Conventional Identity Verification Reaching the End

Today, even the tiniest business processes are being digitized. This allows companies and public authorities to quickly and cost-efficiently serve their customers and citizens. A new white paper shows that in a world where online data about individuals is abundant, using social media to identify yourself seems to be the next logical step.

What we’re witnessing now is the slow death of the traditional identity verification methods that we have been used to for many years. But as traditional analogue methods are slow and the new digital ones are fast, it was bound to happen at some point. Thanks to the widespread use of social media that time is now,” says Rasmus Groth, CEO and founder of London-based Veridu. The startup brings trust to the Internet by scoring how trustworthy one’s digital footprint is and sharing that information — with the user’s consent — with, for example, FinTech or alternative finance companies. Veridu recently secured funding from Worldpay and is expected to reach a valuation of £20-25 million during 2017.

Being based in London, Europe’s undisputed FinTech hub, we constantly come across nimble new players struggling to implement regulatory compliance programmes that were just not developed with the digital age in mind,” says Rasmus Groth and continues:

The result can be a disjointed and completely unsatisfactory customer experience, as users are taken out of the digital realm in order to share physical documents to prove their identity in compliance with Know your Customer regulation.”

Identity in the digital age
Since Know Your Customer (KYC) regulation in its present form was introduced in the wake of 9/11, the world has moved online. We all have some form of digital footprint based on our social media and online activity, and FinTech firms are well placed to embrace this wealth of identification data for compliance purposes.

The amount of personal data that is available online now is truly astonishing,” states Peter Howitt, Director of Ramparts, a European law firm based in Gibraltar and adds:

Subject to compliance with data protection requirements, it seems that use of electronic data and verification is the next wave of FinTech ready for disruption. So called ‘RegTech’ is a fascinating area where new ways of doing business online can be married to new ways of managing risk and compliance obligations, relying upon electronic verification and the use of new technologies, like cryptocurrencies. Thankfully regulators are waking up to the potential value of social identity verification and KYC as a means to meet social inclusion and cross-border business requirements, whilst also better managing anti-money laundering and terrorist financing risks.”

Global potential
Imagine what it would mean to the world economy if a billion more people from the emerging markets could access alternative finance solutions, or shop from online shops all over the world. We all have an interest in including these people and we can do so using digital solutions that are available today. Social KYC, especially, is the obvious choice at this moment in time,” says Rasmus Groth.

Social KYC is a new way of identifying people based on the details and depth of their social media profiles and the footprint that everyone leaves behind when using their social media profiles online. It’s a method that most of us are already using today without even thinking about it. If you’re signing up to a new service today, often you’ll be presented by the choice of logging in with your Facebook account instead. Social KYC is an extension of this as the user is merely asked to sign in to a variety of online accounts to prove their identity.

Another challenge of traditional identity checks is that they often require a person at the other end to do a manual check of the documents. Besides being slow it’s also substantially more expensive.

It’s very likely that in 10 years from now, people simply can’t understand why we kept hanging on to passports and driver’s licenses as being reliable documents to prove our identity. They can be faked quite easy if you know the right people. When it comes to faking social media profiles it’s a lot harder. Yes, you can fake an online profile, but you can’t fake a whole life online. That is exactly what Social KYC is built upon,” says Rasmus Groth.

The white paper “Stop losing customers to KYC” can be download here:

http://www.mynewsdesk.com/uk/veridu-com/documents/white-paper-social-kyc-for-cryptocurrencies-55786

Author: Dylan Jones

Share This Post On
ATM Africa

50 Comments

  1. Currently it appears like WordPress is the top blogging platform out there right now. (from what I’ve read) Is that what you are using on your blog?

  2. It was great to read this article and I believe you are completely correct. Tell me if you’re thinking about download lucky patcher apk, that’s my main expertise. Hope to check back with you soon enough, cheers!

  3. Hey I am so delighted I found out your web page, I really discovered you by accident, when I was searching on Digg for facetime free. Anyhow I’m here right now and would just like to say kudos for a incredible posting and the all around impressive site (I likewise adore the design), I do not have the time to read through it completely at the minute but I have book-marked it and even added the RSS feeds, so whenever I have enough time I’ll be returning to look over more. Make sure you do keep up the superb job.

  4. Many thanks for your superb posting! I really appreciated it.I’ll make sure to take note of your site and definitely will come back later on. I would love to suggest you to continue your fine job, even blog about vshare iphone download too, have a fantastic afternoon!

  5. Discount Clobetasol No Prescription Needed Saturday Delivery Shop viagra online Cialis Billig Auf Rechnung

  6. Hello, you are certainly right. I always look over your site content thoroughly. I’m likewise interested in active instagram followers, you could talk about this occasionally. Have a great day.

  7. Thank you so much for this amazing content! I definitely liked reading it.I will make certain to save the site and will return later on. I wish to suggest you to definitely continue your wonderful writing, possibly think about sweet pick up lines as well, have a good afternoon!

  8. Levitra Germany Priligy cialis China Pharmacy Online

  9. Free Viagra At No Cost cialis Ou Trouver Cialis France

  10. Hi and thanks for your fantastic post! I quite liked reading it.I’ll make sure to take note of your page and definitely will return from now on. I would really like to suggest that you continue your good work, maybe blog about quotes about love as well, have a superb afternoon!

  11. Thanks a lot for sharing this with all of us you actually know what you’re talking about! Bookmarked. Kindly also visit my site =). We could have a link exchange arrangement between us!

