Reusable authentication and account recovery
COVR is designed with this complex reality in mind. By providing continuous secure authentication and supporting user-friendly onboarding, our solution facilitates compliance, user retention, and growth.
At some point during onboarding banks must perform a KYC (Know Your Customer) process before a would-be customer can open a bank account. Today, this typically involves a trip to the local bank office for identity proofing and much paperwork back and forth between the account provider and the customer.
In light of this, banks are embracing electronic KYC (eKYC) that could provide a quicker and potentially equally secure digital onboarding that in addition would meet the strict KYC and Anti-Money-Laundering (AML) compliance requirements.
Reusable identity validation and account recovery
If a credit card or smartphone is stolen, or an account is hacked, recovering all the lost data from each online service could be a lengthy and costly task. It generally involves SMS verifications, email confirmation, security questions etc., all of which are attractive targets for fraudsters.
With COVR, the recovery process is faster, easier, and much more secure. After a new KYC is done, COVR can reconnect the user with their existing digital identity that contains all their history, transactions, and various accounts. As nothing is ever lost, the user can continue to build their online reputation.
Ensuring trusted identities throughout the customer lifecycle
User authentication is the main ingredient of a healthy cybersecurity strategy. It should be a constant process, not a one-off event. COVR is designed to help to authenticate the end-users from fraud throughout the entire customer lifecycle – from initial KYC and onward.
For more information about how o navigate eKYC and account recovery, please download our product sheet!