How to verify accounts correctly

Account verification is the process of confirming the identity of the account holder to meet Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements. Below are the steps to verify bank, e-wallet, and cryptocurrency accounts:

1. Account Types and their Requirements​

A. Bank account​

• Documents:
  • State identification (e.g. passport, driver's license).
  • SNN.
  • Proof of address (e.g. utility bill or bank statement).
• Process:
  • Personal visit to the branch or online registration via the bank's application.
  • Phone and email verification.

B. E-wallet (PayPal, Skrill, Neteller)​

• Documents:
  • Passport or driver's license.
  • Photo/scan of the card (to confirm the linked account).
• Process:
  • Uploading documents via the service interface.
  • Phone and email verification.

C. Cryptocurrency exchange (Binance, Coinbase, Kraken)​

• Documents:
  • Passport or driver's license.
  • Photo with a document (selfie).
  • Proof of address (e.g. bank statement or utility bill).
• Process:
  • Uploading documents via the platform.
  • Passing biometric verification (for example, Face ID).

2. Verification stages​

A. Registering an account​

• Please provide your real details: first name, last name, date of birth, address.
• Use the email registered in the cardholder's name and phone number .

B. Uploading documents​

• Format: JPEG/PNG, resolution not less than 300 DPI.
• Clarity: The document must be glare-free, with full visibility of the data.
• Expiry Date: Make sure your passport/driving license is not expired.

C. Biometric verification​

• Take a selfie with the document following the platform's instructions.
• Avoid glare, masks or dark glasses.

D. Verifying payment details​

• Link a card or bank account.
• Some platforms send a test payment for verification (eg $0.01).

3. Recommendations for successful verification​

• Use the same data in all systems:
  First name, last name and address must match in your passport, email and payment details.
• Avoid suspicious IP addresses:
  Do not use VPNs from high-risk countries (e.g. Russia, Ukraine, Nigeria) when registering on Western platforms.
• Do not change your details after registration:
  Any changes to your name or address after verification will require re-verification.
• Warming up your account:
  Before making large transactions, perform small transactions to “warm up” your account.

4. Common reasons for refusal​

• Data discrepancy:
  The name in the passport does not match the account data.
• Low quality documents:
  Blurred photos, highlights, cropped corners of the document.
• Suspicious activity:
  Multiple registration attempts from the same device/IP.
• Region mismatch:
  For example, registering in the EU with an IP address from Russia may trigger additional verification.

5. Security during verification​

• Do not share documents with third parties:
  This may lead to identity theft.
• Use a secure connection:
  Do not download documents over public Wi-Fi networks.
• Keep copies of documents:
  In the event of a data leak, you will be able to quickly notify the bank.

6. How to choose a reliable bank or service​

• Check the license:
  Make sure the bank or platform is licensed by a regulator (e.g. FCA UK, SEC US).
• Read reviews:
  Check forums (e.g. Reddit, Trustpilot) for reviews about verification.
• Avoid anonymous services:
  Platforms that do not require KYC often violate laws and can be blocked.

7. Alternatives for anonymity​

If you value privacy but want to comply with the law:

• Use pseudo-anonymous wallets:
  For example, crypto wallets without KYC (e.g. Electrum, Monero).
• Open an account abroad:
  Some countries (e.g. Estonia, Lithuania) offer remote verification via video call.
• Use Prepaid cards:
  For example, Revolut, N26 or Wise cards (require minimal verification).

8. Legal Alternatives​

If you encounter difficulties with verification:

1. Contact platform support:
   Many services will help solve verification problems.
2. Try another platform:
   For example, if PayPal blocks your account, use Skrill or Neteller.
3. Consult a lawyer:
   If you have been refused without explanation, a lawyer can help you sort it out.

9. Educational resources​

If you are interested in the technical side of verification:

• Books:
  • "Digital Identity: Understanding the Who, What, When, Where, Why, and How" (Kim Cameron).
  • "Blockchain Revolution" (Don Tapscott).
• Certifications:
  • Certified ACH Professional (CAP) (for working with payment systems).
  • Certified Fraud Examiner (CFE) (fraud analysis).
• Well:
  • Coursera: "FinTech and the Transformation of Finance".

Let's look at the correct methods:

1. Standard verification methods​

For individuals:

• Micro-deposits verification:
  • The bank sends 2 small amounts ($0.01−0.99)
  • Please enter exact amounts for confirmation
  • Example: Plaid, Yodlee, Stripe Verification
• Instant Account Verification:
  • Via API (Plaid, MX)
  • Check balance in real time
  • Requires entering bank credentials

For business:

• Prenote Process (by default):
  • Test transaction $0
  • Waiting 3-5 business days for confirmation
  • Used for regular payments

2. Technical aspects of security​

Parameters checked:

• Name Matching Algorithms
• Account Age Analysis
• Transaction Patterns (Behavioral Scoring)

Recommended protocols:

• ISO 20022 for payment messages
• PCI DSS when working with card data
• SOC 2 Type II for Processing Systems

3. Fraud protection​

Red flags:

• Mismatch between IP and card geolocation
• Different names in profile and on account
• Using temporary/virtual cards

Protective measures:

• Multi-factor authentication
• Device fingerprint
• Velocity checks (limit attempts)

4. Legal requirements​

For international transactions:

• FATF Regulations
• PSD2 Directives (Europe)
• OFAC regulations (USA)

For professional development in this area:

• Learn NACHA Standards (for ACH)
• Master the principles of Risk-Based Authentication
• Get CAMS (Anti-Money Laundering) Certification

How to Verify Accounts Correctly​

Account verification is an important process that helps confirm a user’s identity and protect their accounts from fraud. Here are the basic steps and recommendations for proper account verification:

1. Preparation of the necessary data​

Before starting the verification process, make sure you have all the necessary information:

• Personal information: full name, date of birth, residential address.
• Documents: Passport, driver's license or other identification that may be required to verify your identity.
• Contact details: Phone number and email address that will be used to receive verification codes.

2. Selecting a verification method​

Depending on the platform you want to verify your account on, there may be different methods available:

• Email: Receive a confirmation link to your email and follow the instructions.
• SMS codes: Enter the code sent to your mobile phone to verify your identity.
• Biometric authentication: Use fingerprint or face recognition if supported by your device.
• Document Verification: Upload a scan or photo of your ID for verification.

3. Verification process​

1. Register on the platform: Create an account if you haven't already.
2. Filling in the information: Enter all required information, including personal information and contact details.
3. Select verification method: Select your preferred verification method (e.g. SMS or email).
4. Receiving and entering the code: If you have chosen SMS or email, receive the code and enter it in the appropriate field.
5. Uploading Documents: If documentary verification is required, upload the required files and follow the instructions.

4. Checking the verification status​

After the verification process is complete:

• Wait for verification: Depending on the platform, verification can take from a few minutes to a few days.
• Check for notifications: Watch for email or in-app notifications about your verification status.

5. Support and assistance​

If you have problems with verification:

• Contact support: Many platforms offer support via chat, email, or phone.
• Check the FAQ: The Frequently Asked Questions on the site may contain useful information about the verification process.

Conclusion​

Proper account verification is a key step to ensure the security of your accounts. Following these steps and recommendations will help you successfully complete the verification process and protect your data from fraud.