For anyone who is involved with financial services or has an active bank account, bank account verification is a compulsion. It is needed to verify your ownership of the respective bank accounts along with benefiting from other advantages. However, even though it is the most effective tracker of your money transactions between family members, friends as well as customers, many users still express their discomfort or concerns regarding bank account verification.
KYC Process; Explained
It is a compulsory regulation to get all your personal as well as business bank account verification completed in the advised time period to avoid risking hacks, frauds and unnecessary penalties. To help with smooth bank account verification, a process called KYC or Know Your Customer has been around for a long time that allows quick and fast verification of bank accounts with few easy steps.
The important steps to complete the KYC for bank account verification include:
- Collection of a valid identity proof and a valid document for address verification for the bank account holder
- Uploading or submitting the collected documents against the required bank to complete the bank account verification
- Lastly, data verification of the documents to confirm the information provided in the bank is completed. To know more on how KYC and bank account verification are linked and how it works, check out https://www.cashfree.com/bank-account-verification
Potential Safety Myths
There still exists a big group of population that believe online bank account verification with the help of KYC update online and digital banking is not a safe option and is also limiting in certain aspects. Two of these common safety myths or concerns include the below mentioned reasons.
- Some people believe that online bank account verification will disallow the use of mobile wallet features or there will be an extra fee involved. Moreover, they believe the risk of fraud is higher when all steps are performed online.
- Another common safety myth about digital banking, regardless of its 24/7 availability, especially post bank account verification, is an unsafe option. This is because the whole process of KYC update is considered unsafe because users believe the possibility of leaking personal information or misusing the same is higher when digital.
Tips To Keep Away Safety Concerns
- Ensure any digital platform you use to complete your KYC requirements for bank account verification is secure. The sign to look out for to confirm the same includes a padlock symbol in the browser frame during login or registration.
- Ensure you keep a copy of all your documentation submission history, both online and off-line.
- Be on the lookout for random suspicious looking websites and pop-ups that appear on the side of your browser screen during a bank account verification session.
- Ensure all the communication between you and the bank, including double verification or requirement of your bank account number, should be secured with the help of security questions.
- Always keep your bank account numbers, online passwords, credit and debit card numbers, etc. safe and unique to avoid potential hacking and fraud concerns.
- Plan and use strong and unique passwords to reduce the chances of information thefts greatly.
- Lastly, do not entertain any phone calls from potential spam numbers who ask for your account details to complete bank account verification online or make an online transfer to validate your account.
Overall, there are certain security issues that are common to all users but with the advancement in technology and the liberty to do almost all bank related procedures by yourself, these common safety myths no longer prove to be a major concern. So, go on and complete your bank account verification today.