Why Does Stronghold Verify Each Customer’s ID?
As an international financial services provider, security and trust aren’t buzzwords — they’re core elements of our business.
In May, we announced a new policy requiring each customer to submit official government documents confirming their identity before they may begin trading on our platform.
Sometimes called “Know Your Customer” (KYC), verifying our customers’ identities allows us to comply with banking laws in the U.S. and New Zealand and is an important part of keeping our platform safe and reliable.
We confirm information with Onfido, a service that uses machine learning to validate each customer’s documents. After someone’s identity has been established, Onfido can also cross-reference that customer against international credit and watchlist databases.
The verification process:
- A customer submits personal details and identity documents through their Stronghold account;
- Stronghold encrypts and sends the information to Onfido;
- Onfido verifies/rejects the encrypted info and notifies Stronghold.
After verification is complete, we contact customers to let them know if additional action is required before securely storing their encrypted details and verification status using a multi-layer security approach that places most data in secure offline storage.
Because verified customer data is stored securely, we can help prevent information from falling into the wrong hands. If there’s ever a fraudulent trade, or if we see someone trying to force their way into someone’s account, we can quickly take action.
Verify your Stronghold account today
Our help center has answers to frequently asked questions about ID verification:
- Uploading security documents
- Tips for taking a “selfie”
- Document upload not working
- How long does the verification process take?
- ID verification tips
To learn more about how we protect customer data, please review our privacy policy.
