Know Your Customer and Due Diligence

Know Your Customer and Due Diligence

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Your business relies on understanding your customers and being cautious with who you trust. Enformion’s data and intuitive analysis tools can help you with these issues.

Synthetic fraud is a unique and intricate form of identity fraud where what is being imitated is a human being. Although synthetic fraud is mainly for stealing identities and making purchases, it can be used for so much more. Learn how Enformion can help.

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Keep Customers and Vendors Safe

Verifying the identity of a client needs to be done regularly. It is never enough to conduct verification of each client only once. Instead, it needs to be a regular process to help enhance customer and vendor safety. Have an identity verification program that includes anti-money laundering to help you reduce and eliminate fraudulent activities.

Knowing how each customer interacts with your system will help you verify their identities. It will also help to check in periodically to guarantee it is still the same account holder using your system. Doing this is a critical step in keeping both your vendors and customers safe.

Maintain Credibility

Severe security concerns such as a data breach will lead to a loss of credibility. Your business reputation is a top priority, especially when you are in a competitive industry. Therefore, you need to develop effective security protocols – including API integration – to help safeguard customer loyalty.

At Enformion, we can help you upgrade your current security protocols. Due diligence is about ensuring your existing security structure can sustain the day-to-day running of your business. Therefore, it is vital to find suitable tools that can seamlessly function with your existing software.

Avoid Costly Lawsuits

Not performing your due diligence can lead to many legal challenges. Let’s say a vendor steels consumer information because you failed to perform your due diligence. You will be legally liable for any damages that result from that data breach.

Keeping an eye on any criminal activity and potential fraud will also help you maintain safety within your organization. You get to reduce liability when you have the right risk mitigation tools. It also makes it easier to do your due diligence, thus reducing the chances of handling any lawsuits.

Know Your Customer is also a government requirement in some industries. For example, any business that offers a bank account cannot open an account for just anyone. Instead, it is mandatory to screen all account openers and ensure they are legally allowed to open bank accounts within that area.

Effectively Reach Customers

Performing due diligence also means making right-party contact. If you have outdated customer information, you are likely to contact the wrong persons. However, manually combing through multiple customer records to find current contact information can be time-consuming.

Enformion helps you make the right party contact through batch processing tools. You get to save a lot of time and resources by letting our software do the hard work for you. It also guarantees you perform your due diligence and initiate excellent Know Your Customer practices.

Increase Profitability with Automation

Automation is an integral part of every organization in today’s market. You get to save a lot of time and resources when you automate certain processes. Enformion provides your business with the right tools to automate the KYC process – these include API integration and batch processing. Therefore, you get to increase the success rate of your KYC practices.

Your company will find it easier to maintain a good reputation when you automate the KYC process. People are, therefore, more likely to make purchases at your establishment and not your competitors. Putting more emphasis on due diligence within your organization will feed into your business’s general reputation.

Frequently Asked Questions

What is Know Your Customer?

Know your customer, or KYC refers to guidelines that require professionals to make an effort to verify the identity and risks involved with maintaining a business relationship with a customer.

How does Enformion help with customer due diligence efforts?

Our data shows you the whole picture when it comes to a client or vendor, keeping you well informed about their needs as well as protecting yourself from fraud. Enformion’s Identity Verification solution enables you to prevent fraud and our Data Enrichment tool makes sure you always have thorough and up-to-date information on your clients.

What does Enformion’s KYC Software provide?

Whether a financial institution, corporation, or insurance agency, Enformion’s data provides information to help you keep your vendors and customers safe, reduce risk, maintain credibility and keep yourself out of lawsuits due to fraud or criminal activity.

How can I access Enformion’s customer due diligence software?

All of our data for enhanced due diligence is available via the Cloud-based Platform, Batch, or API with customizable options from one of our data experts.

Get set up with a trial account, or request a demo from one of our Data Solution Experts.