What are Universal ID Checks?
A Universal ID Check is where you validate the authenticity of a customer on an electronic data source against personal information such as:
- Date of birth
- Passport number
Why are Universal ID Checks important?
It’s important to validate the authenticity of your customer’s identity to help protect against identity fraud in a climate where it is becoming an ever-increasing hot industry topic.
The impact of ID fraud on your business and operations cannot be ignored with regulators around the world taking steps to tighten Anti Money Laundering (AML) schemes.
Much like with Know Your Customer (KYC), it helps protect you against potential risks such as identity fraud yourself as well as any potential reputation damage that could be caused by working with others who are guilty of this themselves.