Are you down with KYC? The team here at Trulioo most certainly are!
We decided to dip our toes into the world of Tinseltown and produce an educational, yet highly entertaining, parody music video about identity to help raise awareness for KYC, which stands for Know Your Customer.
Filmed inside the Ronald Reagan Building located in the heart of Washington, DC and the quintessential streets of downtown Vancouver, Canada, the music video aims to evoke conversations about the importance of KYC and Anti-Money Laundering (AML) compliance within the fintech ecosystem. In addition, the video also intends to raise awareness to the general public about why identity verification is necessary in today’s fast-paced and ever-changing digital world.
“This was a really fun project for our team, but more importantly, our goal was to encourage dialogue about the importance of identity verification,” said Kim Hong, VP of Marketing at Trulioo. “KYC rules are important to ensure safety and trust online, and to protect against nefarious criminal activities, such as money laundering, terrorist financing and fraud.”
Consumers want to do everything on their mobile device, everything from shopping and sending texts to booking flights and sending money. Trust and security is essential for carrying out these online activities. Regulated businesses, such as money services businesses and financial services providers, want to cater to consumer expectations and provide the best mobile and digital experience. On the other hand, they also have to adhere to AML and KYC requirements. Striking the right balance between customer experience and security can be challenging without the right technologies in place.
A noteworthy element of the parody music video are the two tween actors who are shown rapping the Down with KYC lyrics in the neighborhoods of Vancouver, home to Trulioo’s headquarters.
“We featured kids in the video because oftentimes they are victims of synthetic identity fraud,” said Hong. “Criminals target young children by using their social security number to open accounts or to create new, fake identities because they won’t realize they are a victim of identity theft until the age of 16 when they open a bank account or apply for a credit card.”
“We decided to film part of the video at the K(NO)W Identity Conference because the event showcased hundreds of thought leaders with the smartest minds in finance, tech and government to help shape the future of identity all in one place,” said Hong.
Check out our video below and don’t forget to like and share using the hashtag #DownWithKYC