One of the most important components of the digital Know Your Customer procedure is a KYC verification code, which is created to verify that the user generating the details about their identity is a genuine individual, and not a fake one. Once you initiate e-KYC on any financial platform, a special code is given to your registered phone number or e-mail address to ensure that it is you, the actual person, that is doing the request.
At this point, the question What is a KYC Verification Code is relevant as it assists the users to comprehend why such an extra procedure is necessary to be secure. Using the appropriate code will show that you are the real owner of the information and this will lessen the threat of frauds, impersonation and abuse of personal documents.
This code serves as a protection that connects your identity evidence with your authenticated communication channel. It is also responsible in ensuring a smooth transparent and reliable journey of verification, which creates trust between financial institutions and their customers during the on boarding process.
