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e-signature identity authentication

It’s always been important for financial institutions to be very careful about establishing the identity of their customers. This requirement became even more important in the digital age, when customers could remotely and instantly do business with the institution.

The USA PATRIOT Act has strengthened this requirement, mandating that financial institutions implement reasonable procedures for:

  • Verifying the identity of any person wanting to open an account, to the extent reasonable and practicable
  • Maintaining records of the information used to verify the person's identity
  • Determining whether the person appears on any list of known or suspected terrorists or terrorist organizations

shutterstock_157718183It’s a pretty steep call-to-action that requires strict level of due diligence from the financial provider. And let’s face it, it can make the transition to paperless processes more difficult. When you’re someone in person, you know they are a verified client because you have a relationship with them.

But not every e-signature company is as equipped as SIGNiX to jump through these high-stakes regulatory hoops. Our e-signature solutions offer a menu of strong, secure identity authentication methods that to make compliance a breeze. These methods include:

  • Know Your Customer Authentication: For this e-signature authentication option, we cross reference a signer’s identifiable information (like a Social Security number and date of birth) with federal records to ensure that it matches a valid identity. 
  • Knowledge-Based Authentication (KBA): KBA takes the identification process one step further. In addition to verifying their birth date and Social Security number, the signer is asked a series of multiple choice questions based on a broad range of public records. These might include questions such as past addresses, types of cars owned or banking relationships. The answers to these questions can’t usually be found in a person’s wallet, on a social media site, in utility bills or other sources of information that might be stolen or accessed by a fraudster.
  • Watch List Verification: Similar to these authentication methods, we also have the ability to ping government databases, such as the Office of Foreign Assets Control watch list, that contain information about individuals and organizations who might be participating in terrorist activity. 

If these methods reveal any discrepancies in data or match a person on a terrorist watch list, we can block access to documents or alert the financial institution that the signer’s name appears on a watch list. For an industry that is so tightly bound to the rigors of the law, our secure and multi-level authentication solutions offer a peace of mind we’re proud to provide our clients.

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