Streamline Business Verification: Authenticate® Offers Secure Account Verification with Mastercard
Financial Account Ownership Verification is a cost-effective solution to enhance business verification processes.
As banks have already conducted the Know Your Customer (KYC) verification, this serves as an additional layer of authentication. It confirms that the individual has access to the specified account and that the personally identifiable information provided matches the records held by the bank. This innovative tool utilizes Mastercard's robust system to allow users to verify their identity seamlessly by logging into their financial accounts, significantly improving Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols.
Operational Mechanics
Financial Account Ownership Verification operates by having users authenticate their identity through a secure login to their financial account. This method is integrated into Authenticate's platform and leverages real-time data directly from financial institutions, ensuring accuracy and security. The primary goal is to confirm the rightful ownership of a financial account, which helps prevent unauthorized access, identity theft, and financial fraud.
How It Works
This verification solution introduces a novel approach that complements traditional methods like Knowledge-Based Authentication (KBA) and Passport/Government ID verification:
- Users log into their financial accounts through MasterCard's portal.
- Authenticate® then matches and verifies the account ownership details against the provided information.
- Enhanced accuracy is ensured by requiring users to provide their date of birth (DOB).
Integration with Current Systems
Financial Account Ownership Verification integrates seamlessly with existing systems, supporting various API and Medallion workflows:
- It can be implemented during different stages, such as onboarding new customers or periodically re-verifying existing account holders.
Financial Account Ownership Verification by Authenticate® marks a significant step forward in digital identity verification technology. Its seamless integration into existing systems enhances security protocols and compliance measures, proving an invaluable asset for businesses in today's digital landscape.
Best Practice and Recommendations
Authenticate® strongly recommends that organizations implement both Authoritative Database Checks and Financial Account Ownership Verification as part of their security protocols. This combined approach confirms the validity of an individual's government-issued ID and verifies their public history, adding an additional layer of security.
For further guidance, please refer to our attached resources and API documentation or contact our support team for assistance.