Why KYC Isn’t Enough: Enhancing Your Security Measures
In today’s digital era, where everything from shopping to banking happens online, KYC (Know Your Customer) has become a cornerstone of trust and security. KYC was originally designed to verify identities and mitigate risks, but it has now become a must-have for industries like banking, finance, and e-commerce. However, little do you know, KYC alone cannot give you the required cyber protection and might not cut it anymore to the clever cyber fraudsters and threats existing out there. One simple instance is that KYC is intended solely for verifying a customer’s identity during the onboarding stage; yet, the customer lifecycle extends far beyond this initial check. Frauds can occur even beyond the KYC check.
Fraud management
July 19, 2024
