Onboarding: Marketplaces & E-Commerce
Transaction laundering (also known as credit card laundering or factoring) is a form of money laundering, where the website owner is often unaware, and is estimated to top $200 billion in the USA alone. It is a merchant-based fraud scheme using legitimate payment ecosystems, to process payments for criminal enterprises selling firearms, illicit drugs, or financing terrorism via unregulated cross-border transactions. By funnelling unknown payments through verified merchant accounts, transaction launderers incorporate the three steps of money laundering: placement, layering and integration.
IDcheck’s Global KYC program can help E-Commerce and Online Marketplaces identify and onboard customers quickly, with greater assurance and allow you to provide Merchant Service Providers with an audit trail of your customer identification program.
IDcheck also provides real-time Compliance with an audit trail:
Contact us to discuss how IDcheck can help you combat Transaction fraud.
Onboarding: Real Estate
Real Estate Agents must accurately identify buyers, sellers and tenants, to prevent Real Estate transactions being used for money laundering, the financing of terrorist activities, mortgage fraud or other illicit activity, while Letting Agents are also obliged to check a tenant’s residential status: their Right-To-Rent.
IDcheck offers Real Estate firms a fully automated KYC service of customers and counterparties, while LetFaster, a division of IDcheck, is the only Tenant Screening platform to offer Biometric ID, Official Document Verification and to have fully automated Tenant Background Checks.
Standard Industry Identity Checks (such as credit and electoral rolls), would pass many fake IDs impersonating a real person, as all the checks are performed on the real person! If a “fake” John Smith obtains sufficient data on the “real” John Smith, much of which is publicly available, all database checks would verify the real person and ignore whether the applicant/client is someone else. Fraudsters might hack a 3rd party database or the person's laptop. As on-line theft is scalable the risk grows. Therefore correctly identifying a person becomes the most important component.
HireFaster, a division of IDcheck, is the only Background Screening platform to offer Biometric Identity and Official Document Verification and to have automated Background Checks.