KYC Verification for Accurate Risk Assessment
Secure KYC verification services to effectively and accurately verify the identity of your customers, clients, and entities for the secure transaction of your services. Our Know-Your-Customer (KYC) process combines a number of protocols to verify clients' and entities' identities prior to business and service engagement. You can identify your prospects' risk more accurately with our data processing expertise in KYC verification.
Contact Us Now
Our Approach to KYC Verification Process
One of the most credible KYC verification companies, Cogito uses a combination of automated and manual techniques to verify individuals’ data. In this process, customer information is collected from public databases, government records, credit bureaus, and other sources. A bank or financial institution can efficiently access the customer’s data after it has been analyzed and processed for identification and risk assessment.
Our KYC Verification Service Involves:
Data Collection
The KYC process involves collecting documents proving identities, such as passports, driver’s licenses, or national identification cards. It may also be necessary to gather additional information like proof of address, financial information, and biometric data. Our data collection process utilizes both automated and manual methods of data collection to ensure that the data is sufficiently comprehensive for further processing.
Data Validation
Once individuals’ personal information has been collected, it is validated through KYC document verification. Checking and verifying the accuracy of data and ensuring that information provided by customers is accurate, current, and consistent across various documents is part of this process. In addition to confirming the customer’s identity, they also need to verify their address, telephone number, and other contact details.
Identity Authentication
In order to authenticate an individual, the verification process generally involves collecting information such as government-issued identification, proof of address, and a set of biometric data of the individual. After the customer’s information is collected, it is compared with other databases in order to confirm their identity. Biometrics, such as facial recognition and fingerprints, can be used for KYC identity verification further.
Risk Screening
Risk screening involves evaluating the personal, financial, and business information of individuals. When it comes to KYC, ID verification, analysis of the source of funds, and a background check — all are part of this process. Moreover, the name of the customer is checked against lists of sanctions and politically exposed persons (PEPs). By screening customers, the organization is able to ensure that they do not pose a risk to the company.
Fraud Detection
KYC (Know Your Customer) verification identifies and prevents fraudsters from using stolen or fake identification to acquire services and products. An analysis of customer behavior and verification of identity documents, such as passports and driving licenses, are part of the process. At Cogito, we integrate artificial intelligence (AI) in KYC process to effectively detect discrepancies in identity documents indicative of fraud.
KYC Verification Use Cases
Businesses can ensure the safety and security of their customers’ data and that their transactions are legitimate and in compliance with applicable laws and regulations by leveraging our KYC verification services. Here are some of the most common use cases for KYC verification:
Banking
AI in banks facilitates regular screening of customer details and detection of unusual or fraudulent transactions and irregular activities.
Private Companies
IT giants and MSMEs welcome the use of AI to ensure that only approved employees, investors, or people are able to enter restricted arenas or have access to confidential documents.
Insurance
It becomes easy to know your customer and audit their credit story, medical history, and proof of address before approving them insurance products.
Loan Providers
Loan providers, banks, or private entities make use of AI to carry our customer screening better to understand financial history, credit score, loan repayment ability, address, guarantor, etc.
Outsource To Us
We offer competitive pricing for our services our KYC verification services — which are well suited to small and medium-sized businesses (SMEs) lacking the resources to build an internal KYC team. Outsource KYC verification services to a team of professionals who specialize in KYC verification and establishing regulatory compliance.
Quality on a Promise
Our team comprises experienced professionals who are deeply committed to provide accurate KYC Document and Identity Verification services.
Uncompromised Data Security
Data security and maintaining our client’s confidentiality is our foremost priority. We ensure no data breach occurs anytime while providing KYC Document and Identity Verification services.
Scalable with Quick Turnaround Time
Cogito comprises all the required resources and infrastructure to offer unmatched KYC Document and Identity Verification services on time.
Flexible Pricing
Our prices can be customized as per the specific services our clients wish to avail. We offer flexible pricing and a pay-as-you-avail pricing model.
Get Us On Board
Let us take the task of providing accurate KYC Documents and Identity Verification services for time management and optimization for business growth.