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This “risky” context means that the regulations require a KYC. KYC makes it possible to counter identity fraud and money laundering, but also establish a level of trust within the exchanged service. Only when their identity has been validated can they open a bank account. In the banking sector, in order to open an online bank account, the user must provide personal information by scanning their ID. Since then, KYC within the user path has become almost unavoidable, making it possible to verify that the remote person is indeed who they say they are.
#Fluid app signature verification#
Regulations have imposed identity verification in the face of this constantly increasing threat. Almost half of companies are concerned by this issue and no sector is spared. With the boom of digital technology, transactions are increasingly carried out remotely and the identity of individuals is more and more prone to being stolen. For example, in France, fraud was estimated at 525 million euros in the banking and insurance sectors in 2020. According to the PWC Global Economic Crimes and Fraud Report, approximately 47% of companies worldwide have experienced fraud in the last 24 months. So, in addition to meeting regulatory requirements, let’s find out more about the purpose of this process.Ĭorporate fraud rates are constantly evolving and taking a toll on the global economy. It reinforces trust thanks to the implementation of KYC. Whereas we speak about proof inversion in the case of a qualified signature: the signatory person must prove that his identity was usurped.Īs mentioned before, the eIDAS Regulation provides a framework for electronic signatures by imposing different levels of security depending on the nature of the transactions. Note that in the event of legal disputes over an advanced signature, for example, the party requesting the signature must prove its authenticity. This identity verification step within the electronic signature can be achieved in two ways: face to face or remotely. In the case of a signature, the authenticity and integrity of the signed document are guaranteed for both parties, and the identity of the signatory is secured. It can occur at different stages in the relationship between a company and its customer: either when entering into a relationship or when signing the contract electronically. The overall goal of a KYC process is to define and verify the identity of the customer during a digital transaction. Therefore, KYC has been included in the electronic signature to meet eIDAS Regulation requirements. These higher levels of security apply to, for example, certain financial transactions or any documents of significant legal value such as life insurance, real estate sales agreements or bank account opening contracts. This way, the KYC ensures that the person behind the screen is who they say they are. This is where “advanced” and “qualified” signatures come into play by integrating a KYC step into the signature process. Then, to meet higher levels of security requirements, the eIDAS Regulation requires identity verification of the signatory. The advanced signature and qualified signature However, this first level can in some cases be reinforced by an authentication step with an SMS OTP (One Time Password) sent to the signatory to verify his/her identity. The types of documents that require this level of signature can be invoices, membership contracts or quotations. Security levels of eSignatures The simple signatureįirst, the “simple” signature is used for small transactions since it does not require identity verification. Indeed, there are 3 levels of digital signatures. It defines security levels for transactions according to their importance. This European Regulation, Electronic Identification and Trust Service, aims to increase trust in digital transactions. It is therefore admissible as evidence in court if it meets all the conditions of the eIDAS Regulation. What is the legal value of electronic signature?Īccording to article 1367 of the French Civil Code, the electronic signature has the same legal value as a handwritten signature. Its use has considerably increased in various sectors such as real estate, banking, insurance, or public services. Indeed, the KYC process brings a legal value and a regulatory compliance to the deliverability of the electronic signature of a document. And in a digital world where identity theft considerably impacts remote transactions, the stakes of Know Your Customer (KYC) within the electronic signature are even more important. The use of electronic signatures burst in the past years, emphasized by new technologies and the pandemic.