KYC and Fraud Mitigation

Welcome to the 1st edition of IDfy’s KYC & Fraud Mitigation Newsletter.

“Beware of  third party apps asking you to update your KYC details. We never do that.” – my bank, every other day.

This may come across as a routine message to most users. But as providers of financial services, we know there’s more to it than a simple alert.

This is how fraudsters gain access to genuine customer data and open fake accounts. Sooner than later, the implications – bad reputation, mule accounts, ghost loans – start showing.

But your business still needs to grow. You still need to hit your onboarding targets.

So how do you balance the act? All while navigating the complexities of compliance norms and providing a frictionless customer experience.

Allow me to introduce myself. My name is Vishal, a part of the financial services team at IDfy.

Life at the intersection of  KYC compliance, risk management, customer experience and business growth is tough.

That’s why I’m bringing to you ‘The Intersector’. A crisp, once-a-month newsletter that aims to center you on all the 4 fronts mentioned above.

We know how you’re inundated with email already.

But we have taken the liberty to add you to this newsletter, as we’ve interacted with you before. In case you feel you do not wish to be included, you can unsubscribe via the link at the bottom at any time.

So here’s Vol. 1 of The Intersector…

Here’s a buffet you never thought you’d see

Financial institutions are looking for ways to be certain about those they engage with. That’s why our product team is continuously launching a host of new APIs to help them know their users better.

Here’s a list of APIs hitting the market.

Please feel free to get in touch with me if you’d like to know more.

Hot takes

In a recent clarification letter to the IBA (Indian Banks Association), the RBI explicitly allowed the use of video KYC on cloud.

This is a progressive step from the RBI, putting an end to months of speculation.

Click here to know more about the clarification letter.

He said/she said

Prasanna Lohar – Head of Innovation, DCB Bank – shares his insights on how technology is transforming the banking industry.

Watch the interview here.

Contact point verifications, at scale

Did you know we have a network of field verification agents PAN India?

Yes, that’s right! We’re one of India’s largest providers of employee verification services.

As such, we conduct field address verifications for the likes of Cognizant, Hindustan Unilever, Reliance, and Britannia across the country.

So do let me know in case CPV is something we can help you with.

On a lighter note

How to fraud 101

We help companies like yours with KYC and fraud mitigation and engage with the genuine in a frictionless manner.

Do get in touch with us at shivani@idfy.com if this is something we can help you with.