Using Geo-Mapping for Improved KYC
You’ve probably heard of some well-known apps that use geolocation features. Many social media apps use geolocation for different purposes, similar to how mapping apps like Google Maps and Waze use it. Customers use the famous phone app Foursquare to identify nearby locations of services they need, share their current position with friends, and discover new places to visit. Some more well-known social media platforms that use geolocation are Tinder, Facebook, and Yelp.
More about Geolocation
The process of determining the precise geographical position of an item, typically an electronic device like a computer or phone, is known as geolocation. Similar to a positioning system, geolocation services gather information beyond the exact location. Country, time zone, postal code, area code, address, proxy, and network details are just some of the geographical and technical details that geolocation services can provide.
To get this information, geolocation gathers a lot of different kinds of data. Internet Protocol (IP) addresses, wireless identifiers (Wi-Fi) addresses, GPS coordinates, and GSM/CDMA cell numbers are all examples of data sources. How many and what kinds of location sources are accessible to the electronic gadget determine how precise its location can be.
One reason mapping and direction apps like Google Maps function so effectively on mobile phones is because most modern cell phones come with a GPS device. In most cases, geolocation on these smartphones is accurate and simple. A computer’s lack of a GPS receiver and related location tracking software makes geolocation a more involved process.
Internet Protocol addresses are increasingly important for computer geolocation.
People can use proxies to hide their real location, which is a major issue. Using these proxies is simple and won’t break the bank. More sophisticated geolocation services are required to manage proxy issues.
Leveraging Geo-Mapping for Improved KYC
Data visualization using a map, or geo-mapping, has proven an effective tool in many fields. The way organizations identify and authenticate clients is being revolutionized by it in the Know Your Customer (KYC) processes. Join me as we investigate ways to include geo-mapping into your Know Your Customer procedure and best KYC software.
Getting a Grip on the Fundamentals
You must understand the fundamentals before moving on to integration.
1-Data on Geographical Location
Included in this is data such as the device’s location, IP address, and GPS coordinates. A customer’s identity and background can be confirmed through the standard technique known as the KYC Process.
2-Points of Integration
Look for ways to include geo-mapping data into your KYC process without causing any disruptions.
Using Geo-Mapping to Enhance Your Know Your Customer Procedures
Here’s how:
1. Collecting Data: Note Crucial Details
Collect geolocation data at critical junctures, as when registering, viewing private data, or making transactions with a high degree of risk. Gather information regarding the device and network that was utilized for the transaction.
2-Proof Checking
Compare the acquired geolocation data with other supplied details, such as the address and city, to ensure accuracy. Make sure that the data is consistent and free of any oddities or inconsistencies.
3-Evaluating Potential Dangers
Create a risk score model that takes into account variables such as the device’s location matching the given address, the consistency of the IP address, and unusual patterns of device movement.
4-Confirmation in Real-Time
Below are the steps in making a real time confirmation:
Quick Verifications
Make sure that suspicious or high-risk transactions are being monitored in real-time. Comparing the present location to the registered address or the anticipated location is what “Location Comparison” is all about.
Additional Verifications
If there are differences, Additional Verification will kick in to check for them further.
5-The Identification of Fraud
Using geo-mapping, you can spot patterns of fraud like account takeovers or identity theft. This is called pattern recognition.
Geographic Clustering
Keep an eye out for groups of questionable actions in certain areas.
Summary
You may increase fraud prevention, customer experience, and compliance efforts by including geo-mapping into your KYC process. You can build a strong KYC system that protects your company by making good use of geolocation data and resolving possible issues. Finding a happy medium between safety and ease of use for customers is essential. You can use geo-mapping to create a more safe and efficient KYC procedure if you follow these steps and think about the obstacles.
