When KYC (know your customer) is needed, KYC is the most important thing, says J.C. Chandrasekhar, managing partner at digital-media company Wieden+Kennedy.
And in this age of instant messaging, social media and online shopping, there’s an increasing need for KYC, Chandrasebhar says.
The best way to ensure the security of your business is to use it to buy products.
KYC protects the information you give to the vendors you sell to.
But there are risks.
If someone steals your personal information, you can lose business.
You also risk losing your business and the information about your customers.
The government has introduced rules to protect customers from identity theft, but it is not mandatory.
It’s up to the merchants to follow them.
For the most part, though, merchants and online retailers are taking KYC more seriously, says Jasleen Prasad, a partner at consumer technology consulting firm DTC.
Many people are aware of how important KYC has become, Prasadekhar says, but a lot of people are not aware of what to do.
She advises people to do some research about what they need and then to shop online.
“Don’t be afraid of being hacked,” she says.
“When your bank is hacked, you need to go to the website to get your money back.
The bank will then issue a statement to the government about the situation and give you a refund.”
Prasades advice for shoppers is to take the time to understand what information is required and what it is no longer required, she says, so they are less vulnerable.
“If the vendor is not using KYC on their website, you don’t need to worry about it,” Prasadian says.
This article was updated on April 13, 2019 at 10:50 a.m. to correct the spelling of Jasleen’s name.