Secure your E-Commerce Industry with KYC Compliance

KYC Compliance

E-commerce industries take complete care of their customers and with time are inventing new things that will meet their requirements in the future. In order to give the customers a smooth encounter on the online business platform, KYC is trying its best to deal with all the frauds. The E-commerce industry is growing with time as shown in 2021, its price value was 14.30 trillion and it will increase up to $58.74 trillion by 2028.

Therefore with the progress in the e-commerce industry, the crime rate is also increasing. To deal with this difficult situation we need a solution that will help the companies to understand their clients before having an encounter with them. KYC is the perfect solution to deal with all the negativity. This blog will tell how KYC secures an e-commerce industry and the things that help the scammers to threaten the companies. 

KYC Process

KYC stands for Know Your Customer, it is used to verify the customers and to save the businesses from fraudulent activities. KYC compliance is now faster than ever and saves your time. The procedure of KYC is done in just a matter of seconds. It assists companies with facial and biometric verifications. Facial verification, co-relates the client’s original picture with the identity documents just to make sure whether you are an authentic candidate or not.  Businesses can use KYC solutions for fast onboarding processes. Companies have to work hard to find the documents before selecting a new candidate and it is a monotonous procedure, to eliminate these tiring procedures, firms should utilize KYC to go through a seamless experience.

Methods of Scammers to approach clients

Scammers are trying their best to invent new tricks that will meet with time just to manipulate the online platforms for marketing. Now they are more quick-witted than they were before. These are a few methods that scammers use to fool businesses:

Transaction forgery 

Scammers steal fake IDs to fool businesses. Moreover, They use the stolen IDs for their benefit and use their fake names, IDs, social media accounts, and residences to create illegitimate profiles. When a scammer creates an illegal profile on online platforms, some businesses consider it as authentic and become the victim of forged transactions. The e-commerce industry lost $41 billion in online identity thefts last year, and the numbers are likely to increase up to $48 billion by the end of 2023.

Card Refund Forgery 

Scammers have a diverse list of tricks in their minds to deceive people.  One scam that they used the most is ordering products from different companies and in response sending them messages that they have not received the products yet even though they have received them. Scammers also trick the companies by claiming that the products they send are not those which they ordered. Last year in 2022, 34% of businesses became the victims of card refund forgery.

Calls Forgery

Fake calling and getting the whole personal information of the client by telling them that we belong to their bank or place where they work, scammers are tricking innocent people. While having on the fake call the potential client who considers the call as an authentic call from the organization tells them about their IDs, residence, name, and social media accounts and become the victims of digital identity theft.

Website Forgery

Website Forgery is one of the most threatening frauds nowadays. Fraudsters make fake websites and gain followers inorganically. When the client witnessed a lot of followers on the website, they considered it as an authentic website and they start to order from such websites. As a result, they lost both the product they wanted and their money. Another scam that the fraudsters do is that they can also hack the customer’s account number and take all of their money. 

Preventions From scammers

  1. Check the customer’s stored order history from the system if he orders more than his previous orders.
  2. If the customer is ordering things again and again then maybe his card was lost somewhere and the scammers are ordering and making multiple transactions.
  3. Check out customer’s addresses before packing up the products. For instance, if your company has a regular customer who belongs to China, and now the location you see is in Canada you should check for these fraudulent activities.


KYC authentication is the main requirement to run a scam-free business. It assists you in dealing with multiple methods of scams which include transaction forgery, card refund forgery, call forgery, website forgery, etc. It protects you from all kinds of digital thefts. KYC verification secure your businesses from paying heavy fines and also work for the reputation of your business. It assures a healthy bond between businesses and their clients. It provides businesses with maximum growth on online platforms and reduces the rate of scams.