  12. My husband and i ended up being really fortunate when Edward could deal with his investigation through the entire precious recommendations he was given through your site. It’s not at all simplistic just to be freely giving ideas which often some other people may have been selling. And we all fully understand we now have the website owner to be grateful to because of that. The main explanations you’ve made, the easy blog menu, the relationships you can aid to promote – it is many excellent, and it is assisting our son in addition to our family believe that the article is satisfying, and that is exceedingly pressing. Thank you for all the pieces!

  13. It’s really a cool and useful piece of information. I’m satisfied that you shared this helpful information with us. Please keep us informed like this. Thanks for sharing.

  14. Zithromax Fatigue Side Effect viagra Tamoxifen Online Bestellen

  15. An exciting discussion is worth comment. I feel that you simply should really write extra on this subject, it could possibly not be a taboo topic but usually men and women are not enough to speak on such topics. Towards the subsequent. Cheers

  16. Have you ever considered writing an ebook or guest
    authoring on other websites? I have a blog centered on the same information you discuss and would love to have you share some
    stories/information. I know my visitors would appreciate your work.
    If you’re even remotely interested, feel free to send me an e
    mail.

  17. Hi there to every one, the contents existing at this
    site are truly remarkable for people knowledge, well, keep up the nice
    work fellows.

  18. I am curious to find out what blog platform you are working
    with? I’m having some minor security problems with my latest
    blog and I would like to find something more risk-free.

    Do you have any solutions?

  19. Thank you for the auspicious writeup. It in fact was
    a amusement account it. Look advanced to more added agreeable from you!

    However, how could we communicate?

  20. I blog quite often and I seriously thank you for your content.
    Your article has truly peaked my interest. I will take a note of your blog
    and keep checking for new information about once per week.
    I opted in for your RSS feed as well.

  21. Article writing is also a fun, if you know after that you can write if not it is complex to write.

  22. Hello there, I am really grateful I found this site, I actually discovered you by accident, while I was researching on Digg for mobile phone tracker. Regardless I’m here right now and would just enjoy to say cheers for a tremendous post and the all round interesting site (I also enjoy the theme), I don’t have enough time to look over it completely at the minute yet I have saved it and moreover added in the RSS feed, so when I have plenty of time I will be returning to browse more. Please do maintain the great job.

  23. Thank you so much for discussing this, I bookmarked the website. I’m furthermore in search of guidance about download kik for pc, do you know where I could come across something like this? I will come back in a little while!

  24. Hello! Quick question that’s completely off topic. Do you know how to make your site mobile friendly? My weblog looks weird when viewing from my iphone. I’m trying to find a template or plugin that might be able to resolve this problem. If you have any recommendations, please share. Many thanks!

  25. I have realized that in unwanted cameras, extraordinary receptors help to focus automatically. The actual sensors associated with some surveillance cameras change in contrast, while others start using a beam associated with infra-red (IR) light, especially in low lighting. Higher specs cameras from time to time use a mix of both systems and may have Face Priority AF where the digital camera can ‘See’ any face while keeping your focus only in that. Thank you for sharing your thinking on this blog.

  26. Spot up for this write-up, I truly feel this amazing site requirements far more consideration. I’ll apt to be again to study much more, thank you that information.

  27. you have got a great weblog here! if you’d like to cook some invite posts on my blog?

  28. Hey, glad that i stumble on this in google. Thanks!

  29. Hi there! I could have sworn I’ve been to this blog before but after checking through some of the post I realized it’s new to me. Anyhow, I’m definitely delighted I found it and I’ll be book-marking and checking back often!

  30. Thank you very much for writing the idea, I saved this page. I’m furthermore searching for material about download kik for pc, are you aware where I could find a thing like that? I will return in a little while!

  31. I like what you are up to. Such great work and coverage! Keep up the awesome effort guys, I have incorporated you on my personal mobile number tracker with current location web page.

  32. i would love to be an ebay powerseller but it takes a lot of work to become one. you need also to have lots of good feedback”

  33. A lot of thanks for every one of your work on this web site. Debby really loves making time for internet research and it’s really obvious why. My spouse and i know all of the dynamic tactic you convey great tips through your blog and as well foster contribution from website visitors on this area of interest and our girl is always starting to learn a lot. Have fun with the rest of the new year. Your carrying out a very good job.

  34. I see that you are using WordPress on your blog, wordpress is the best.’`~*,

  35. Great – I should certainly pronounce, impressed with your web site. I had no trouble navigating through all the tabs and related info ended up being truly easy to do to access. I recently found what I hoped for before you know it at all. Reasonably unusual. Is likely to appreciate it for those who add forums or something, web site theme . a tones way for your client to communicate. Nice task..

  36. Some really select blog posts on this website , saved to bookmarks .

  37. Hi! I just wanted to ask if you ever have any problems with hackers? My last blog (wordpress) was hacked and I ended up losing months of hard work due to no backup. Do you have any methods to protect against hackers?

  38. Hey there I am so excited I found your site, I really found you by error, while I was looking on Askjeeve for something else, Nonetheless I am here now and would just like to say cheers for a remarkable post and a all round enjoyable blog (I also love the theme/design), I donít have time to read it all at the minute but I have bookmarked it and also included your RSS feeds, so when I have time I will be back to read a lot more, Please do keep up the great job.

  39. Hi there, just became alert to your weblog through Google, and located that it is really informative. I’m gonna be careful for brussels. I’ll be grateful in case you proceed this in future. Many other folks will be benefited out of your writing. Cheers!

Submit a Comment

Your email address will not be published.