Create a frictionless onboarding experience with identity verification that makes it easy for genuine customers and harder for bad actors. Bringing the most comprehensive global identity data to one place, GBG’s identity verification delivers industry-leading match rates to reduce manual processing and improve conversions of more real customers.
Proven workflows and configurable rules ensure you stay compliant with KYC regulations, without compromising your customer experience. With seamless integration and fewer manual checks, GBG’s identity verification delivers frictionless onboarding, so you can build trusted customer relationships from the very first moment.
Identity verification plays a critical role in various industries, including financial services, online gambling, and education, to help prevent fraud, improve regulatory compliance and build customer trust. The biggest benefit of identity verification is knowing exactly who you’re dealing with. It allows businesses to make informed decisions about customers and ensure only trusted, ‘genuine’ customers are onboarded. This safeguards against money laundering, mitigates fraud risk, and ensures compliance with Know Your Customer (KYC) and Anti Money Laundering (AML) regulations. Identity verification is essential in helping businesses face evolving and increasingly sophisticated fraud threats, such as impersonation and stolen ID. Verifying an individual’s identity through identity checks, such as AML screening and KYC checks, also prevents businesses from unknowingly facilitating illegal activities, such as money laundering or fraud.
AML regulations are in place to detect and prevent money laundering activities, and identity verification is a critical component of AML compliance, as it helps financial institutions and other entities to verify the identity of customers and identify suspicious activities. By confirming the true identity of customers, businesses can minimise the risk of fraudulent account creation or unauthorised transactions.
Implementing robust identity verification measures also helps to build trust between businesses and their customers. Customers feel more confident in engaging with companies that take their security seriously, leading to increased customer loyalty and a positive brand reputation. Additionally, in industries where age restrictions apply, such as gambling and alcohol sales, identity verification can help prevent minors from accessing age-restricted products or services.
The process of identity verification in Australia can vary depending on the specific industry and purpose of verification. According to AUSTRAC, eligible businesses, or “reporting entities”, must apply customer identification procedures to all their customers. The process must be based on the level of money laundering or terrorism financing risk that different customers pose, and you must check a customer’s identity by collecting and verifying information before providing any designated services to them. This applies to both individual customers (people) and non-individual customers (such as companies, associations or trusts).
In general, identity verification involves a series of procedures to confirm the identity of an individual, including:
Identity verification software allows organisations to protect themselves against financial crime while delivering a frictionless customer experience. An effective online identity verification system will enable organisations to reduce their reliance on manual verification, which frees up organisations to focus their resources on improving the customer experience and building trust. It offers a more streamlined, frictionless process with fewer false results and errors.
Identity verification software helps organisations verify identity data presented within identity documents or submitted by customers. The system automatically compares the data to third-party data to check that it’s genuine. By consulting multiple data sets, ID verification and document verification services reduce the risk of identity fraud.
For example, organisations can use greenID to automate their entire KYC customer journey. greenID is an end-to-end identity verification system that allows organisations to quickly identify fraud and financial crime, improving the efficiency of compliance teams while providing a frictionless customer experience. greenID can perform compliant identity verification checks, including document validation using driver’s licences, passports, and visas; facial verification; identity data matching; data intelligence with address, phone and email validation; global watchlist screening; and business verification.