December 15, 2021

Let's Talk About eKYC and OffGamers

Being requested for information, especially personal ones, is never easy. One can understand why many customers are apprehensive when they are asked to reveal
certain information but little do they know that this info will actually help safeguard them from potential threats.

 

What is eKYC?

eKYC is an abbreviation for 'Electronic Know Your Customer' and are electronic documents that have the same goal as traditional security protocols in verifying your identity. However, the main difference for eKYC documents is that all the documents are digitised withour the need of physical papers. Additionally, most eKYC processes have integrated the use of artificial intelligence and machine learning to better its effectiveness such as facial recognition.
 

eKYC Process with OffGamers

Like many businesses that have financial transactions with their customers, OffGamers has also implemented the use of eKYC documents to adhere to the Anti-money Laundering Law (AML) of different countries. As such, first-time customers who wish to make an account with OffGamers would have to submit their:

Phone number which OffGamers will also use their Automated Phone Verification System to verify the number
The customers' updated email address
Updated payment information

When a customer uses a payment method that requires eKYC verification, OffGamers will send out an email entailing the need for the customer to verify their detailsThe customers will then need to press the “Verify Now” button and upload their identification and credit card information together with a scanned selfie photo for the facial recognition system to do detail matching. A QR code will also be prompted where the purchasing customer will need to scan the code with their mobile phone and will insert the details that the page requests. Once all information has been submitted, OffGamers’ Compliance Team will conduct a detailed review to ascertain the information’s authenticity.
 

Why Are The eKYC Documents So Important?

As mentioned earlier, the eKYC documents in nature are very personal and customers may not feel comfortable in sending these documents. However, this is a due diligence that is required for Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) compliance. By implementing the eKYC process, businesses are able to securely identify that the account is not being used by a malicious third party, as most of the money-laundering activities’ modus operandi are assisted by the falsification of identity and the phishing of emails and signatures. On the off chance that the bank account of a customer is being compromised, the business owner would then be able to immediately contact the customer about the safety breach.
 

The Reluctance of eKYC Among Customers and Addressing It

Having been accustomed to getting things done instantaneously on the digital sphere, delays and extra steps can be seen as a burden to many users; more so if it requires customers to provide extremely personal information. This is understandable since customers are the ones paying for the product/service and being checked for potential fraud can be infuriating. However, it is because customers are paying and it is OffGamers’ responsibility to ensure that the entire business transaction is compliant with the eKYC process. Plus, there are still many out there that might not be aware of the importance of eKYC or might not have experience in sending in the required information details, potentially leading to unwanted friction between OffGamers and its customers. Fortunately, OffGamers’ Customer Experience Team is readily available to smoothen things out. Any enquiries that OffGamers’ customers have regarding the eKYC will be answered in a professional manner with relevant explanations. The eKYC user interface on OffGamers site is also designed to be user friendly with also added content describing the purposes of the eKYC documents and the potential financial threats it can prevent.

 

Final Note: OffGamers and Security

As much as it is inconvenient for most parties, OffGamers has a responsibility to ensure that its customers are having a safe and secure shopping experience. OffGamers has also done its due diligence on all aspects of financial security—technical, physical and administrative. All of OffGamers’ online operations are protected with firewalls and encryption that provide protection against potential security threats like data misuse, disclosure and alteration. That said, maintaining a safe online shopping environment is a joint responsibility to which customers are also required to play a hand in providing the necessary information for the security process to work.

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Updated - 2021/09/06