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How does KYC authentication happen?

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Curtis Conroy

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How does KYC authentication happen?
« on: August 18, 2024, 02:57:28 PM »

I think everyone knows what KYC is. It's a procedure designed to prevent fraud, money laundering and other illegal activities. But it turns out that even it can be spoofed. I recently came across this in my work in the financial services industry. And to avoid this in the future, I want to find a solution that can help authenticate KYC with maximum accuracy. Is there anything you can suggest?


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Stanton Roob

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Re: How does KYC authentication happen?
« Reply #1 on: August 18, 2024, 02:59:56 PM »
Exactly right, it is mandatory for you to authenticate and verify the counter party prior to any financial transactions with them. And I don't understand how you lived without this verification, because no normal financial institution will work with counterparties without verifying their KYC OCR, at least with programs like this one https://ocrstudio.ai/id-scanner/.