Bank Verification
Bank verification is a process used by financial institutions to confirm the identity of their customers. This typically involves checking personal information, such as name, address, and social security number, against official records. The goal is to prevent fraud and ensure that the person opening an account is who they claim to be.
During bank verification, institutions may also review a customer's financial history and account details. This helps them assess the risk associated with providing services to that individual. Overall, bank verification is a crucial step in maintaining security and trust in the banking system.