08 Jan The need to know who you are
When you ring up your bank you’ll find that you are subjected to a barrage of questions as to who you are. It’s very likely that some AML IDENTITY VERIFICATION will have been put in place like that is available from w2globaldata.com/regulatory-compliance-solutions-and-software/aml-id-checks/. There is a very good reason why you have to go through such a vigorous chance every time you ring. The Bank has a responsibility to keep your money and data safe. There are plenty of hackers and fraudsters that will look to take any opportunity to gain access and take as much as they can or use the data to get hold of other financial products.
Imagine the scene. You contact your bank for a loan or for a credit card application and you get asked about the recent Mortgage application you’ve made. You have no idea what this is about and it seems that someone has used your details to try their luck and make an application using your stolen details. It doesn’t stop there. A credit card has also been requested and an account set up which is suddenly receiving large amounts of money only for it to be transferred out again the next day to somewhere else.
Security is everything, so whilst it might seem a little time consuming the Bank needs to be totally sure that the person they are speaking to is the right one. They themselves could be liable to any losses if to turns out their systems have failed.