All you need to know about myPOS Video Identification
Product News / 21.06.2019
Our goal is to always provide small and medium businesses with impeccable money services as well as outstanding security.
What is video identification?
Video identification is a process with which myPOS verifies the identity of its clients. It is a 5-minute video chat with one of myPOS team members. Everything a client needs to complete the identity verification is a valid passport or an ID document with a photo. Do note that the myPOS representative will need to be presented with the actual passport or an ID document, not a copy of it.
Why does myPOS require video identification?
myPOS is legally required to verify every merchant’s identity, as we are a payment service provider, registered in the UK and regulated by UK’s Financial Conduct Authority. Our video identification process is a crucial part of our Customer Due Diligence policy and cannot be waived.
Is video identification a legal process?
Yes. Video identification is a new security process that is finding its way across the world. In accordance with the EU Fourth Money Laundering Directive, all institutions providing financial services are obliged to confirm the identity of a third party before entering into a business relationship.
How secure is your video identification process?
We have taken all necessary measures to safely handle your personal data. Our video ID process features data encryption and storage on secure servers in Luxembourg. Only strictly authorized verification personnel are able to access your personal details.
Are there any other security measures besides video ID?
myPOS does its best to provide all its merchants with excellent security on all levels of operation. For instance, we monitor every transaction and we will notify you if we suspect there’s the slightest chance of fraud.
Is video identification popular?
It is the most innovative way to check someone’s identity and myPOS is a pioneer in this field being one of the only two companies in Europe to currently use this method.