Having confidence in the identity of your customer is one of the key components of safely conducting business. With occurrences of business fraud, identity theft and money laundering on the rise, business owners and operators have both a moral responsibility and a federal obligation to implement comprehensive identity verification tools. However, even with identity verification tools integrated into your account creation process, there is always a risk of more sophisticated fraudsters slipping past security measures and becoming registered customers with your business.
In the event that fraudulent customers do penetrate your ID verification process and become registered within your system, it is important to have additional tools in place to review and verify the authenticity of your active accounts. Not only does active account evaluation and verification help to further prevent your business from engaging in any harmful or unlawful transactions, the process also plays a critical role in helping your business perform comprehensive due diligence. In this article, we’ll explore three key elements you should look for when selecting active account verification tools for your business.
Multi Sanction Compliance
Because of the nature of modern business, most operations will now operate in whole or in part by conducting online transactions. With the Internet being both worldwide and anonymous, sanctions put forth by both the government of the United States and international peacekeeping bodies must be satisfied. A quality active account verification tool will include functionality for comparison against all applicable criminal watch lists in order to keep your business in good domestic and international standing.
Larger businesses and businesses with a wide range of products will by nature have a larger client database, making manual screenings time consuming and inconvenient. In order to ensure that your due diligence procedures remain easy to conduct and maintain, your selected identity verification and compliance management tool should have a rapid, efficient means of automated scanning, adjustable to suit your business’ specific needs.
Your business is unique, with particular needs to be addressed by an implemented security platform. Because of this, pay particular attention to the customization features made available by any compliance technology. A quality due diligence solution not only provides powerful lookup tools, but can also be implemented with as much or as little additional functionality as is necessary for your business.