You may familiar with the term “Know Your Customer” (KYC), and may know a lot about it already, but do you know how it works and why it is important for you to learn as a customer?
So, let’s talk about how Denarii use KYC and it keeps your data protected.
What is Know Your Customer/KYC?
It is a necessary verification process used by banks, financial institutions, money transfer companies, or the whole financial industry in general. You must have subject to KYC if you ever opened a bank account or applied for insurance. KYC has some rules that help companies to:
- Verify the identity of their customers.
- Ensure whether the particular customer is eligible to use the services or not.
- Managing risk and protecting their customers.
As it is necessary for the financial industry to build their KYC based on the global and general standards, a company that fails to follow the KYC regulations has a risk to lose licenses, as well as facing consequences like fines.
Who is responsible for KYC monitoring?
Each financial company familiar with their customers’ identification can also better protect them. To protect their customer, companies allot an entire team that is responsible for monitoring the transactions and detecting suspicious activities on daily basis. Denarii too have a team to monitor the activities to protect our customers from fraud.
Why is KYC important and what are the benefits?
KYC helps us to eliminate the suspicious/illegal activities from the transactions. Denarii uses eKYC (Electronic know your customer), it helps us cut the cost and time needed for customer identification. We can build services that make the lives of our customers much easier. With eKYC, we deliver our promise of a safe, fast and convenient money transfer service.
Example of how we use KYC in practice:
- We tend to stop fraud and concealment/money laundering.
- Detecting criminal activities and ill-gotten products.
- Protecting you from online scams.
How Denarii verifies your identity?
As mentioned earlier, Denarii use eKYC which means that it verifies its customers electronically. We request all necessary/needed information (like your name or date of birth) when you’re creating a transaction or creating your Denarii account which is an online process. After doing so, our system analyzes your information automatically and determines the potential risks related to you or your transaction.
When you create a new Denarii account, Denarii takes some time to verify your account. We suggest you use your correct email address to get verified faster. Denarii collects your email information and your IP to verify your identity. We may request additional information if you didn’t pass KYC/failed to get verified.
Is your data safe with Denarii?
Yes. Your data’s protection is always our priority. We are known for our trustworthiness and our secure money transfer services. We keep your data and information confidential. Denarii’s End-to-End and API encryption keeps your data protected. When you agree to the terms and conditions, we follow strict rules to keep your data secure.
At Denarii, we never:
- Make transactions on your behalf
- Request money on your behalf
- Request your personal, financial, as well as debit/credit card information over the phone, email, or text
- Ask for your login details
How to get started with Denarii?