What is KYC and why do we need it?
You’ve read about our platform, it came up on your news feed and you are about to sign up. You want to join us and jump on-board, but before we can open an account for you, we need to trust you as much as you trust us.
Therefore ‘Know Your Customer’, or KYC comes into play. In summary, KYC refers to the process of us checking who you are.
So what does KYC mean?
We take security very seriously, therefore we need to verify that you are who you say you are on your application, before we can let you create a MidFunder account.
From your perspective, KYC simply means taking a few photos during the sign-up process. It’s all detailed described in the sign-up process, but in case you don’t know, we ask for photos of your passport, or ID, as well as a selfie.
In reality, there’s a lot more that goes on in the background, involving things like machine learning algorithms and anti-fraud detection, but to simplify, you can think of KYC as a kind of identity check.
Why do I need to pass KYC?
That’s easy – It allows us to keep MidFunder a safe place, free of fraudsters, money launders and so on.
So, if you want to become a MidFunder user, one of the first things you’ll have to do after you register a free account is to pass the KYC check. It means you’ll have to upload:
• Photos of your ID, passport or your driving licence (usually front and back)
• A clear selfie (don’t worry, we won’t share it with any third parties)
What if I don’t pass KYC?
Don’t worry, if you don’t pass right away. If we reject your photos, we’ll send you a notification explaining why you failed, and give you another chance to try again.
Is my information safe with MidFunder?
We take cybersecurity extremely seriously. For real. Our policies and processes are designed to protect both your confidentiality, and the security of your information. We process and store your data using third-party servers only located in secure data centers. And for the nerds out there – all data passed between MidFunder, our servers, and third parties is 2048-bit SSL encrypted.
Published: 28 July 2022