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Account Profile Rating

Account Profile Rating

According to The Great Seven, profile rating is a process where by your level of trust is determined based on the number of star stars that you have in your account. This means that the more gold stars you have in your account, the more trustworthy you are to the company as well as the more benefits you are eligible for.

  1. What does your profile rating mean
  2. Why you need a profile rating
  3. What is identity
  4. Purpose of verifying your identity
  5. Significance of identity verification
  6. When is the verification of identity required
  7. How is the verification of identity carried out

WHAT DOES YOUR RATING SCORE MEAN

Your rating score reflects the quality of your account profile as well as your ability to be eligible for certain benefits. The Great Seven uses this score and other stats from your profile to determine your level of trust as well as your ability to get certain benefits which otherwise you would not get if you had no rating.

If your star in your account is star (gray) in color as can be seen in the screenshot above, it means your account will have some limitations on it such as you will not have the ability to withdraw, you will not have access to a credit limit among other benefits that are provided by the company.

If the star in your account on the other hand is gold as can be seen in the screenchot above, it means that you atleast have one star in your account which gives you access to certain benefits such as mentioned before. You earn one gold star when you have provided your identification documents such as your National ID or Passport ID.

WHY YOU NEED TO VERIFY YOUR IDENTITY

Identity verification is a step beyond identification although it is still a step short of authentication. When we are asked to show a driver’s license, national id, passport, or other similar form of identification, this is generally for the purpose of identity verification, not authentication. This is the rough equivalent of someone claiming the identity "Kizito John," us asking if the person is indeed Kizito John, and being satisfied with an answer of "Sure I am" from the person (plus a little paperwork). As an identity verification, this is very shaky, at best.

We can take the example a bit further and validate the form of identification—say, a passport—against a database holding an additional copy of the information that it contains, and matching the photograph and physical specifications with the person standing in front of us. This may get us a bit closer, but we are still not at the level of surety we gain from authentication. Identity verification is used not only in our personal interactions but also in computer systems. In many cases, such as when we send an e-mail, the identity we provide is taken to be true, without any additional steps taken to authenticate us.

Verifying your identity is not only a necessity as a KYC requirement but also it allows you to get more benefits that you would not get without verifying your identity such as ability to withdraw funds or access to credit limits offered by The Great Seven

WHAT IS IDENTITY

Identity is the set of unique traits and characteristics associated with a unique and irreplaceable individual. This becomes essential when we talk about people and especially within the online environment, where identity theft is a more common phenomenon than we think. The Great Seven carries out identity verification upon document submission where after a user earns one gold star and then the color of their star changes to gold from the gray color.

PURPOSE OF VERIFYING IDENTITY

As more transactions move online, digitization of the ID verification process can drive significant efficiencies and create new channels for businesses to serve their customers; such as taking manual, face-to-face verification and streamlining it via online platforms. While many business processes are being modernized via digital technologies, ID verification is still slow, manual and prone to human error.

Unfortunately, ineffective manual ID verification is common place across both B2C and B2B companies. This typically results in bad customer experiences, fraud, and failure to maintain regulatory compliance. For many organizations, the ability to accurately verify ID in a timely manner is essential for business to function, allowing for the creation of contractual agreements, compliance with regulations, and delivery of services to customers.

By using digital technology to automate ID verification, organizations provide a smoother and more consistent experience for employees, customers and staff. This technology helps make it possible to onboard new employees who are working remotely, by scanning I-9 forms validating employee IDs digitally. Crucially, it minimizes risk by providing higher signer assurance, and facilitates compliance with regulations like Know Your Customer (KYC) and Anti-Money Laundering (AML).

SIGNIFICANCE OF IDENTITY VERIFICATION

Maintain or Improve Your Reputation: Reputation is incredibly important for businesses of all sizes. In an age where there is so much consumer choice, it’s easy for people to hop from one brand to another if they don’t get exactly what they want. On top of this, trust is more important than ever before as consumers actively seek out businesses they can rely on. In an era of continual data breaches, consumers want to know that their information is safe. By running identity verification checks, this signals that you’re serious about building trust in what’s becoming an unsafe online world.

