Your best next step in this whole ordeal is to re-assess the strength of your current vendor; in essence, strengthen your KYC protocol by initiating some KYV \u2013 Know Your Vendor \u2013 actions. Unfamiliar with KYV and vendor risk management? EVS can walk you through its key factors: understanding your brand’s role in any data breach, examining how vendors might be putting you at risk, and learning how to identify a safe ID verification provider.<\/p>\n\n\n\n Some businesses mistakenly believe that hiring an identity verification “expert” offloads personal risk and transfers responsibility to their ID verification vendor, but that couldn’t be less true. A KYC data leak is a shared problem<\/strong> between a company and its security partner. Breaches at the ID verification level directly destroy the trust and compliance standing of the companies hiring them.<\/p>\n\n\n\n Vendors that leave customer information exposed put themselves, as well as their hiring companies, on the hook for severe regulatory fines, lawsuits, and permanent reputational damage. Hiring companies are also legally responsible for their own users’ data, even if it was breached because of a vendor or third-party failure.<\/p>\n\n\n\n Some ID verification vendors will even try to throw their own hiring companies under the regulatory bus if a data leak happens. They might claim that you improperly integrated their security measures or ignored your due diligence. Others will even claim you didn’t adequately vet their own processes, thereby absolving the vendor entirely.<\/p>\n\n\n\n A KYC data breach can be embarrassing at best and catastrophic at worst. Know Your Customer data is extremely sensitive and can include everything from selfies and biometrics to home addresses and passports. Unlike credit card numbers or passwords, you cannot change your date of birth, home address, or national ID number, which means that leaks or breaches can set a terrible spiral of events in motion: permanent identity theft, synthetic identity fraud, and advanced phishing, just to name a few.<\/p>\n\n\n\n Even if your ID verification provider is a stand-up partner that owns its mistakes, not all vendors are created equal. Some conflate compliance with security, when in reality, they are the twin pillars of KYC best practices. Together, compliance and security measures protect your organization<\/strong> from financial penalties and reputational damage. However, some ID verification vendors would rather avoid legal fees than give you robust, real-time fraud prevention.<\/p>\n\n\n\n Did you know?<\/p>\n\n\n\n Does this short list hammer home the importance of vendor risk management?<\/p>\n\n\n\n Of course, some ID verification providers are prepared and still suffer losses, but a no-password database isn’t a sophisticated attack \u2014 it’s a basic failure, and one you deserve to be aware of. Now is the time to ask your vendor to show their work<\/strong>, not just their badge, and make sure your customers’ information is protected in every way possible.<\/p>\n\n\n\n The goal here is not to throw any ID verification provider under the bus. Instead, we want to highlight ways your business \u2013 no matter which industry you call your playground \u2013 can mitigate a KYC data breach, and that begins with vendor risk management. Regardless of how long you’ve employed your vendor, it’s critical to set up an audit meeting and ask for specific answers to these questions:<\/p>\n\n\n\n Spend five minutes on our website and you’ll quickly see just how robust our verification solutions truly are. From financial fraud prevention and sanctions screenings to healthcare identity verification and compliance, our BlueAssure suite truly covers every corner of your company’s fraud prevention needs.<\/p>\n\n\n\n Our identity verification best practices include AssureID<\/a>, EVS’s leading solution for identity and age verification in the US. Using information submitted through the API or within the BlueAssure platform, AssureID cross-references multiple data sources in a single transaction to verify identity, flag high-risk individuals, and screen against watch lists, all without adding friction to your onboarding flow. Your customers get a seamless experience while AssureID works in the background, checking SSN, address history, phone, age, and more in seconds.<\/p>\n\n\n\n Ready to use the vendor auditing steps we discussed above? Schedule a demo call with our EVS team<\/a> for an inside look at how AssureID and our other BlueAssure solutions can keep your company free and clear of data breach scandals.<\/p>\n\n\n\n![\"know](\"https:\/\/leap.staging.ribbitt.com\/evs\/wp-content\/uploads\/sites\/6\/know-who.png\")
<\/figure>\n\n\n\nWho’s Responsible for KYC Breaches?<\/h2>\n\n\n\n
Don’t Gamble With Your KYC Data \u2013 It’s the Absolute Worst to Lose<\/h2>\n\n\n\n
Is Your KYC Vendor Setting You Up to Fail?<\/h2>\n\n\n\n
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What To Look for in an ID Verification Vendor<\/h2>\n\n\n\n
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EVS: Your All-In-One Verification Vendor<\/h2>\n\n\n\n