Identity verification, or KYC, stands for “Know Your Customer” and is a critical aspect of doing business in any industry. If you want to establish trust with your customers, then you need to know who they are. This may seem like common sense advice but it can get messy when different players in the supply chain are all trying to find out who their customers are at once.

Luckily, there’s an easy way around this. By using a single identity verification platform that allows everyone involved in the process to share information about each customer quickly and easily.

Why do customers need to verify their identity?

It might seem odd to ask your customers to verify their identities within a few minutes, but the benefits are huge.The most important reason customers need to verify their identity is that it helps prevent fraud.

Verifying your identity is the first step in protecting yourself from fraudulent activity, but it’s not enough on its own. You need to make sure that the information you provide is accurate and up-to-date, so that if someone tries to use your information for fraud, they won’t be able to.

You can quickly and easily know your customer’s identity by using the tools available on an identity verification platform: they will provide you with all the information you need to make sure you are working with good people. This way, you have a better chance of avoiding fraud and staying in compliance with regulations.

How can an identity verification platform (IDV) help?

An identity verification platform (IDV) is a software that helps you to verify your customer’s identities, make sure they are who they say they are, and comply with regulations. The IDV can help you prevent fraud and improve your sales by providing reliable information about your customers. It also helps you reduce costs by providing a better customer experience, which makes customers more likely to complete their purchases or positively provide feedback.

How quickly can an IDV service get up and running?

Getting started with the IDV platform is simple and easy. You can start collecting data from your customers in mere minutes, then take just a few more minutes to set up the platform for future use.

The IDV platform is scalable: you can fine-tune how much information you want to collect from your customers, whether it’s first name and last name or more detailed info including home address and date of birth. The power is in your hands.

What information can you request from customers?

You can request a customer’s full name, birth date, gender, address, and telephone number. You can also ask for an email address or their social media account. If you are legally required to obtain this information from customers to do business with them then you may request that they provide proof of identification such as a passport or driver’s license.

In the end, it’s all about trust. To build a relationship with your customers, you need their trust—and to build that trust, they need to know that you are who you say you are. By using IDV, companies can improve customer retention and reduce fraud while also making it easier for their customers to do business with them.