An International electronic payments company with presence in 3 countries and over 100,000 active customers on their mobile platform which makes it easy for customers to buy , store , and use cryptocurrency (Bitcoin).
As a regulatory requirement Know-Your-Customer requirements had to be carried out on customers that sign up to their platform . Security levels were instituted based on the volume of transaction to be carried out on the mobile app to meet the regulatory requirement with levels having less stringent measures based on the transactional volume of the customer.For instance, for transactions lower than N200,000 the customer only has to confirm a mobile number and Email address but has to provide proof of residence for transactions more of N10 Million Naira on a monthly basis.
For each security level a customer provides his/her identity details from phone number ,email address, scanned copy of Government issued identity documents to proof of residential address. All these have to be manually validated to verify the identity of a customer and guard against submission of fake documents. However, asides the challenge of manually validating identity documents provided by customers there was also the challenge of some of the customers not having these documents, thus the need for an identity document common to all existing and prospective customers. The company needed the BVN service with the hope that accepting BVN numbers will greatly decrease the possibility of fraud and the time it takes for customers to open an account.
Verified.ng provided the BVN validity service as a web service which the company implemented on their mobile application. This service has enabled the company Verify the validity of the BVN provided by their clients. With the service a customer can provide a BVN on the company’s mobile platform and verify the Validity of the BVN against the Name , Date of Birth etc of the customer. This helped the company authenticate customers signing up on the platform using the BVN service and also sped up the amount of time it took to open an account by automating regulatory know-your.customer requirement.
A Leading firm in the Recruitment/Outsourcing industry helping businesses recruit personnels,receives large volume of applications from jobseekers in need of employment across the country. The business is tasked with vetting these applications to achieve the client’s objective of Talent acquisition on a merit.
There has been incidences of job applicants falsifying or presenting inaccurate details to the company. Basic individual details such as date of Birth can be falsified by an applicant in order to meet the minimum age requirements for an employment opportunity. Applicants inflate/deflate the age on their resumes to fit the occasion, some go the extra mile to swear affidavits to legalize the falsification. Applicants also submit fake resumes and academic credentials to circumvent the recruitment process. This has caused issues for the company and eroded the confidence clients have in the recruitment services they provide.
In order to arrest this development and restore the confidence of its client , the company decided to begin manually validating the resumes and academic credentials. This involved for instance visiting the address provided to make sure that the address details provided by the candidate were valid.The Company also asked for referees and guarantors from the applicants to vouch that the details and credentials presented by candidates are correct. These new processes reduced the Company’s turnaround time to its clients and increased its cost of operation reducing efficiency and profitability. The company needed a cost -effective solution to automate the Verification of Candidates.
A classified Ads company offering online marketplace services connecting buyers and sellers operates in over 10 countries including Nigeria. The company’s E-commerce website connects sellers of various products and services with interested buyers from any part of the country, allowing sellers upload whatever they intend to sell to buyers who visit the site without a need to necessarily sign up on the website. An interested buyer gets the contact details (phone number) of the Seller and contacts the seller to choose a location to meet up and complete the transaction.
As a result of the emphasis on ease of use for buyers and sellers, minimum information is collected on the website on sign up . A Seller can sign up and upload wares for sale in less than 2 minutes. What proved to be convenient and great user experience overtime became a security problem as criminals leveraged on the ease to sign up on the platform to defraud buyers at meet up locations. When incidences like this occur the contact details provided on the platform are mostly inadequate to apprehend the culprits. The company needed a service that could improve the security of the platform while also maintaining its ease of use.
Verified.ng’s BVN validity service which is a web service (API) which can be integrated into the company’s existing Web/Mobile solution was the right solution for the company. The company consumed this service on its platform , customers were now required to input their BVN as part of part of the details for sign up for new and legacy customers. This meant that all accounts on the platform were tied to a BVN which is unique to an individual. This cut down the amount of fraud cases recorded on the platform as it deterred fraudulent individuals making it more trustworthy and safe for customers. Reported fraud cases could be traced back to perpetrators (Account holder) using the BVN provided to get more details which can then be used in prosecuting such cases of fraud.
Address: 1st Floor, Leasing House, C & I Leasing Drive, Off Bisola Durosinmi Etti Drive, Off Admiralty Way Lekki Phase 1, Lagos State.
Phone number: +234-01-342-9192
Opening Hours: 8am - 5pm daily,
Monday - Friday.