DataPro Unveils AI-Powered KYC System to Fight Fraud
By Patience Ikpeme
DataPro, a company that provides verification and background-screening services to banks and fintech companies, has called on financial institutions to move away from simply reacting to fraud and compliance issues, and instead adopt what it calls “Proactive Defense Through Smart Verification.” The company said it is achieving this by building an artificial intelligence (AI) driven Know Your Customer (KYC) and background-screening system into its core services.
DataPro, which works with Tier-1 commercial banks, asset managers and fast-growing fintech firms, said that growing pressure from regulators, combined with more advanced and complicated fraud methods, has made speed and accuracy extremely important for institutions that want to stay safe and compliant.
The company warned that banks and other institutions still depending on old, outdated verification methods are putting themselves at risk of costly compliance failures and other operational problems that could affect their business.
Explaining how its new system works, DataPro said the platform combines machine learning technology with human oversight, allowing institutions to carry out faster checks on customers without losing the depth and accuracy needed for proper verification. According to the company, customers considered low-risk are quickly passed through automated checks, while more complicated or unusual cases are sent to specialist analysts who carry out deeper investigation before a decision is made.
DataPro said its range of services includes corporate background checks, verification of educational qualifications and professional credentials, criminal record screening, as well as specialised checks designed for different industries.
For pension fund administrators, the company said its due diligence process for annuitants now includes liveness checks, which confirm that a person is real and physically present, along with health-status reporting. It said this is aimed at reducing false alarms and protecting pension funds from wrongful payments.
In the real estate sector, DataPro said its tenant-screening package helps confirm the identities of intending tenants, verify their guarantors, and check for any negative information about them in the media. According to the company, this is meant to reduce the risk landlords face and cut down on cases of tenancy fraud.
DataPro said that clients using its platform have reported faster turnaround times and fewer cases requiring manual checks, which it said has improved customer experience while making regulatory reporting and audit processes simpler for institutions.
The company described its product as a risk-management tool that gives organisations more confidence when onboarding new customers, while also helping them show regulators and auditors that they have strong control systems in place, especially as enforcement of compliance rules becomes stricter across different countries.
DataPro added that by combining the efficiency of artificial intelligence with the experience of human reviewers, it believes financial institutions can stay ahead of new and evolving fraud threats as well as changing regulatory requirements. According to the company, this approach turns verification from something that simply costs money into something that gives businesses a real advantage over their competitors.
