What is a KYC check?
KYC stands for "Know Your Customer" and refers to the process of verifying the identity of a customer. This is an important step in ensuring the safety and security of our platform and protecting our customers from fraud and identity theft.
At Prosper, we conduct KYC checks on all of our customers in order to comply with regulatory requirements and to maintain the integrity of our platform. This means that before you can use our services, we will need to verify your identity. Sometimes we might need to ask specific questions for specific service providers - for example, savings products available through our partner Bondsmith, have different KYC requirements to investment products.
In order to conduct a KYC check, we ask for some basic information from you in a step by step process in the app or sometimes you can also do this manually with our customer support team via the chat in the app. This may include your full name, date of birth, address, and government-issued identification such as a driver's license or passport. We may also ask for additional information or documentation depending on your specific situation.
How do we conduct a KYC check?
We use a variety of methods to verify your identity, including electronic verification and manual review. This may involve checking your information against public databases, asking you to provide additional documentation, or contacting you directly for further verification.
What happens if we cannot verify your identity?
In some cases, we may not be able to verify your identity through our standard KYC checks. If this happens, we may ask you to provide additional information or documentation, or we may need to restrict your access to our services until we can verify your identity.
We understand that this process may be inconvenient, but it is necessary for the safety and security of our platform and our customers. We appreciate your cooperation and understanding in helping us maintain a safe and trustworthy environment for all of our users.
If you have any further questions about KYC checks or our verification process, please don't hesitate to contact our customer support team. We are here to help and ensure that your experience with Prosper is as smooth and secure as possible.