Created by: Emilian Siemsia | 2 April 2024

Prevent fraud with instant Account Check – how to do it right

Do you know that 2022 ended with over 2.4 million reports of fraud with losses reaching $8.8 billion? Financial transactions have been moving from paper-based to digital platforms which require more and more robust security protocols. Therefore, companies need more comprehensive fraud prevention and security protocols to make sure their online transactions are fully protected and error-free. One of the best tools designed to enhance your security protocols is Account Check.

How does Account Check work?

Account Check is an account verification tool that helps companies verify customer identity and their financial information in an automated, quick, and easy way. The customer information is secured by industry-standard protections. Verification processes are necessary for onboarding customers or actioning transactions across various sectors, from e-commerce platforms to FinTech companies. Making sure that customer accounts are properly verified is often required to comply with KYC (Know Your Customer) and AML (anti-money laundering) laws and legislation. Compared to manual verification, automated Account Check offers improved accuracy and speed – checks are completed via an automated platform in seconds.

Instant Account Check allows businesses to:

  • Verify customer’s identity and reduce fraud.
  • Ensure that money is sent to the correct destination. 
  • Comply with KYC and AML obligations.
  • Reassure customers that the company takes necessary steps to protect their accounts.

How does Account Check work? It is delivered through a front-end SDK that makes integration to the platform only one line of code. Users are asked to submit their data and authenticate to their bank. Once the consent is provided, you get an automated report file with the necessary data and that’s it! The verification is complete immediately!

Account Check makes it easy to verify customers’ digital identities and to recognize when they are at risk. It quickly prevents unauthorized access, account takeovers, and fraud. You verify user transactions in real-time, worldwide, and block high-risk users when necessary.

What you can do with Account Check

An account verification confirms that bank details match what is expected. For example, that your customer’s account name matches that provided by them. Such a process may be helpful when a customer is setting up an account or when you undertake periodic KYC checks on your existing customers. With over seven million UK customers using open banking as of early 2023, automated account checks have become a standard procedure that facilitates verification processes that can be completed quickly and easily.

Here is what you can do with Account Check:

  • Payouts simpler than ever. Account Check enables businesses to create a smooth payout setup experience. Your customers can connect their bank accounts to have their details automatically verified in real-time.
  • Bank statements are processed instantly instead of being extracted for days manually.
  • You improve accuracy as automated checks reduce errors and inaccuracies. On the other hand, manual verification is prone to a high number of mistakes. This also boosts the efficiency of your business.
  • You move customer onboarding to the next level. As part of the sign-up process, your customers can verify their identity instantly, without the need to send account documents. This makes the entire process quick and simple and provides a better user experience.
  • You improve customer satisfaction thanks to significantly reducing the time a bank takes to process documents.
  • The reduction of fraud – thanks to reliable, quick verification, you can quickly and easily detect most patterns of fraudulent activities. Most fraudsters give themselves away long before the formal KYC process.

Do you want to test how the Account Check feature can revolutionize the way you work with open banking?

Test the platform for free and see for yourself how easy it is to verify your customers’ identity in seconds. All hassle-free, automated, and instant. 

Book a free demo or schedule a free call with our expert!

Account check Know your customer Anti-money laundering Reduction of fraud