The Importance of Reverification: Protecting Your Business and Customers with Footprint

In today's digital landscape, verifying the identity of customers and users is crucial for businesses to prevent fraud, ensure compliance with regulations, and build trust with their users. While initial verification is essential, it's not a one-time process. Periodic reverification of users is necessary to ensure that their identity and credentials remain valid over time.

Footprint, a pioneer in identity verification and onboarding, offers a comprehensive solution that streamlines this process. In this blog post, we'll delve into the concept of reverification, its importance, challenges, and best practices, as well as how Footprint's solution leads the way in making reverification more efficient and effective.

What is Reverification?

Reverification is the process of re-verifying the identity of a customer or user who has already verified their identity. This process is triggered by various events, such as changes to key account information, document expiration, high-risk transactions, or suspicious activity. Reverification is an automated process that involves manual review as necessary.

With Footprint's triple binding identity approach, verifying the person behind the screen, their device, and their phone number, reverification becomes a robust and accurate process.

Why is Reverification Important?

Reverification is essential for businesses that are subject to Know Your Customer (KYC) regulations. It's a requirement for continuous monitoring, which includes periodic reverification and ongoing screening against various lists, such as sanctions lists and politically exposed persons lists.

Even if your business isn't subject to KYC regulations, reverification makes sense as it helps prevent fraudulent activity and protects your customers. Footprint's solution offers continuous AML monitoring, ensuring that your business remains compliant with regulations.

To learn more about AML compliance, visit our blog post on what is AML compliance.

Types of Reverification

There are several types of reverification, including:

1. Document Reverification

This involves re-verifying documents used to initially verify a user's identity, such as proof of address, income, or employment. Footprint's enhanced document validation capabilities make this process more efficient.

To learn more about document verification, visit our blog post on document verification.

2. Government ID Reverification

This involves re-verifying government-issued IDs, such as driver's licenses or passports. Footprint's solution uses app clips and passkeys to provide a secure and user-friendly experience.

To learn more about driver's license verification, visit our blog post on driver's license verification.

3. Selfie Reverification

This involves re-verifying a user's identity through selfie verification, which uses liveness detection and compares the selfie to a previously taken selfie or photo ID. Footprint's selfie duplicate detection capabilities prevent identity fraud.

4. Continuous Reports

This involves periodic screening of users against various lists and reports, such as sanctions lists and adverse media reports. Footprint's solution provides real-time risk-based friction adjustment, ensuring that legitimate users are not unnecessarily inconvenienced.

Challenges of Reverification

While reverification is essential, it's not without its challenges. One of the significant challenges is friction, which can frustrate legitimate users who may not understand why they're being asked to reverify their identity.

However, reverification doesn't need to be a heavy lift. Selfie reverification, for instance, can be an efficient and effective means of confirming whether an account has been compromised. Footprint's solution offers customizable and embeddable components that can be easily integrated into your application, reducing friction and making the process more user-friendly.

How Footprint's Solution Leads the Way

Footprint's solution offers several benefits that make reverification easier and more efficient for businesses. These benefits include:

* All-in-one onboarding

Footprint's solution offers a comprehensive onboarding process that includes KYC and fraud prevention.

* Real-time risk-based friction adjustment

Footprint's solution adjusts friction in real-time based on risk, ensuring that legitimate users are not unnecessarily inconvenienced.

* Customizable, embeddable components

Footprint's solution offers customizable and embeddable components that can be easily integrated into your application.

* Continuous AML monitoring

Footprint's solution provides continuous AML monitoring, ensuring that your business remains compliant with regulations.

Best Practices and Recommendations

To make reverification more effective, businesses should follow these best practices:

* Implement reverification at key touchpoints

Reverify users when they change key account information, documents expire, or when they initiate high-risk transactions.

* Use a combination of reverification methods

Use a combination of document reverification, government ID reverification, selfie reverification, and continuous reports to ensure comprehensive protection.

* Make reverification user-friendly

Use clear and concise language to explain the reverification process to users, and make sure the process is easy to follow.

* Continuously monitor and update

Continuously monitor and update your reverification process to ensure it remains effective and compliant with regulations.

With Footprint's solution, businesses can ensure that their reverification process is comprehensive, user-friendly, and compliant with regulations.

To learn more about KYC best practices, visit our blog post on KYC best practices.

Frequently Asked Questions

What is reverification and why is it important?

Reverification is the process of re-verifying the identity of a customer or user who has already verified their identity. This process is triggered by various events, such as changes to key account information, document expiration, high-risk transactions, or suspicious activity. Reverification is essential for businesses that are subject to Know Your Customer (KYC) regulations, as it helps prevent fraudulent activity and protects customers.

What are the different types of reverification?

There are several types of reverification, including:

• Document Reverification: re-verifying documents used to initially verify a user's identity, such as proof of address, income, or employment.
• Government ID Reverification: re-verifying government-issued IDs, such as driver's licenses or passports.
• Selfie Reverification: re-verifying a user's identity through selfie verification, which uses liveness detection and compares the selfie to a previously taken selfie or photo ID.
• Continuous Reports: periodic screening of users against various lists and reports, such as sanctions lists and adverse media reports.

What are the challenges of reverification?

One of the significant challenges of reverification is friction, which can frustrate legitimate users who may not understand why they're being asked to reverify their identity. However, reverification doesn't need to be a heavy lift. Selfie reverification, for instance, can be an efficient and effective means of confirming whether an account has been compromised.

How does Footprint's solution lead the way in reverification?

Footprint's solution offers several benefits that make reverification easier and more efficient for businesses, including:

• All-in-one onboarding: a comprehensive onboarding process that includes KYC and fraud prevention.
• Real-time risk-based friction adjustment: adjusts friction in real-time based on risk, ensuring that legitimate users are not unnecessarily inconvenienced.
• Customizable, embeddable components: offers customizable and embeddable components that can be easily integrated into your application.
• Continuous AML monitoring: provides continuous AML monitoring, ensuring that your business remains compliant with regulations.

What are the best practices and recommendations for reverification?

To make reverification more effective, businesses should follow these best practices:

• Implement reverification at key touchpoints: reverify users when they change key account information, documents expire, or when they initiate high-risk transactions.
• Use a combination of reverification methods: use a combination of document reverification, government ID reverification, selfie reverification, and continuous reports to ensure comprehensive protection.
• Make reverification user-friendly: use clear and concise language to explain the reverification process to users, and make sure the process is easy to follow.
• Continuously monitor and update: continuously monitor and update your reverification process to ensure it remains effective and compliant with regulations, such as the General Data Protection Regulation (GDPR) and the Bank Secrecy Act.

Why is continuous AML monitoring important?

Continuous AML monitoring is essential for businesses to ensure they remain compliant with regulations and prevent fraudulent activity. Footprint's solution provides continuous AML monitoring, which includes periodic screening of users against various lists and reports, such as sanctions lists and adverse media reports.

How can businesses make reverification more user-friendly?

Businesses can make reverification more user-friendly by using clear and concise language to explain the reverification process to users, and making sure the process is easy to follow. Additionally, using customizable and embeddable components, such as those offered by Footprint's solution, can help reduce friction and make the process more user-friendly.