In this modern-day age, it can be challenging to verify the source of funds, bank statements, and who owns a bank account. Most banks and financial institutions take up to 1-2 weeks trying to verify a bank account. Manual verification is slow, inefficient, and it can lead to huge fraud in the future. Moreover, most customers end up abandoning the onboarding process as it's so slow.
Fraudsters are becoming smarter and they know how to leverage technology to their advantage. With the right set of technology and information, fraudsters can create a set of seemingly correct information to trick banks and FIs.
This has led to an increased rate of ID theft, account takeover, and money laundering fraud. Before businesses uncover the fraud and act on it, it's too late. This is why banks, financial institutions, credit unions, and other businesses need to rely on technology.
DIRO bank account verification technology is the perfect solution for all types of businesses. Banks can verify the source of funds, bank statements, and other documents to verify if the person they’re onboarding is actually who they claim to be. DIRO can verify over 7,000 documents from all over the world in an instant. The technology cross-verifies document data directly from the issuing source, thus resulting in a 100% elimination in the use of fake and stolen documents.