on board in an effort to meet these new laws. But staff are often not just needed to set up and update these processes, but also to monitor and verify customer applications and accounts on a daily basis.

This can lead to all kinds of outcomes, businesses that can verify customers quickly and efficiently, while at the same time greatly reducing fraud, can grow significantly. While companies with a slow, inefficient or weak process can see far lower customer conversion rates, and increased cases of fraud, as criminals see them as a weak link in the industry.

VerifyOnce processes and verifies customers, so you don’t have to. Saving you both time and money. At the same time meeting, all necessary Know Your Customer regulations. This is done by using state of the art technology which is fast, secure, automated, and integrated with artificial intelligence. Meaning that as criminals adapt and improve, so will the system.

Conclusion

Fraud costs both individuals and businesses around the world billions each and every year. This is why governments around the world have introduced various Know Your Customer and Anti Money Laundering Laws.

This means for individuals you are often asked to confirm your identity by providing a copy of your ID, driving license or passport when buying products or applying for services online.

Businesses ask for this information not just to meet these regulations, but to keep you safe and prevent revenue losses to fraud. However, for individuals, the verification process can be time-consuming and repetitive (having to submit the same information again and again to different companies). And, for businesses, costly in terms of hiring the staff to check through your data and hiring experts to set up these processes.

VerifyOnce gives you the chance to verify just once and then buy any products or apply for any service without needing to verify again in the Dagcoin ecosystem (with any VerifyOnce partner) and for businesses the safety and security of a system that meets KYC regulations, while at the same time cutting costs dramatically.

Visit https://verifyonce.com/ to learn more