KYC Banking

Know Your Customer right in the Inbox.

At Maysoft, we understand the challenges that banks face in maintaining email security and the potential harm caused by phishing scams. Traditional methods, such as training users to recognize suspicious emails, have proven to be insufficient.

How can Banks achieve better customer service and reduced operational risk? By linking incoming emails to customer data using Verisend KYC.

Our solution, Verisend KYC for Banking, addresses this problem by verifying the sender of an email based on message metadata and cross-referencing it with internal customer data, which banks are required to capture to comply with Know Your Customer protocols. When a match is found, Verisend retrieves and displays key customer information right in the Inbox, in real-time. This approach reduces the operational risk of fraud and increases employee performance by saving time trying to determine if an email is authentic and from a Bank customer. Additionally, it ensures that legitimate emails are easily recognizable, making it much more difficult for phishing emails to be acted upon.

Verisend Know Your Customer provides the following benefits specific to the banking industry:

Streamline Compliance. By having all customer interactions and account information in one centralized location, a bank can easily track and maintain compliance with regulatory requirements such as the Bank Secrecy Act and the Anti-Money Laundering laws
Reduce Operational Risk of falling victim to a clever phishing attact, posing as a bank customer, to request fraudulent money transfers.
Improve Customer Service. With the ability to view KYC information in the Inbox, banks are better able to provide a more comprehensive view of the customer relationship, allowing for better relationship management and faster resolution of customer issues.
Increase Customer Loyalty: By providing personalized information and offers to customers, banks can create a more positive customer experience, which can lead to increased customer loyalty.

Overall, the integration of a KYC system with an email client helps banks to improve their customer service, streamline their compliance, reduce operational risk and increase their productivity.

The Sample User Display panel for O365 shows key KYC information.

Following are two examples of one example of a message from a Verified Bank customers, and the second one is a a forged message attempting to fraudulently steal money from the Bank.

Message from a Verified Bank Customer

With Verisend implemented at a Bank, the user has access to a full customer display panel which clearly and unanbiguously identifies the message as follows:

1. Customer: The check mark and the word Customer makes it 100% clear that this message originated from a Verified Bank Customer

2. Emails sent and received: Bank customers actual mail count. This is generally greater than 1.

3. KYC Customer information, right in the Inbox. This brings more information to the Bank employee, improving productivity and allowing them to provide faster and better customer service. Verisend KYC

Fraudulent Message Pretending to be from a Bank Customer

Notice that the message does not display any customer information because this is a phishing attempt, and the fake email address is not in the KYC database.

1. UnVerified: The yellow unVerified image tells the Bank employee to use caution.

2. Emails sent and received: When this is 1 that means this is the only communication with this person, so this is most likely a fake email address setup only for the purpose of defrauding the Bank.

Verisend KYC

Want to try Verisend in your MS365 Tenant?

Click here to book a 30-minute meeting to find out more about how Verisend KYC can help your organization.
30 Minute Meeting

or Call: Allison Cote at (978) 635-1335

or Email: Allison@maysoft.com

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