Identity fraud is a common fraud technique in which fraudsters use fake identities to commit financial crimes in the digital age. It poses a significant challenge for businesses across various financial and non-financial sectors in the UK. That’s why the only UK government laws and regulatory compliance are strict for companies and organisations that are operating their businesses in the UK. As per Cifas’s 2024 Fraudscape report, more than 374,000 cases of identity fraud were reported in 2023. It is an eye-opening statistic for every UK business owner and explains why KYC solutions in the UK are significant for British companies in dealing with synthetic identities.
How KYC UK Combats Identity Fraud?
KYC UK is a financial and non-financial business’s choice for KYC solutions in the UK. They provide comprehensive identity verification solutions for Banks, financial institutions, fintech, insurance, trading, forex, cryptocurrency, BNPL, online gaming, healthcare, telcom, real estate, education, transport, and other businesses in the UK. KYC UK helps businesses in various ways, as they are:
Advanced Identity Verification:
KYC UK provides an artificial intelligence and machine learning algorithm-based identity verification solutions that assist UK businesses to authenticate identities precisely and reduce the chances of identity fraud. It identify synthetic identities and prevent from financial fraud. Cutting-edge technology KYC and AML solutions identify suspicious patterns of transaction-related money laundering and give a red alert for fraudulent activities.
Real-time Identity Verification:
KYC UK provides video KYC solutions for businesses in the UK, and it assists in authenticating identities on a video call with an agent. Video KYC is an advanced KYC solution that assists in real-time identity verification and mitigates the risk of fake identities. An agent verifies the identity of the customer on the video call, and the customer shows their ID cards like a driving license, passport, government-issued ID and other utility bills. The agent matches the face with their ID card’s picture and asks some questions related to the identity. Video KYC mitigates the risk of identity fraud completely and helps in real-time identity verification. Banks, fintechs and financial Institutions prefer the video KYC method to authenticate their customer in the financial industry, not even in the UK, but around the world.
Facial Recognition:
Facial recognition also plays a significant role in matching the face in the identity verification. KYC UK provides a facial recognition feature in their ID verification API that assists in matching the face and provides a face match score, assisting in face match verification for businesses.
Continuous Monitoring:
KYC UK offers ongoing monitoring services for suspicious activities or changes in user behavior based on their transaction. Continuous monitoring helps to identify suspicious identities that are already clients in the business and helps to take action against them. It also helps to maintain a fraud-free reputation in the UK market.
Background Checks:
KYC UK’s API verifies identities for high-risk clients and ensures background checks. Their AML solutions help to verify identity through various PEP, sanction lists and adverse media databases. If anything matches anywhere with the client name, then it gives the result regarding the same, and UK companies can evaluate business risk based on the risk involvement. Background checks help prevent financial fraud and secure businesses in the UK.
Robust KYC solution for Identity Fraud Mitigation:
A robust KYC solution for UK businesses is really important to authenticate identities quickly and enhance client onboarding in the business. It ensures KYC compliance for businesses and secures business transactions by ensuring legitimate identities. An automated KYC solution in the UK reduces manual workloads and allows businesses to allocate resources more effectively. Effective identity verification methods mitigate the risk of identity fraud and allow smooth business operations in the UK market. Without a proper identity verification system, it will be difficult for small, medium and large-sized businesses in the UK to safeguard themselves from fraudsters. As a result, companies will face financial crimes and a bad business reputation in the market.
Conclusion: Strengthening Defenses with KYC UK
As identity fraud poses significant challenges to UK businesses, it is imperative to have a robust KYC solution to identify fake identities and maintain a fraud-free reputation in the British market. KYC UK’s KYC services for businesses in the UK ensure genuine identities for safe and secure business along with compliance adherence. By partnering with KYC UK, businesses can enhance their defenses against identity fraud and maintain the trust of their customers for fraud-free business. Fraudster, financial criminals and money launderers targets vulnerable companies and organisations in the UK that don’t have a proper identity verification system.
KYC and AML solutions assist in combating money laundering, identity fraud and financial crimes. Therefore, safeguard your business, whether it be a financial or non-financial, by implementing AI and ML-powered KYC solutions. It will help to build a strong defense system against fake identities that do not allow access to sensitive information. Advanced identity verification keeps ahead of the curve and ensures business success in the long term.
