What Are Know Your Customer Checks

If you have ever had to speak or deal with a bank, which is practically all of us at some point. You will find that whilst they are outwardly friendly they have to treat us all with a degree of suspicion. This is partly to protect themselves but mainly to protect you and your money. Imagine a scenario where some walks into a branch, or rings up the bank  and says that they are you. Perhaps they’ve found your bank card and are not someone with good intentions. You would be rightly angry if the bank simply accepted them as you and did whatever they asked them to do with any money that you had in your account.

To stop this kind of thing happening  financial services have introduced KNOW YOUR CUSTOMER checks like those from w2globaldata.com/regulatory-compliance-solutions-and-software/know-your-customer/. In most cases they simply involve you giving details that only you would know. One of the most popular of these is “your mothers maiden name” for example. However this has become a bit too common and easy to obtain. You should be careful of Facebook sites that try to engage you in asking these questions as they can be a way of stealing your details.

Banks also use passwords and usernames that can help to limit abuse of bank accounts by an unknown party. They generally ask for the digits from the password rather than the whole thing but this is not always the case.