When you work in the finance industry or service where payments are made, you will need to be able to identify your customer. There are several ways that you can do this. The first way is to introduce a policy of customer verification. It’s one of the many requirements that the Financial Conduct Authority has for any business. The verification process can be a simple set of verbal questions to confirm that you are speaking to the right person. For example, using the data that you already hold for the customer, you could use the Full name (including middle names), the first line of the address, or the full address followed by a postcode and date of birth. We’ve all been asked these questions by financial services at some point. There is also usually a security question related to the account in question.
Another way is to get a company to do this for you. KNOW YOUR CUSTOMER from w2 is one of the many providers of this service. It can save you time and money, plus remove any legal issues that you may come across if things go wrong.
Protecting your business and that of other customers is paramount. With increased fraudulent activity in the world post-COVID, all companies and financial institutions are looking to find ways to make sure that consumers can feel safer making a purchase and that their money is well protected.
