Why do you need verification when ordering virtual cards and what
are the benefits?
Many websites that offer virtual card ordering services require users to pass a
verification process. This article will explain why verification is necessary and its benefits.
What is the purpose of verification?
The card issuing service has implemented a verification process to ensure security
and compliance with financial legislation.
Verification is necessary because:
- Helps eliminate or minimize the risk of fraud. By verifying the user's identity, the
service can ensure that it is working with a real person, not a potential attacker.
- Helps you comply with regulatory requirements. Some countries and regions
have regulations that require financial services to meet security standards and
verify customer identity.
- It helps to minimize the risk of financial losses due to unfair user actions.
- Prevents the service from being used for money laundering.
Each service establishes its own rules and requirements for verification, which may vary.
The advantages of verification for the user
The verification process has several benefits for the users:
- Advanced functionality. Upon successful completion of the verification process,
the user will gain access to additional service features. These features include
higher transaction limits, the ability to create multiple virtual cards, and access
to advanced security features.
- Bonuses & Special Offers. Some services offer bonuses, discounts, or privileges
to verified users. For instance, offers from partners, loyalty programs, and so on.
- Trust and reputation. Verification enhances the level of trust that the service and
other users have in the user, which is especially important when making online
transactions or interacting with other participants of the payment system.
Conclusion
After successful verification, the user will have access to the full functionality of the
service, which includes the ability to order an unlimited number of virtual cards. It
is important to note that each service may have its own unique requirements and
procedures for verification.