Keeping up with numerous compliance requirements for continuing business often feels like a nightmare. With Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements in place, businesses have to spend time and resources on identity verification. Simply put, identity verification is the process of verifying details of a person mentioned on his documents to relevant available sources of records. If you are wondering how to verify identity, companies rely on varied tools to do that. Companies such as Microbilt have come up with their suite of identity verification tools that are extremely handy for businesses.

Business owners and managers need to understand that the relevance of identity verification extends beyond compliance. In this post, we are discussing further on why ID verification is critical for the right reasons.

Increasing number of frauds is a concern

For businesses, the biggest concern right now is the long list of fraudsters, who seem to be using new ways to trick companies in varied ways. Fraudulent activities are on the rise, especially as more businesses adopt digital transformation, which is a necessary evil. Knowing who your company is dealing with is critical, and this applies to even sectors that don’t traditionally need to ensure KYC requirements. No matter whether it is about approving a tenant for a rental property, or hiring an employee for a role, ID verification is a must.

For safe lending

Traditional and new lending options have made financing extremely easy for people. Today, a person can apply for a cash loan online and get money in just one to two business days, primarily because the whole verification process is done online. Financial institutions and banks rely consistently on these tools, including one by Microbilt to get the information they need. For instance, Microbilt’s ID Verify verifies 60 aspects of a person’s PII. The whole process becomes streamlined and seamless, with no room for mistakes. You can check this website to find more details on other products of Microbilt.

For real estate

Financial services & banking are not the only sectors that have been impacted by fraudsters. Today, anti-money laundering (AML) and anti-terrorism financing (ATF) concerns are as high for real estate too, as criminals rely on shell accounts for money laundering. From tenant screening to buying & selling properties, ID verification is an absolute must, and it ensures that is no room of being charged by agencies for any activity or deal later.

Final word

Identity Verification is not about just keeping up with the norms, but more about the safety of your business. For example, Microbilt’s tools help in giving a fraud score, so you can decide whether you lend to a person or not. There are suites and solutions that are designed exclusively for Identity Verification, and you can be assured of being secure against fraudsters. Identity Verification is also beneficial for your customers, and most people are willing to cooperate to furnish documents and details that they need to, no matter whether it is for a loan or a property.