One of the most useful fraud prevention tools is KYC Automation. This instrument appeared in 2016 in connection with the spread of fraud on the internet. Scammers have applied different tricks such as bot attacks, card theft, account takeover, etc. In order to counteract them, a new tool has been invented, i.e., KYC Automation.
Mission of KYC Automation
KYC Automation is the principle of operation of different institutions, such as financial or commercial, which obliges them to identify the client he can conduct transactions or some other activities. KYC Automation is multifunctional. This is an instrument for
- understanding your customers by obtaining basic data about them
- tracking, evaluating, and increasing the security of transactions
- monitoring different operations
- minimizing risk
- fighting money laundering and terrorism, etc.
Despite the general title KYC Automation, there is no single standard in relation to which data should be required from customers. Different financial institutions or commercial companies make decisions about this set of documents themselves. Fraud prevention necessitates that at least some following documents must be collected:
- full name
- date of birth
- mail and phone number
- country and address of residence
- ID (passport, driving license or other documents).
Online Service For KYC Automation
Covery is the best anti-fraud online service that began functioning in 2016 when the concept of KYC appeared in official documents of state institutions of the USA. Since that time, it analyzed more than 5 billion user actions and prevented more than 300 million risky actions. Thanks to KYC Automation, companies determine who can become their clients. Companies from the USA, Europe, and other countries successfully apply Covery’s highly efficient anti-fraud software for risk and fraud prevention. Covery online platform offers KYC Automation as the best cure of almost all kinds of money laundering.
Benefits From Covery’s KYC Automation
If you use the online services by Covery, your business will be protected by advanced IT technologies, machine learning, and complex risk logic. The advantages of KYC Automation from Covery are:
- quickest possible real-time decisions: less than one second
- seamless integration into different systems
- global coverage and use of international databases
- ongoing monitoring of all necessary information
- consumer-friendly pricing.
Apply for KYC Automation from Covery, and you will find out many useful functions of KYC that you couldn’t even dream of. Your business will not only be protected but will also increase its scope and profits. The KYC Automation from Covery is the best solution for multiple tasks!
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