Avoid Costly Fines: Most businesses simply can’t afford a huge fine of this size, which is why AML and KYC systems are so important. AML refers to a collection of regulations, laws, and procedures that have been specifically constructed to stop the practice of declaring illegally obtained funds as legitimate income. This goes hand-in-hand with the need for KYC, which is essentially the process businesses go through to identify their customers and assess the risk of illegal activities.

Adhering to both of these protocols is important if you want to avoid costly fines – or, in some worst case scenarios, imprisonment. Implementing streamlined, efficient identity verification software and practices aligns with AML and KYC requirements, which means businesses that use them sidestep any potential fines. There are plenty of other individual rules and regulations that apply to businesses too depending on where they’re based and the customers they serve.

Avoid Costly Chargebacks: Credit card fraud makes up a huge portion of the total number of identity fraud cases every year. When businesses began allowing their customers to use credit cards for online purchases, it became far easier to commit fraud since most transactions fell into the “card-not-present” category. As a result, people would fraudulently use credit cards that weren’t theirs to buy goods online and, once the real owner of the card found out, would cancel the transaction.

Without being able to identify and trace the original fraudster, the business would be liable to pay back the money. This is known in the finance world as a chargeback. Unfortunately, they can be a costly part of business for companies that accept credit card payments (the industry standard rate is 1%). Identity verification stops this in its tracks by fully verifying each and every customer. For many businesses, preventing costly chargebacks is simply a case of revising identity verification protocols for card-not-present transactions so that they incorporate one or more identification methods (say, for example, facial recognition or a two-step verification process).

Tighter verification methods can also stop cases of “friendly fraud” in its tracks, too.Verification of identity increases customer trust because it creates a higher level of confidence that a person is who they say they are. Identity verification also ensures that there is a real person behind a process thus preventing both a person from carrying out a process on our behalf without authorization, and creating false identities or commit fraud.

Avoid Fraud and Money Laundering Concerns: Even an accusation of money laundering – however small – can spell the end of the road for a business, regardless of its size. As a result, organizations are leaning more and more towards using risk-based models that incorporate identity verification to assess which users might be high risk. They can then use this data to create authentication levels based on the risk potential of certain transactions (and then mark those that are good and those that might be fraudulent accordingly). This is becoming increasingly important as the business landscape gets more and more digitized. Making sure customers are who they claim to be is a major component in creating digital trust.

Improve Customer Experience: Today, consumers want a customer-centric experience with every business they buy from, and a great user experience strives to reduce any barriers that consumers might have while simplifying processes. The term "frictionless" is often thrown around in relation to good identity verification processes – this means not asking the customer for too much information and instead obtaining information about them in other places.

This means you can create a well-oiled, digital workflow that eliminates most – if not all – need for manual entry and paperwork which can often take a number of days to process. As a result, customers get a smoother onboarding experience and, more importantly, can get instant access to your product or service.

WHEN IS THE VERIFICATION OF IDENTITY REQUIRED

Verification is needed as soon as you have registered for an account. However, this does not prevent you from receiving a payment from your clients who may want to make a payment to you. In such cases where you may not have your ID with you, G7Bill would allow you to receive the payments but then require to submit your ID when you are going to withdraw the money.

HOW IS THE VERIFICATION OF IDENTITY CARRIED OUT

The Great Seven will do a preliminary investigation on the documents that you submit to make sure that there is consistency in the person creating the account. This is done by matching the names on the ID submitted with the account that was created. In case these two do not match, your ID will not be approved otherwise if all is OK, your documents will be approved by the The Great Seven team.

Thereafter where necessary, The Great Seven may even contact you where necessary to confirm if you are who you say you are in regards to the submitted documents.

For more information, please email us on sales@g7bill.com or call us on (256) 414 670513