Who’s your customer? Are they who they say they are? Do you trust them?
These are three critical questions every product manager at a FinTech company or financial institution must be equipped to answer. And if you fail to answer, the results can be costly. To protect your business and customers from fraud, it’s imperative to know who your customers are as they enter your digital ecosystem.
Product Managers at FinTech and financial institutions must account for Know Your Customer (KYC) and Anti-Money Laundering (AML) regulatory compliance. And we can help with this.
Telesign plugs into the eKYC process, which is the comprehensive workflow of completing identity verification, due diligence, and other KYC requirements digitally. Telesign is an economical, low-friction first step of your eKYC program. Using mobile identity data, you can confirm a user’s digital identity, confirm contact information, and understand potential risk–all with just a phone number.
In this article, we will walk through the Pre-eKYC check process and how it can help you strengthen KYC compliance, prevent fraud, and protect your business and customers.
The benefit of Telesign’s Pre-eKYC check
In a comprehensive fraud prevention suite, Pre-eKYC, or eKYC screening, analyzes specific mobile identity data points as new customers enter account sign-up flows. It serves as the first step to help you quickly verify their validity before the full eKYC process is conducted. These data points are designed to facilitate a seamless onboarding experience for your legitimate customers, while providing a low-cost risk signal for unverifiable users.
The purpose of a Pre-eKYC check is to enable companies to flag or potentially outright block high-risk phone numbers and/or IP addresses, which helps minimize manual reviews, eliminate wasteful eKYC expenses, and effectively safeguard their platform against bots, synthetic identities, fake account registrations, and promotion abuse.
eKYC is expensive and time consuming. Telesign’s Phone ID API unlocks a cost-effective way to pre-screen unknown users at registration to ensure you’re admitting validated users to your platform from the very start, while flagging potentially risky numbers. Our tools can confirm if a user is who they say they are–saving you from wasteful $10+ dollar KYC checks.
How Telesign supports the eKYC onboarding workflow
Telesign is the first step of the eKYC process. By tapping into global telco identity data, you can verify the name, address, and date of birth of unknown users by simply collecting a phone number.
With Telesign, you can answer critical questions and gain a deeper understanding of your customers through actionable phone number and subscriber data insights. Our Pre-eKYC check solution, which includes our Phone ID Contact API, helps companies take the guesswork out of KYC compliance and avoid sending every user through costly identity-proofing programs.
With Telesign’s Phone ID:
- Unlock a subscriber’s contact information to automate onboarding while detecting fraudulent users
- Access user phone type to detect invalid and high-risk phone VOIP numbers
- Verify names and addresses, confirm application accuracy, red flag, or even outright block applicants
Our Pre-eKYC solution helps streamline your eKYC process, strengthen compliance, reduce eKYC related costs, and effectively safeguard your business, brand, and customers from fraudulent activities.
Get started with Phone ID with a free trial account
You and your developers can try Phone ID by looking up your own phone numbers through a free trial account where you can access:
- Complimentary $5 in test credits
- API key
With these trial credits and API key, you can test Phone ID through our code samples, or through our no-code API Explorer. We hope you build with us!
